Islamabad: State Bank of Pakistan (SBP Governor) Dr Reza Baqir on Thursday said that housing and construction finance in the current fiscal year 2020-2021 (FY21) has climbed up 75% to PKR 259 billion when compared with the corresponding period of last year, news sources reported.
The increase amounts to PKR 111 billion, which is an unprecedented increase in housing finance in one year in the history of Pakistan.
The apex bank head shared the data during a briefing to the National Coordination Committee on Housing, Construction and Development (NCCHCD) headed by Prime Minister Imran Khan.
According to the statistics, banks granted loans for the housing and construction industries, resulting in a 97% accomplishment of the overall target set for June 30, 2021.
The government created the Mera Pakistan Mera Ghar (MPMG) scheme to provide low-cost housing to low-income segments of the society, and it tasked the central bank with developing the strategy. By December 2021, the SBP urged banks to raise their portfolio to 5% of their private sector advances. The SBP also established distinct quarterly objectives for banks, which aided in meeting the targets. Banks have disbursed PKR 39 billion in housing finance as of June 30.
In connection with the process of income estimation for the informal sector, the SBP governor stated that a one-page application form for salaried, businesses, and individuals with informal income will be available by the end of July.
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.
