Highest Housing Loan Disbursement in February Achieved SBP
Pakistan’s State Bank of Pakistan (SBP) said on Thursday (March 24) in Karachi that February had the highest increase in house loan disbursements (March 24). Since the beginning of the sponsored housing finance project, commercial banks have disbursed a total of 53.07 billion PKR in home loans amounting to 9.3 billion PKR.
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The total amount of loans disbursed under the Mera Pakistan Mera Ghar (MPMG) scheme is PKR 28 billion. The government established a 5 percent loan-to-value ratio for housing loans issued by banks. As a result of the policy change, home loans surged by 46 percent and totaled PKR 53 billion in the three months ending in February. The central bank has instructed financial institutions to expedite the distribution of loans in order to satisfy the regulatory requirement. In addition, during a previous Housing Finance Mela in Faisalabad, banks granted instant home loans of PKR 7.5 billion.
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In accordance with central bank policy, 5 to 20-year housing loans are made available at a competitive rate through Islamic and conventional banking channels. Borrowers will receive a finance rate of 3% for the initial five years, 5% for the subsequent five years, and Kibor (Karachi Inter-Bank Offered Rate) plus 350 basis points for the remainder of the financing period.
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