{"id":79355,"date":"2021-09-03T11:23:08","date_gmt":"2021-09-03T06:23:08","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=79355"},"modified":"2021-09-03T12:27:45","modified_gmt":"2021-09-03T07:27:45","slug":"under-construction-units-homes-loans","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/under-construction-units-homes-loans.html","title":{"rendered":"Owners of under-construction houses can get home loans; SBP issues guidelines"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) on Thursday (September 2) issued new guidelines that will allow the owners to get home loans for under-construction housing units to promote the growth of the housing and construction sector, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-incentive-scheme.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP announces home remittance incentive scheme for banks<\/a><\/p>\n\n\n\n<p>Reportedly, SBP stated that banks were hesitant to provide such financing options to buyers, which limits their options to complete the projects. It was reported that the new SBP guideline provides a comprehensive framework with risk mitigation aspects for the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-invest-more-capital-in-real-estate.html\" target=\"_blank\">banking sector<\/a> to promote housing financing.<\/p>\n\n\n\n<p>Sharing more details, it was disclosed that the financing risk of the banks will be eliminated by mortgage of project land, depending on the arrangements with the builders. Moreover, the payments to builders will be made through an account specifically created for it (known as an escrow account). The seller will not have direct access to the account until the construction milestones are achieved, which are decided by the banks and builders.<\/p>\n\n\n\n<p>Additionally, the SBP stated that the owners of housing units, who have availed home loans, which will enjoy several benefits. Firstly, the buyers will get housing units in under-construction projects, which are comparatively low-priced than fully constructed ones. Secondly, the oversight and monitoring by the banks will ensure timely completion and the possession will be transferred to the buyers while the housing units are new. Lastly, the buyers will not have to incur high renovation or maintenance costs for a few years.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-announces-major-changes-in-housing-finance-scheme.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP announces major changes in housing finance scheme<\/a><\/p>\n\n\n\n<p>SBP mentioned that these benefits will create incentives for buying under-construction homes and create demand for the construction industry.&nbsp;<\/p>\n\n\n\n<p>It is pertinent to mention that the current practice is that the builders of the project permit the owners to make periodic payments when the construction starts and issue allotment letters. However, banks do not grant home loans against allotment letters. As a result, the owners do not have the opportunity to avail of home loans and buy affordable housing units. Besides this, the builders complain about not having the housing finance option, which decreases demand and slows down the development of new projects. SPB believes with these new guidelines, such issues will be resolved.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-asks-banks-to-achieve-home-loan-targets.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP to impose penalty on banks failing to meet home loan targets<\/a><\/p>\n\n\n\n<p>SBP guidelines are a huge step forward towards increasing economic development through promoting housing and construction sectors.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) on Thursday (September 2) issued new guidelines that will allow the owners to get home loans for under-construction housing units to promote the growth of the housing and construction sector, according to news sources. Read: SBP announces home remittance incentive scheme for banks Reportedly, SBP stated that banks were hesitant to provide such financing options to buyers, which limits their options to complete the projects. It was reported that the new SBP guideline provides a comprehensive framework with risk mitigation aspects for the banking sector to promote housing financing. Sharing more details, it was disclosed that the financing risk of the banks will be eliminated by mortgage of project land, depending on the arrangements with the builders. Moreover, the payments to builders will be made through an account specifically created for it (known as an escrow account). The seller will not have direct access to the account until the construction milestones are achieved, which are decided by the banks and builders. Additionally, the SBP stated that the owners of housing units, who have availed home loans, which will enjoy several benefits. Firstly, the buyers will get housing units in under-construction projects, which are&hellip;<\/p>\n","protected":false},"author":83,"featured_media":76276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[47937,47933,47934,47932,47935],"persona":[],"class_list":{"0":"post-79355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-growth-of-housing-and-construction-sector","9":"tag-home-loans-for-under-construction-units","10":"tag-housing-financing-options","11":"tag-owners-of-under-construction-houses-can-get-home-loans-sbp-issues-guidelines","12":"tag-promote-housing-financing","13":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Owners of under-construction houses can get home loans- Zameen News<\/title>\n<meta name=\"description\" content=\"The State Bank of Pakistan (SBP) on Thursday (September 2) issued new guidelines that will allow the owners to get home loans for under-construction....\" \/>\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\/under-construction-units-homes-loans.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Owners of under-construction houses can get home loans- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The State Bank of Pakistan (SBP) on Thursday (September 2) issued new guidelines that will allow the owners to get home loans for under-construction....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/under-construction-units-homes-loans.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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