Pakistan Mortgage Refinance Company

What Pakistan Mortgage Refinance Company does

Pakistan Mortgage Refinance Company (PMRC) is a specialized, government-backed mortgage liquidity facility established by the State Bank of Pakistan (founding dates cited as 2015 and 2016 across sources) and headquartered in Karachi. The company operates exclusively as a B2B intermediary between Pakistan's capital markets and the country's primary mortgage lenders (banks and housing finance companies), with no consumer-facing origination. Its mandate is to resolve the structural long-term funding gap in Pakistan's banking sector that has historically confined mortgage lending to the top income decile and excluded approximately 70% of the population active in the informal sector.

PMRC's core product set comprises Refinance Loans (liquidity to Primary Mortgage Lenders), Pre-Finance facilities (targeting the middle-income segment), and PMRC Financing, supplemented by a capital markets arm issuing Conventional Bonds, Sukuks, Certificates of Investment, and Islamic Investment Certificates. The company operates a dual conventional and Islamic business model, governed in part by a dedicated Shariah Board, with Islamic structures based on Kafalah and Conditional Tabarru' principles. It also acts as Trustee for the Government of Pakistan's Credit Guarantee Scheme (CGS), providing Qualified Financial Institutions with up to 40% first-loss partial credit guarantees on low-income housing portfolios under both conventional and Islamic modes, with guarantee terms up to 10 years and a 2% upfront trustee fee.

The business model is institutional and policy-driven: revenue derives from refinance net interest spreads, the CGS trustee fee, and capital market issuance economics. GTM is sales-led and enterprise-focused, targeting Qualified Financial Institutions via direct institutional channels rather than consumer marketing. PMRC is currently the only pre-qualified bidder in the government's privatization of House Building Finance Company Limited (HBFCL), which, if closed, would mark a significant vertical extension into direct retail mortgage origination. Customers include Faysal Bank and JS Bank, with VIS Credit Rating Company providing ongoing credit ratings through 2026 and international partners including KMRC (Kenya) and FESF.

Name

Pakistan Mortgage Refinance Company

Legal name

Pakistan Mortgage Refinance Company Limited

Website

https://pmrc.com.pk

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Pakistan Mortgage Refinance Company (PMRC) is a State Bank of Pakistan–established mortgage liquidity facility in Karachi that provides refinance loans, pre-finance products, and Credit Guarantee Scheme coverage to Pakistan's banks and housing finance companies across both conventional and Islamic models.

Ownership category

akta.pro rank

Product category

Mortgage Refinance Services

NAICS

Nondepository Credit Intermediation (5222), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Jumbo & Portfolio Wholesale Lending (FSALACAF)

akta.pro secondary industry

Prime (Agency/Conforming) Mortgage Servicing (FSALAEAA)

Keywords

• Mortgage refinance
• Housing finance
• Secondary mortgage market
• Credit guarantee
• Islamic finance

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Refinance Loans: PMRC provides liquidity to primary mortgage lenders through refinance loans, enabling them to generate additional mortgages and expand their housing finance portfolios.
2. Pre-finance Facilities: Pre-finance products to help financial institutions generate housing loans that meet eligibility criteria for the middle-income segment before permanent refinancing.
3. Capital Market Instruments (Bonds and Sukuks): Issuance of debt securities including bonds and sukuks to support the growth of the refinance business and play a positive role in developing the capital market.
4. Certificate of Investment / Islamic Investment: Investment certificates offered to investors as part of PMRC's capital-raising activities.
5. Credit Guarantee Scheme Trustee Fee: PMRC acts as Trustee for the Credit Guarantee Trust and charges a 2% upfront trust fee on outstanding portfolio for a 10-year guarantee term.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Pakistan Mortgage Refinance Company (PMRC) provides wholesale mortgage liquidity to primary lenders by offering refinance and pre-finance facilities to banks and housing finance companies. It operates both Conventional and Shariah-compliant (Islamic) financing windows, and additionally supports the housing finance ecosystem through products such as PMRC Bonds, Certificates of Investment, and a Credit Guarantee Scheme.

Product overview

Pakistan Mortgage Refinance Company (PMRC) operates as a mortgage liquidity facility established by the State Bank of Pakistan to address long-term funding constraints in the banking sector. The company offers a comprehensive suite of mortgage refinance products comprising two core offerings: Refinance Loans (providing liquidity to Primary Mortgage Lenders) and Pre Finance products, supplemented by PMRC Financing and Bond instruments for capital market activities. PMRC delivers its services through both Conventional and Islamic Business Models to serve diverse segments of Pakistan's housing finance market. The product portfolio includes specialized variants targeting Business as Usual, Middle Income Group, Low Income Group, Developer Finance, Government Employees, Pensioners, and Women. Additionally, PMRC manages the Credit Guarantee Scheme (CGS) providing up to 40% first-loss guarantee coverage on low-income housing portfolios for Qualified Financial Institutions, and offers Capital Market products including Certificates of Investment and Islamic Investment. The company also participates in the Govt. Markup Subsidy Scheme (G-MSS) and provides Green Financing for sustainable housing. PMRC's operations focus exclusively on B2B institutional lending to banks and housing finance companies, not direct consumer lending.

