SBP to Impose Penalty on Banks Failing to Meet Home Loan Targets
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.
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.
In accordance with the new guidelines, if banks fail to meet their monthly targets, they will be subject to fines. However, banks that do not fulfil their cumulative goals by July 31, 2021, will incur a base penalty. The following indicators are present:
- 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 delivery channels
- Capacity building of personnel The G-MSS human resource
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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