Skip to main content

NEWS | Housing, construction finance grows rapidly

 


KARACHI:

Work on promoting and facilitating housing and construction finance is progressing rapidly and upward momentum is building up as a result of recent measures undertaken by the government and the State Bank of Pakistan (SBP).

In a statement on Tuesday, the SBP highlighted that the housing and construction finance portfolio rose from Rs148 billion at the end of June 2020 to Rs202 billion in March 2021.

“This represents a growth of Rs54 billion or 36% in three quarters of FY21 compared to a stagnant position in earlier quarters,” it said. “Such level of growth in housing and construction finance within a short period of time has never been witnessed in Pakistan’s history.”

It added that overall bank financing for the housing and construction sector would surge further because the mortgage finance activity under the “Mera Pakistan Mera Ghar” scheme was gaining pace.

As of April 20, 2021, banks had received applications for financing of more than Rs52 billion from the general public under the scheme, the SBP revealed. Out of the amount, the banks have approved over Rs15 billion worth of financing for the applicants while the remaining applications are at different stages of evaluation and approval process.

“The State Bank has been actively engaged with commercial banks to ensure that a vast majority of the public benefits from the ‘Mera Pakistan Mera Ghar’ housing finance scheme,” it said.

For this purpose, the SBP, with the help of Pakistan Banks’ Association (PBA), is ensuring that the process of applying for housing finance remains easy. “In case applicants face difficulties or have complaints, help will be provided to them promptly,” it said.

To begin with, commercial banks have designated 50% of their branches, around 7,700, across the country for accepting applications under the “Mera Pakistan Mera Ghar” housing scheme.

In addition, the remaining branches will also provide basic information about the scheme and refer applicants to the designated branches.

“Banks are regularly advertising features of the scheme to attract and encourage potential customers,” it said. “In order to address complaints, the State Bank has established a comprehensive complaint resolution mechanism, which comprises an internet portal supported by a network of State Bank and commercial bank staff.”

Labels:

Comments

Post a Comment

Popular posts from this blog

NEWS : 17 LDA officers nominated in FIRs still occupy offices ACE to nick officers on completion of legal process

  Seventeen officers of Lahore Development Authority (LDA) who were nominated in FIRs in connection with illegal constructions are still occupying important posts in the Authority. It was reported that the Anti-Corruption Department registered a case two years ago against these LDA officers involved in construction of 55 illegal commercial buildings. The Anti-Corruption Establishment has completed judicial action preparations against the officers as the anti-graft body once again recorded statements of 41 nominated officers.  A case has been registered against LDA officers named in FIR for constructing 55 buildings with their connivance in different areas including Johar Town, Allama Iqbal Town and Gulberg and on Canal Road. It has been reported that the anti-corruption team will arrest the officers nominated in the FIR after completion of the judicial action. According to FIRs, LDA officers facilitated illegal construction of floor of Al-Nasr Lab in Johar Town, car showrooms ...
Post a Comment
Read more

NEWS: Ravi riverfront project to avert looming water crisis for Lahorites

Ravi riverfront project to avert looming water crisis for Lahorites   LAHORE, Mar 21 (APP): Like the mythological phoenix, the dying river Ravi is set to rise from its remains and give birth to a new Lahore on the largest 46 kilometers long riverfront to compete with any modern city in the world. An ambitious urban development project by the Prime Minister Imran Khan’s government to build a new Pakistan, Ravi River Front Urban Development (RRFUD) project will uplift the dying river Ravi, almost reduced to a drain due to waste water pouring into it. The construction of a 46-kilometer long lake from Ravi Siphon to Hudiara, laying of complex network of roads and construction of 12 new high-tech cities would be the hallmark of this project, the one being started under the vision of the Prime Minister for building ‘Naya Pakistan.’ Lahore city once known for its beautiful gardens, historic buildings and a culture loved by everyone, had suffered the unchecked populace migration, pollution...
Post a Comment
Read more

NEWS : LDA approves construction of 4,000 apartments

  LAHORE:   The governing body of Lahore Development Authority (LDA) on Thursday approved the construction of 4,000 residential units at a cost of about Rs10 billion in the first phase of LDA City Naya Pakistan Apartments project. “All citizens who will be provided mortgage financing facility by Naya Pakistan Housing Authority and commercial banks will now be eligible to purchase these apartments,” a statement issued by the authority read. The 7th meeting of the LDA governing body was presided over by Vice Chairman SM Imran. The meeting was informed that LDA has planned to construct these apartments on 563 kanals of land in Mouza Halloki within a year’s time. As many as 125 blocks of ground-plus-three-storey apartments, each comprising 32 residential units, will be built in the first phase. Mosques and other amenities will also be provided in the area. The meeting decided to construct infrastructure including roads, water supply and sewerage system, sidewalks, water treatment ...
Post a Comment
Read more