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SBP Announces Major Changes in Housing Finance Scheme

According to news sources, the State Bank of Pakistan (SBP) announced significant adjustments to the government’s low-cost housing finance programme, indicating that it was cutting the interest rate as well as raising the loan amount for borrowers.

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With the addition of Tier 0 to allow for the participation of microfinance banks in the disbursement of financing of up to PKR 2 million per housing unit, the potential borrowers have been divided into three tiers as per this amendment.

Under tier-0, banks will use microfinance institutions’ money or lend them to them in order to provide additional loans to low-income homeowners participating in housing financing initiatives.

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Furthermore, the tier-1 end-user subsidized markup rate (for those buying or constructing housing units up to 5 Marla and 850 square feet area under NAPHDA projects) has been cut to 3% for the first five years and 5% for the next five years – instead of 5% and 7% respectively.

The criterion of a housing unit that is no more than a year old has been removed till March 31, 2023 for applicants who fall under the tier-2 (5 Marla houses/apartments in non-NAPHDA projects) and tier-3 (10 Marla houses/apartments in non-NAPHDA projects) of the schemes.

The maximum permitted funding for tier-2 has been increased from PKR 3 million to PKR 6 million, and the financing ceiling for tier-3 has been raised from PKR 5 million to PKR 10 million.

In order to accommodate people who want shorter-term financing, the minimum acceptable tenor for this scheme has also been reduced from 10 years to 5 years.

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