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Housing Finance Jumps 75% in FY21

Karachi: In the fiscal year that concluded on June 30, bank financing for the housing and construction sectors increased by 75% in the previous year to a total of Rs 259 billion, garnering Prime Minister Imran Khan’s commendation for the record development in loans.

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Reza Baqir, governor of the State Bank of Pakistan (SBP), announced the advances at a meeting presided over by Prime Minister Khan. The advances include discounted loans of Rs 39 billion under the government scheme Mera Pakistan Mera Ghar (MPMG) for persons from low and middle income categories.

The government established an amnesty programme for developers under which they would not be asked where the money for major housing projects came from. Also, it dramatically reduced tax rates for the housing and construction industries, particularly for homes being purchased or built by low- and middle-income individuals.

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In addition to the significant growth in housing finance and construction, the SBP governor informed the gathering that banks have begun to provide housing financing for low- to middle-income societal sectors under the government’s mark-up subsidy programme Mera Pakistan Mera Ghar (MPMG).

Moreover, routine mystery shopping of banking locations across Pakistan is conducted to assess the readiness, understanding, and acceptable behaviour of banking employees towards MPMG consumers.

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