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.
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%.
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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