Housing Finance Market Regulatory Body on the Cards
The government is working on establishing a regulating organization for the country’s home finance market, which is currently supervised by the State bank of Pakistan and is witnessing rapid expansion (SBP).
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In this regard, Finance Minister Shaukat Tarin indicated earlier this week, when introducing the economic plan for sustainable growth, that the regulatory authority known as “Pakistan Housing Bank” will be established “in due course.”
Prior to the recent issuance of licenses by the SECP, there was no home finance firm in Pakistan. However, three such companies are likely to begin operations in the current year.
SBP data indicates that outstanding loans for building projects reached Rs 97.9 billion at the end of last month, a 42 percent increase from July 2020.
The government has put aside Rs 36 billion for its 10-year housing loan mark-up subsidy program to encourage affordable housing.
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It is giving 20-year mortgages through commercial banks at yearly rates of 3 percent, 5 percent, 7 percent, and 9 percent, depending on the size and value of the property. Its goal is for outstanding home finance to account for at least 5 percent of total private-sector credit by the end of this year.
As of April 20, banks had received more than Rs 52 billion in financing requests from the general population under this initiative, with the sanctioned amount exceeding Rs 15 billion.
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