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Banks to Develop Income Models for Housing Finance

According to news sources, the State Bank of Pakistan (SBP) has urged commercial banks in Karachi to develop their own formulae for estimating income in order to accommodate a significant number of people who earn through informal means.

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The objective of the model is to evaluate the repayment capacity of applicants with undocumented income, which might be based on household expenditures like as tuition costs and electricity bills. This would promote participation in Mera Pakistan Mera Ghar, also known as the Government’s Markup Subsidy Scheme (G-MSS).

In addition, banks have identified land lease as a significant barrier to the construction of affordable housing for the general public. The land leasing process is complicated and resource-intensive, pushing individuals to construct homes on abandoned land to save money and time.

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According to estimates, as of 15 June 2021, banks had granted 30 billion Pakistani rupees in housing loans against a demand of 90 billion Pakistani rupees. The central bank has allotted a month for the development of a viable model for estimating income, which may be based on the baseline income estimation model (previously created by the Pakistan Banks’ Association) or be entirely original.

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