Banks Approved Rs180BN Low Cost Housing Loans Rs180BN For Mera Pakistan Mera Ghar
KARACHI: The State Bank of Pakistan (SBP) announced on Thursday, April 14, 2022, that banks approved Rs180 billion in loans under the Mera Pakistan Mera Ghar Scheme and disbursed Rs66 billion for affordable housing.
According to a statement issued by the central bank, commercial banks received applications for housing finance totaling Rs409 billion until April 11, 2022, which is more than seven times the Rs57 billion approved a year ago.
According to the report, banks approved Rs180 billion and disbursed Rs66 billion.
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According to the SBP, similar trends can be seen in bank lending to the housing and construction sectors overall. Banks nearly doubled their housing and construction finance portfolio to Rs404 billion as of March 31, 2022, up from Rs204 billion the previous year.
Banks have almost completely met their first-quarter targets of Rs405 billion for 2022 by increasing their housing and construction finance.
“State Bank of Pakistan (SBP) has taken several measures since July 2020 to improve the provision of financing for the housing and construction sector in order to increase adequate housing in the country and boost construction sector activities,” the central bank said.
2/2 Banks have almost doubled finance for builders and developers to Rs404bn as of 31Mar22 from Rs204bn a year earlier, supporting the construction sector and growth in the economy. See PR: https://t.co/2aSGH6TJid
— SBP (@StateBank_Pak) April 14, 2022
“In October 2020, the Government of Pakistan supplemented these efforts by launching the Government Mark-up Subsidy Scheme, now known as the Mera Pakistan Mera Ghar (MPMG) Scheme.”
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