Islamabad: State Bank of Pakistan (SBP) Governor Tariq Bajwa has said that under the SBP Policy loans will be provided for financing the cost of affordable homes, a news source reported. Bajwa was speaking at the unveiling event of the SBP financial policy for affordable housing in Islamabad.
He explained that houses costing less than PKR 3 million will be designated as ‘affordable homes’. The bank will provide loans covering up to 90% of the price of each unit to applicants.
Orphans, widows, families of martyrs, members of the transgender community, and people affected by terrorism, will be allotted these loans on a preferential basis.
Reportedly, the interest rate on these loans will be 5%.
The State Bank governor stated a restriction will be imposed on renting out or selling the home units bought through these loans.
Bajwa said that the construction of affordable homes will provide livelihood opportunities to a large number of people.