Karachi: According to news reports, the State Bank of Pakistan (SBP) released new rules on Thursday (September 2) that would allow owners to get house loans for under-construction housing units, promoting the expansion of the housing and construction sector.
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According to SBP, banks have been unwilling to give such financing alternatives to purchasers, limiting their ability to finish projects. According to reports, the new SBP guideline provides a complete framework for the banking industry to encourage home finance, including risk mitigation measures.
In addition, the SBP noted that owners of housing units who have taken out house loans will benefit from a number of advantages. To begin with, purchasers will be able to purchase housing units in under-construction developments, which are less expensive than completely built structures.
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Second, the banks’ control and monitoring will assure prompt completion and transfer of ownership to the buyers while the housing units are still new. Finally, for a few years, the buyers will not have to pay hefty remodelling or maintenance expenditures.
These perks, according to SBP, will incentivize the purchase of under-construction homes and increase demand for the construction sector. SBP guidelines are a huge step forward towards increasing economic development through promoting housing and construction sectors.
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