There is a nine million homes backlog in Pakistan. Inflation and the rising trend in prices means that home ownership is out of reach for Pakistanis on a low income.
The Memorandum of Understanding (MoU) between The Bank of Punjab and Reall reflects our shared mission to promote and provide quality, affordable housing in Pakistan. It allows the financing of builders and developers to build more affordable houses at a quicker pace for hard-working families.
The Bank will also provide loans to the prospective low income buyers of the homes at subsidised rates as part of the Government’s agenda to provide affordable housing to the masses.
Emma Ahmed, Reall’s Head of Operations Asia, said: “It’s a great privilege for Reall to work with the Bank of Punjab to develop the affordable housing ecosystem in Pakistan. Together, we will prove the viability of lending to the informal sector and deliver sustainable, affordable housing at scale in a way that is deeply impactful and genuinely commercially viable.
This will transform the affordable housing market for the better in Pakistan while setting out a blueprint for other markets across the globe. Together, we can unlock a huge untapped market opportunity for the private sector and improve the life chances of millions of people on low incomes.”
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