{"id":76803,"date":"2021-06-09T16:21:15","date_gmt":"2021-06-09T11:21:15","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=76803"},"modified":"2021-06-09T16:21:19","modified_gmt":"2021-06-09T11:21:19","slug":"banks-directed-reduce-fee-housingloans","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/banks-directed-reduce-fee-housingloans.html","title":{"rendered":"Banks directed to reduce processing fee on housing loans"},"content":{"rendered":"\n<p>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.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-invest-more-capital-in-real-estate.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP allows Banks to invest more capital in real estate<\/a><\/p>\n\n\n\n<p>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.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-develops-mechanism-for-markup-subsidy-scheme.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP develops mechanism for markup subsidy scheme<\/a><\/p>\n\n\n\n<p>Furthermore, the top bank urged DFIs to take particular actions to increase \u201c<a href=\"https:\/\/www.zameen.com\/news\/mera-pakistan-mera-ghar-faqs-on-procuring-home-loans-for-low-cost-nphp-houses.html\" data-type=\"post\" data-id=\"76733\" target=\"_blank\" rel=\"noreferrer noopener\">Mera Pakistan Mera Ghar Housing Finance Scheme<\/a>&#8221; 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.\u00a0<\/p>\n\n\n\n<p>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<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 Read: SBP allows Banks to invest more capital in real estate 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.\u00a0 Read: SBP develops mechanism for markup subsidy scheme Furthermore, the top bank urged DFIs to take particular actions to increase \u201cMera Pakistan Mera Ghar Housing Finance Scheme&#8221; 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.\u00a0 Reportedly, SBP had issued the circular in response to the high volume of&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013,15017],"tags":[45091,11050],"persona":[],"class_list":{"0":"post-76803","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-notices-announcements","9":"tag-sbp-launches-service-desk-portal-for-complaint-resolution","10":"tag-sbp-to-provide-loans-covering-up-to-90-of-the-cost-of-affordable-homes","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 directed to reduce processing fee on housing loans - Zameen News<\/title>\n<meta name=\"description\" content=\"The State Bank of Pakistan (SBP) has directed commercial banks and Development Financial Institutes (DFIs) to decrease the processing charge for home loan\" \/>\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\/banks-directed-reduce-fee-housingloans.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks directed to reduce processing fee on housing loans - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The State Bank of Pakistan (SBP) has directed commercial banks and Development Financial Institutes (DFIs) to decrease the processing charge for home loan\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/banks-directed-reduce-fee-housingloans.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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