The State Bank of Pakistan (SBP) has launched an online complaint resolution portal. Thus, to resolve complaints of potential customers under the government’s mark-up subsidy scheme for affordable housing.
The Prime Minister of Pakistan chaired a meeting of the National Coordination Committee on Housing, Construction and Development (NCCHCD) in Islamabad.
Moreover, he appreciated the development of a user-friendly and comprehensive complaint resolution mechanism. In addition, this portal will help people, who would like to borrow under this scheme.
The complaint resolution mechanism comprises of a live IT portal. This is supported by a comprehensive network of SBP and commercial bank staff to take care of problems faced by applicants of low-cost and affordable housing finance.
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Similarly, this major initiative would help financially excluded low and middle-income segments. Therefore, the people who often find it difficult to reach the formal financial sector.
The portal will resolve the complaints within a predefined timeline. Potential customers can already access existing systems and rules of banks for resolution of their complaints.
AFFORDABLE HOUSING FINANCE
In line with the government’s vision of making housing finance affordable, the SBP, on October 12, 2020, issued the government’s mark-up subsidy for housing finance to help provision of subsidized finance to low and middle-income people.
On the advice of SBP, the banks have designated around 50 percent of their branches for provision of financing under this facility.
With the launch of the portal, customers can now register their concerns by putting minimum details on the portal.
To ensure the complaint resolution mechanism resolves issues in a timely manner, State Bank will monitor it at the highest level. SBP encourages low-cost housing finance customers. Hence, to record their complaints if they experience any difficulty in their loan application with commercial banks.
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