SBP Demands Banks to Alter Lending Mechanisms for Tier-1 Applicants
Thursday (February 3) in Karachi, the State Bank of Pakistan (SBP) altered the Naya Pakistan Housing Programme (NPHP) funding restrictions to accommodate Tier-1 applicants, according to news sources. Under the new rules, the financial structure of the government’s Naya Pakistan Low-Cost Housing Scheme (NPLHS) of Kamyab Pakistan Program has been modified.
The following modifications were performed in response to the notification:
- Tier-1 candidates are not required to submit Proxy Mean Test (PMT) scores in order to obtain Naya Pakistan Housing & Development Authority financing (NAPHDA). The candidate is no longer required to be an Ehsaas participant.
- Tier-1 NAPHDA housing designs for low-cost housing will be expanded and built nationwide, as opposed to being limited to a few regions or districts.
- The NPLCHS allows financial institutions to continue issuing wholesale loans through Microfinance Providers (MFPs), but prohibits them from lending directly to clients.
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