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SBP Publicizes Home Remittance Incentive Scheme for Banks

According to news sources, the State Bank of Pakistan (SBP) has requested that banks increase their house loan disbursement and application targets under the Government’s Mark-up Subsidy Scheme (G-MSS), also known as Mera Pakistan Mera Ghar.

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The decision was made in reaction to the sluggish deployment of housing funds to developers and the failure of banks to increase their lending portfolio for housing and construction to 5%, as required by the SBP in its circular dated 15 July 2020.

To alter the bank penalty, the SBP authorities will study and evaluate the bank’s performance on key indicators. In this example, the following indicators are stated:

  • Admission of applications
  • Approval of mortgage financing
  • Recent results from SBP’s mystery shopping surveys
  • Involvement of bank’s management
  • Evidence of board knowledge and backing
  • Sale and marketing initiatives
  • Innovation in distribution channel
  • Capacity building of personnel The G-MSS human resource

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Prior to June 2021, the SBP published a circular ordering banks to establish their own methodologies for estimating income in order to serve regular persons with non-formal income sources. As a result of the slow delivery of housing loans for low-cost housing developments by banks, the circular was issued.

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