As a result of recent steps taken by the government and the State Bank of Pakistan, promoting and encouraging housing and construction finance is moving quickly and with increasing momentum (SBP).

The SBP said in a statement on Tuesday that the housing and construction finance portfolio increased from Rs148 billion in June 2020 to Rs202 billion in March 2021.

“Compared to a stagnant role in earlier quarters, this reflects a rise of Rs54 billion or 36 per cent in the first three-quarters of FY21,” it said. “Never before has Pakistan seen such rapid growth in housing and construction finance in such a short period.”

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It went on to say that total bank financing for the housing and building sector would increase as mortgage finance operation under the “Mera Pakistan Mera Ghar” scheme picked up.

According to the SBP, banks had issued applications for financing worth more than Rs52 billion from the general public as of April 20, 2021. The banks have approved over Rs15 billion in financing for the applicants out of the total sum, while the remaining applications are in various stages of evaluation and approval.

According to the SBP, banks had issued applications for financing worth more than Rs52 billion from the general public as of April 20, 2021. The banks have approved over Rs15 billion in financing for the applicants out of the total sum, while the remaining applications are in various stages of evaluation and approval.

“The State Bank has been actively engaged with commercial banks to ensure that the ‘Mera Pakistan Mera Ghar’ housing finance scheme benefits the vast majority of the public,” it said.

In addition, the remaining branches will also provide basic information about the scheme and refer applicants to the designated branches.

“Banks are regularly advertising features of the scheme to attract and encourage potential customers,” it said. “To address complaints, the State Bank has established a comprehensive complaint resolution mechanism, which comprises an internet portal supported by a network of State Bank and commercial bank staff.”

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