Applications for Low-Cost Housing Loans Summed to Rs.40Bn
The Naya Pakistan Housing Program has received over 40 billion rupees worth of applications, according to Reza Baqir, Governor of the State Bank of Pakistan (SBP).
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At a telethon on low-cost housing loans, the governor of the National Bank of Pakistan stated that banks have boosted their loans for construction and housing by more than Rs 42 billion since the process started.
He asserted that a variety of institutions needed to collaborate and each play a crucial role in advancing the building and housing industries. In contrast, banks offer low-interest loans to developers, homeowners, and even regular people who want to build a home.
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He argues that this area has historically been underappreciated, which is why banking and home finance make up less than 1% of the national economy. He asserted that banks in other nations provided more loans for housing and building than banks in Pakistan.
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