SECP grants licenses to three new housing finance companies
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) granted licenses to three new housing finance companies in the fiscal year ended June 30, 2021, a statement released by the commission said on Wednesday.
SECP believes that a revitalized housing finance company sector will help meet the huge demand for affordable housing finance in the country.
Newly licensed housing finance companies included Pakistan Housing Finance Company Limited, Trellis Housing Finance Company Limited and Asaan Ghar Finance Limited. Over the past decade, the country has not had any licensed housing finance companies.
While being aware of the huge gap in the affordable housing finance space, the commission, in collaboration with the Pakistan Mortgage Refinance Company and the World Bank Group, conducted a comprehensive awareness campaign to highlight the opportunities for potential new entrants to tap into this vast underserved market. , indicates the press release.
In this regard, a number of webinars have been organized to impart information on the regulatory framework and legal requirements for forming housing finance companies.
SECP also guides potential investors on the financing mechanism available to housing finance companies and helps them prepare viable housing finance company business models.
The committee also supports the proposal to include these housing finance companies in the government’s housing finance subsidy program.
The aforementioned initiatives have resulted in three new entrants in the housing finance market, which are expected to start operations during the current year, he added.