Subsidized Housing Finance of PKR 45 Billion Ratified
Karachi: According to news reports, State Bank of Pakistan (SBP) Governor Dr. Reza Baqir stated that banks had approved PKR 45 billion to 2,160 applicants of the low markup housing finance plan for the fiscal year 2020–21.
The governor reported that a total of 36,000 applications were received, of which 14,000 were reviewed and 2,160 applicants received loans, or 15.5% of the total, during the presentation of the monetary policy statement (MPS) for the upcoming two months.
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However, the banks have only paid out PKR 5.8 billion of the total PKR 45 billion in loans that have been approved so far.
Additionally, Dr. Reza mentioned that banks offer home loans between PKR 3-6 million with a 5-7% markup and loans less than PKR 3 million with a 3-5% markup rate when describing the financing system.
He added that the housing programme was being extended to persons with unofficial income, such as those without salaries. Presently, all that is needed are utility bills, such as those for power and telephone service, and banks will calculate house loan amounts based on the bill amounts using their own estimation techniques.
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It is crucial to remember that the central bank has required banks to boost their housing and construction loan portfolios to at least 5% (or PKR 330 billion) of their credit by the end of December 2021 in order to promote growth.
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