The Federal Government Employees Housing Authority (FGEHA) and the House Building Finance Corporation (HBFC) signed on 2nd October, 2019 Memorandum of Understanding (MoU) in a ceremony held here today. The ceremony was presided over by the Federal Minister for Housing and Works, Mr. Tariq Bashir Cheema and it was attended by the Secretary Housing & Works, Dr. Imran Zaib, MD, HBFC, Syed Basit Ali, Chief Executive Officer, Mr. Waseem Hayat Bajwa, Lt. General (Rtd), Anwar Ali Haider, Chairman, NPHDA, Major General Aamir Aslam Khan, Deputy Chairman, NPHDA and Additional Accountant General Pakistan Revenue (AGPR), Ms. Batool. Director Finance, FGEHA, Ms. Saima Sabah explained the salient features of the MoU. The purpose of this MoU is to overcome financing difficulties of the Federal Government Employees in the Wake of high interest rates on mortgage financing prevailing in the market. The MoU was signed by the CEO, FGEHFA and the MD, HBFC. Keeping in view the difficulties being faced by the Federal Government Employees, CEO, FGEHA made all out efforts and successfully secured an attractive fixed interest rate of 11% from HBFC, which will be offered upto 85% of the market value of property to all Federal Government Employees across the board from Grade 1-22. If market interest rate drops below 11%, both organization will revisit this MoU. This facility will help Federal Government Employees visualize their dream of owning a house. Federal Minister for Housing and Works while talking to the media persons on this occasion, said that Naya Pakistan Housing Authority has been setup to build houses for the needy. Prime Minister himself has been over seeing these housing projects. Every effort will be made to provide the best house to class-IV Employees. We will make all out efforts to fulfill the mission of Prime Minister of Pakistan, he said. He further stated that meetings are being held regularly with the Prime Minister on this subject; By setting up the Federal Government Employees Housing Authority many issues will be resolved and more joint ventures will be launched under this project, Authority will function under one window operation. This facility of the House Building Finance Corporation will be beneficial for the low paid employees Housing Schemes will be launched wherever a good number of Federal Government Employees are serving, he added. The Federal Minister for Housing and Works thanked MD, HBFC and emphasized that more incentives may be offered to low paid and Class-IV Employees. *-*-*-*-*-*-* ?
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