{"id":78238,"date":"2021-07-29T11:46:27","date_gmt":"2021-07-29T06:46:27","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=78238"},"modified":"2021-07-29T11:46:32","modified_gmt":"2021-07-29T06:46:32","slug":"subsidised-housing-finance-pkr-45-bn-approved","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/subsidised-housing-finance-pkr-45-bn-approved.html","title":{"rendered":"Subsidised housing finance of PKR 45 billion approved: Reza Baqir"},"content":{"rendered":"\n

Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that during the fiscal year 2020-21, banks have approved PKR 45 billion to 2,160 applicants of the low markup housing finance scheme, news sources reported.\u00a0<\/p>\n\n\n\n

Read: <\/strong>SBP allows Banks to invest more capital in real estate<\/a><\/p>\n\n\n\n

During the announcement of the monetary policy statement (MPS) for the next two months, the governor stated that a total of 36,000 applications were received, of which 14,000 were reviewed and 2,160 applicants were granted loans, accounting for 15.5 % of the total. <\/p>\n\n\n\n

However, of the total PKR 45 billion loans approved so far, the banks have disbursed PKR 5.8 billion. He further stated that in the preceding fiscal year (FY) ending June 30, 2021, banks extended total financing of PKR 259 billion for subsidised and unsubsidised loans, representing a 75% jump in housing and construction finance compared to FY20.<\/p>\n\n\n\n

Furthermore, when explaining the financing mechanism, Dr Reza stated that banks provide home loans ranging from PKR 3-6 million with a 5-7 % markup, and loans applied for less than PKR 3 million on a 3-5 % markup rate.<\/p>\n\n\n\n

Read: <\/strong>Housing, construction finance up by a \u2018historic\u2019 36%: SBP<\/a><\/p>\n\n\n\n

He also stated that the housing scheme is being expanded to those with informal income, such as non-salaried people. They just require utility bills like electricity and phone bills now, and banks will establish house finance amounts based on the bill amount using their own estimating methodologies. <\/p>\n\n\n\n

It is important to note that, in order to encourage growth, the central bank has mandated that banks increase their housing and construction loan<\/a> portfolios to at least 5% (or PKR 330 billion) of their credit by the end of December 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that during the fiscal year 2020-21, banks have approved PKR 45 billion to 2,160 applicants of the low markup housing finance scheme, news sources reported.\u00a0 Read: SBP allows Banks to invest more capital in real estate During the announcement of the monetary policy statement (MPS) for the next two months, the governor stated that a total of 36,000 applications were received, of which 14,000 were reviewed and 2,160 applicants were granted loans, accounting for 15.5 % of the total.  However, of the total PKR 45 billion loans approved so far, the banks have disbursed PKR 5.8 billion. He further stated that in the preceding fiscal year (FY) ending June 30, 2021, banks extended total financing of PKR 259 billion for subsidised and unsubsidised loans, representing a 75% jump in housing and construction finance compared to FY20. Furthermore, when explaining the financing mechanism, Dr Reza stated that banks provide home loans ranging from PKR 3-6 million with a 5-7 % markup, and loans applied for less than PKR 3 million on a 3-5 % markup rate. Read: Housing, construction finance up by a \u2018historic\u2019 36%: SBP He also…<\/p>\n","protected":false},"author":84,"featured_media":62262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013],"tags":[47114,11050],"persona":[],"class_list":{"0":"post-78238","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"tag-pkr-45-billion-housing-finance-in-fy2020","9":"tag-sbp-to-provide-loans-covering-up-to-90-of-the-cost-of-affordable-homes","10":"cat-15013-id"},"acf":[],"yoast_head":"\nSubsidised housing finance of PKR 45 billion approved- Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that during the fiscal year 2020-21, banks have approved PKR 45 billion to\" \/>\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\/subsidised-housing-finance-pkr-45-bn-approved.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidised housing finance of PKR 45 billion approved- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that during the fiscal year 2020-21, banks have approved PKR 45 billion to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/subsidised-housing-finance-pkr-45-bn-approved.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News & Pakistan Property News & Latest Updates - 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