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Karachi: The State Bank of Pakistan (SBP) has ordered DFIs to cut the processing fees for house loan schemes by commercial banks and development financial institutes, news media reported. The SBP has also requested the banks to improve the processing and resolution of complaints.

Read more: Penalties of Rs. 98 million imposed by SBP on 3 major banks

The SBP circularly also highlights many anomalies in the procedure, the monitoring and the unnecessary awaiting of the final decision by the applicants. The sources have also stated that the central bank has urged business banks to strengthen the current complaint resolution structure and customer service to enhance the process. Commercial banks are required to provide applicants with e-tracking codes to check online application status.

The top bank further advised DFIs to take certain measures aimed at increasing the coverage of the Mera Pakistan Mera Ghar Housing Finance Scheme and implementing a complete breakdown of application processing costs, which the applicant would incur at the time the loan request was submitted.

Reportedly, in reaction to the large volume of complaints received from the public against banks and DFIs, SBP published the circular. One month the central bank provided the banking staff with guidelines and training on this subject

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