Karachi: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday announced that license was granted to three new Housing Finance Companies (HFCs) during the fiscal year 2021 (FY21) to revive the sector, according to news sources.
The new HFCs that was issued license include Pakistan Housing Finance Company Limited, Asaan Ghar Finance Limited, and Trellis Housing Finance Company Limited. It was reported that these companies will become operational during the current year.
A regulator, whose name was not disclosed, stated that the revival of the HFC sector will meet the huge demand for affordable housing finance in the country. In the past decade, not even a single license was issued for HFCs.
SECP has collaborated with the World Bank Group and Pakistan Mortgage Refinance Company to raise awareness of the market and highlight possibilities for new entrants. Furthermore, SECP will guide prospective investors on the various funding mechanisms available to housing finance companies. The HFCs will also facilitate the development of functional HFC business models.
SECP has also recommended include HFCs in the Markup Subsidy Scheme for housing finance. The former Association of Builders and Developers Chairman Hassan Bakhshi appreciated the efforts of SECP’s to allow more companies in the HFC sector.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
