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Wednesday, June 7, 2023

Zameen.com and Bank Alfalah sign an MoU to provide better home financing options

The MoU will expand their reach even further to potential buyers and their audience. 

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Zameen.com and Bank Alfalah have signed a Memorandum of Understanding (MoU) to provide customers with better home financing options and to ensure it is easier for them to access the housing and construction sector. The MoU will expand their reach even further to potential buyers and their audience.

Bank Alfalah, through its developer finance and mortgage consumer finance options, and Zameen.com through its resources and reach will create awareness among their customers about the aforementioned options.

The attendees of the ceremony included Bank Alfalah’s CEO, Atif Bajwa Chief Executive Officer (CEO), Group Head Retail Banking, Mehreen Ahmed, Head of Consumer Finance, Syed Muhammad Asif. Zameen.com’s representation included CEO and Founder, Zeeshan Ali Khan, Country Head, Ahmed Bhatti, Senior Director, Shuja Ullah Khan. The MoU was signed during their presence.

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“Bank Alfalah has been a key player in the home financing industry for many years, and we welcome the partnership with Zameen.com to bring our products within reach of a wider market. The Government of Pakistan and the State Bank of Pakistan have been keen on reviving the construction and housing industry, and this is the right time to educate our customers on the diverse range of flexible financing solutions that they can avail,” expressed Atif Bajwa, the CEO of Bank Alfalah about his bank’s partnership with Zameen.com.

“With Bank Alfalah’s partnership, we will continue our endeavours to support consumers and uplift the country’s construction industry,” expressed Zeeshan Ali Khan, the CEO of Zameen.com.

The Bank of Punjab (BOP) and Reall Limited UK, had also signed a Memorandum of Understanding (MoU), to promote and ensure affordable housing in Pakistan. The Director of Operations and Investment of Reall Limited, Mr. Patrick Domingos-Tembawa, and Group Head of Retail and Priority Sectors Lending of the Bank of Punjab, Mr. Asif Riaz, signed the MoU.

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The MoU enables Reall Limited and the Bank of Punjab to provide financing to developers and builders working on affordable housing projects in Pakistan. This finance will expedite the entire process and ensure the timely availability of low-cost houses across Pakistan. Potential buyers with low incomes will be provided loans and subsidized rates for the housing units as a part of the State Bank of Pakistan’s Mark up Subsidy Scheme for Low-Cost Housing, synonymous with the Government of Pakistan’s mission to provide low-cost homes for the poorer segments of the society.

Reall Limited is an innovator and investor in affordable homes and aims to provide affordable and sustainable homes for 100 million people across Africa and Asia by 2030. It is funded by the Swedish International Development Agency (SIDA) and UK Aid. Reall has already invested a whopping amount of 20 million pounds in Pakistan’s housing sector since 2014. However, it first started working in Pakistan in 1994. It has sponsored housing projects in Lahore, Peshawar, Multan, and Faisalabad through Ansaar Management Company (AMC).

Reall Limted is currently working with a Karachi-based green build-tech start-up called ModulusTech, and a Lahore based firm called EPL, that promotes high-quality low-cost housing.

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