KARACHI, Oct 19: The Housing Building Finance Corporation (HBFC) will issue listed mortgage bonds in the form of mortgage backed term finance certificates through securitization of its receivables.
Zaigham Mahmood Rizvi, chairman and chief executive officer of the HBFC, said the corporation would for the first time in its history tap capital markets of the country for raising fund.
The mode of funding itself is a pioneering effort in the housing finance sector. The HBFC being a leading financial institution is providing housing and related financing facilities.
He said ever since its establishment in 1952, the corporation had been providing housing finances in areas, such as construction, reconstruction, repair and purchase of housing to all categories of people throughout the country.
However, Mr Rizvi said that now the HBFC had focused on small and medium housing finance for low and middle income groups of the population. The HBFC is currently implementing reforms programme in its various operations, including loan processing, accounting, computerization, etc., to make it an efficient and viable institution.