Differentiator

Problem solved

Functional benefit

Products and services

• Refinance Facility (Conventional) Long-term liquidity facility extended by PMRC to banks and housing finance companies against their qualifying mortgage loan portfolios, enabling primary lenders to recycle capital for new housing finance originations.
• Pre-Finance Facility (Conventional) Short-term funding facility provided to banks and housing finance companies to support new mortgage disbursements and bridge liquidity gaps before refinance take-out.
• Shariah-Compliant Refinance & Pre-Finance Islamic (Shariah-compliant) version of PMRC's refinance and pre-finance facilities, structured to serve Islamic banks and Islamic windows of conventional banks active in housing finance.
• PMRC Bonds Debt instruments issued by PMRC to raise long-term funding from the capital markets, which is then on-lent to banks and housing finance companies for mortgage refinancing.
• Certificates of Investment Investment certificates issued by PMRC to mobilize medium- to long-term funding from institutional and qualified investors to finance housing-related lending.
• Credit Guarantee Scheme Risk-mitigation scheme administered by PMRC that provides credit guarantees to housing finance companies, enabling them to access PMRC's refinance facilities and expand housing finance penetration.

Quantifiable outcome

• Up to 40% first-loss guarantee cover on low-income housing portfolios, with coverage period of up to 10 years
• +2 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered active and core.

• FESF (Foreign Enterprise Services or similar)activeStrategic or Co-development Partner · 12 December 2025PMRC, in partnership with FESF, on initiatives related to housing finance development. The nature of partnership involves collaborative work on housing finance programs.
• Kenya Mortgage Refinance Company (KMRC)activeStrategic or Co-development PartnerInternational collaboration between PMRC and Kenya Mortgage Refinance Company, with delegates from KMRC and Kenya's National Treasury visiting PMRC and meeting with SBP team, Faysal Bank housing team, and JS Bank housing team. This represents knowledge sharing and peer learning between African and South Asian mortgage liquidity facilities.
• State Bank of Pakistan (SBP)coreOthersPMRC was set up as a mortgage liquidity facility by the State Bank of Pakistan. SBP provides regulatory oversight and PMRC operates as a government-supported institution addressing long-term funding constraints in Pakistan's banking sector.
• Government of PakistancoreStrategic or Co-development PartnerPMRC acts as Trustee for the Government of Pakistan's Credit Guarantee Trust for Low-Income Housing. The GOP provides funds which PMRC invests in Shariah-compliant avenues. PMRC also engaged in HBFCL privatization deal with government approval.
• Faysal BankactiveStrategic or Co-development PartnerPMRC engaged with Faysal Bank housing team as part of international collaboration visits with KMRC delegates.
• JS BankactiveStrategic or Co-development PartnerPMRC engaged with JS Bank housing team as part of international collaboration visits with KMRC delegates.
• VIS Credit Rating CompanyactiveOthersVIS Credit Rating Company provides annual credit rating reports for PMRC, with ratings available from 2020 through 2026 (most recent June 2026).

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Saudi Real Estate Refinance Company (SRC): Saudi Arabia's secondary mortgage market company established by royal decree to provide liquidity to primary mortgage lenders. Functions analogously to PMRC with conventional and Islamic product offerings in an emerging mortgage market.
• National Housing Bank (India): India's apex housing finance institution established by the Reserve Bank of India. Provides refinance to housing finance companies and banks, with developmental mandate similar to PMRC's role in Pakistan.
• Cagamas: Malaysia's National Mortgage Corporation and one of Asia's oldest mortgage liquidity facilities. Provides refinance and liquidity to Malaysian financial institutions, serving as a long-running model for emerging-market mortgage liquidity institutions like PMRC.
• Kenya Mortgage Refinance Company (KMRC): Kenya's national mortgage liquidity facility established to address long-term funding constraints in housing finance. KMRC is PMRC's closest direct peer in mandate and structure, with documented knowledge-sharing collaboration between the two institutions.
• Korea Housing Finance Corporation (KHFC): South Korea's government-backed mortgage liquidity and housing finance institution. Operates a similar B2B refinance model with bond issuance funding, comparable to PMRC's capital market-driven liquidity provision.

Broad incumbents

• Federal National Mortgage Association (Fannie Mae): US government-sponsored enterprise that purchases and securitizes mortgages to provide liquidity to lenders. Conceptually analogous to PMRC as a secondary market institution, though operating at vastly larger scale in a developed mortgage market.
• Federal Home Loan Banks (FHLBanks): US cooperative system of 11 regional banks providing liquidity to member institutions for housing and community lending. Operates a structurally similar wholesale funding model to PMRC but at vastly larger scale in a mature market.
• Federal Home Loan Mortgage Corporation (Freddie Mac): US government-sponsored enterprise providing secondary mortgage market liquidity. Mirrors PMRC's function of converting illiquid mortgages into tradable securities and providing refinance to primary lenders.
• National Housing Finance and Investment Corporation (NHFIC, Australia): Australian government's affordable housing bond aggregator providing wholesale funding to community housing providers. Conceptually similar to PMRC's wholesale liquidity provision model with government-backed funding sources.

Regional players

• Housing Development Finance Corporation (HDFC): India's largest housing finance company providing primary mortgage origination. Comparable to PMRC's institutional housing finance focus but operating as a primary originator rather than a refinance facility in a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/PMRC_Ltd
• Facebookfacebook.com/PMRC.Ltd
• LinkedInlinkedin.com/company/pmrcpk

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pakistan Mortgage Refinance Company