{"id":68087,"date":"2020-07-16T17:00:12","date_gmt":"2020-07-16T12:00:12","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=68087"},"modified":"2020-07-16T17:00:14","modified_gmt":"2020-07-16T12:00:14","slug":"commercial-banks-ordered-to-utilise-5-portfolio-for-housing-finance","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/commercial-banks-ordered-to-utilise-5-portfolio-for-housing-finance.html","title":{"rendered":"Commercial banks ordered to utilise 5% portfolio for housing finance"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) issued a notification to various presidents of commercial banks on Wednesday, mandating them to allocate 5% of their loan portfolios for housing and construction finance by December 2021, according to news sources.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/covid-19-mitigation-measures-continue-till-dec-31.html\" target=\"_blank\" rel=\"noreferrer noopener\">COVID-19 mitigation measures to continue till Dec 31: SBP<\/a><\/p>\n\n\n\n<p>As per the official circular, the SBP also stressed for the government to achieve this objective by the passage of foreclosure law and land record digitalisation \u2018for the facilitation of clean title for bank lending\u2019. The circular is issued in wake of the federal government\u2019s decision to construct 100,000 houses for low-income families \u2013 under the Naya Pakistan Housing Programme (<a href=\"https:\/\/www.zameen.com\/news\/pm-reveals-construction-industry-package-announces-subsidy-for-nphp-developments.html\" target=\"_blank\" rel=\"noreferrer noopener\">NPHP<\/a>).<\/p>\n\n\n\n<p>Bank officials have expressed concern that the foreclosure law is still to be approved and achieving clean title for the state is an \u2018unrealistic goal\u2019 \u2013 owing to the fact that the majority of the property in Pakistan does not possess a clear title.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-announces-extension-facility-deferred-principal-amount-payments.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP announces extension in facility for deferred principal amount payments<\/a><\/p>\n\n\n\n<p>As per the SBP, the mortgage loans were mandated under the Section 25 of Banking Companies Ordinance, 1962. However, the penalties for non-compliance have not been yet defined. Also, the SBP has ordered the banks to devise an action plan within 15 working day \u2013 including quarterly targets, products\u2019 development, media campaigns, technology infrastructure, capacity building and other aspects.<\/p>\n\n\n\n<p>Moreover, the banks have been asked to report data of loan approvals and disbursements against their targets starting from September, on a monthly basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) issued a notification to various presidents of commercial banks on Wednesday, mandating them to allocate 5% of their loan portfolios for housing and construction finance by December 2021, according to news sources. Read: COVID-19 mitigation measures to continue till Dec 31: SBP As per the official circular, the SBP also stressed for the government to achieve this objective by the passage of foreclosure law and land record digitalisation \u2018for the facilitation of clean title for bank lending\u2019. The circular is issued in wake of the federal government\u2019s decision to construct 100,000 houses for low-income families \u2013 under the Naya Pakistan Housing Programme (NPHP). Bank officials have expressed concern that the foreclosure law is still to be approved and achieving clean title for the state is an \u2018unrealistic goal\u2019 \u2013 owing to the fact that the majority of the property in Pakistan does not possess a clear title. Read: SBP announces extension in facility for deferred principal amount payments As per the SBP, the mortgage loans were mandated under the Section 25 of Banking Companies Ordinance, 1962. However, the penalties for non-compliance have not been yet defined. Also, the SBP has ordered the banks&hellip;<\/p>\n","protected":false},"author":75,"featured_media":64432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013,15017],"tags":[34812,21853],"persona":[],"class_list":{"0":"post-68087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-notices-announcements","9":"tag-commercial-banks-ordered-to-utilise-5-portfolio-for-housing-finance","10":"tag-state-bank-of-pakistan-sbp","11":"cat-15013-id","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks ordered to utilise 5% portfolio for housing finance- Zameen News<\/title>\n<meta name=\"description\" content=\"SBP issued a notice to presidents of commercial banks, mandating them to allocate 5% of their loan portfolios for housing and construction finance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/commercial-banks-ordered-to-utilise-5-portfolio-for-housing-finance.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks ordered to utilise 5% portfolio for housing finance- Zameen News\" \/>\n<meta property=\"og:description\" content=\"SBP issued a notice to presidents of commercial banks, mandating them to allocate 5% of their loan portfolios for housing and construction finance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/commercial-banks-ordered-to-utilise-5-portfolio-for-housing-finance.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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