Subsidized Markup Decreased on Tier-1 Residential Loan by SBP
Karachi: According to news reports, the State Bank of Pakistan (SBP) has decided to reduce the markup rates and subsidy payment terms under the Mera Pakistan, Mera Ghar Tier-1 home loan plan. The administration indicated that the decision to boost the sector’s contribution to the Gross Domestic Product (GDP) was made after consulting with relevant parties.
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The following modifications have been made to tier-1 home finance lending, according to the notification released on February 12:
- Markup financing terms of one to five years will now incur a 2% fee, down from 3% previously.
- The markup rate for the next six to ten years will be 4 percent, down from 5 percent earlier.
- Rather than the previously planned KIBOR plus 250 basis points, the same financing for 11 to 15 years will be paid at a rate of 5%.
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Other data contained in the SBP report included:
- In 2021, housing and development financing surged by 85 percent.
- The Prime Minister’s Housing Scheme was granted 38 billion PKR in credit.
- Housing building credit increased by PKR 163 billion to PKR 355 billion in 2021.
- By 2021, Mera Pakistan Mera Ghar (MPMG) funding increased from nearly nothing to PKR 117 billion.
- Notably, the SBP has encouraged banks to increase mortgage lending to 5% of total commercial credit by December 31, 2022.
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