Bank Regulatory Body Being Set up to Finance Housing Sector
According to news sources, Finance Minister Shaukat Tarin announced the establishment of the “Pakistan Housing Bank” – a regulatory organization for the housing finance sector – in Karachi while introducing the economic plan for sustainable growth.
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After the establishment of a housing finance organization, Arif Habib, a member of the Economic Advisory Council (EAC), told the media that the function of home financing will no longer fall under the purview of commercial banking.
Prior to the beginning of this year, no housing finance companies existed in the country. Three firms were granted licenses by the Securities and Exchange Commission of Pakistan in June: Asaan Ghar Finance Ltd, Trellis Housing Finance Company, and Pakistan Housing Finance Company.
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In addition, Arif Habib disclosed that the government will encourage banks to lend funding to home financing firms so that they can enhance their operations. In addition, he anticipated that microfinance banks, investment banks, and fund management firms will establish housing finance companies to capitalize on expanding prospects.
In an effort to increase the supply of affordable housing for low-income segments over a ten-year period, the government has allotted PKR 36 billion for housing loan mark-up subsidies to the housing sector.
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