SBP Shares Statistics on Financing to Construction Sector
Thursday in Karachi, the State Bank of Pakistan’s (SBP) lending to the housing and construction sector increased by an unprecedented 85 percent in 2021. (January 6).
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According to the sources, SBP has revealed that the bank’s outstanding construction industry credit has increased from PKR 163 billion to PKR 353 billion in the current year. In addition, the prime minister’s housing program dubbed as “Mera Pakistan, Mera Ghar” has increased its loan costs to PKR 38 billion. The housing initiative was introduced in October of 2020 to stimulate the housing market. The purpose of this program is to offer low-income families with building loans at affordable interest rates.
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The SBP has mandated that the banks increase their housing and construction portfolios to 5% by December 2021. The central bank has also implemented compliance incentives and penalties. SBP also developed a conducive regulatory framework for banks to increase home finance, including the Debt Burden Ratio (DBR) for informal income and the acceptance of third-party guarantees throughout the building process. They also supported the implementation of standard facility offer letters by banks. Bank Al Habib, Meezan Bank, and Habib Bank were the principal contributors to the rapid expansion of housing and construction funding.
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