Karachi: The State Bank of Pakistan (SBP) has directed the commercial banks and Development Financial Institutes (DFIs) to decrease the processing charge for home loan schemes, news sources reported. The SBP further asked the banks to streamline the application processing and complaint resolution mechanism.
The SBP circular also goes on to point out various discrepancies in the application processing, tracking and keeping the applicants unduly waiting for the final decision. According to the sources, the central bank has also ordered commercial banks to improve the existing framework for complaint resolution and customer service on their end to make the process more efficient. The commercial banks are asked to issue e-tracking codes to applicants to enable them to check the application status online.
Furthermore, the top bank urged DFIs to take particular actions to increase “Mera Pakistan Mera Ghar Housing Finance Scheme” coverage and implement a comprehensive breakdown of the application processing cost that would be provided to the applicant at the time of submission of the loan application.
Reportedly, SBP had issued the circular in response to the high volume of complaints received against the banking institutes and DFIs by the public. The central bank has given one month for the fulfilment of the directed steps and training of the banking personnel in this regard
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
