National
January 23, 2021
KARACHI: The State Bank of Pakistan has announced a mark-up subsidy for the federal government s housing finance scheme to provide subsidised financing to low and middle-income individuals. In line with [the] government’s vision of making housing finance affordable, SBP has announced Government’s Mark-up Subsidy for Housing Finance scheme to provide subsidised financing to low and middle-income individuals, it said on Friday.
To this effect, the central bank has launched a complaint resolution mechanism to promote the affordable housing scheme. It said the mechanism comprises an information technology-based portal and a network of SBP and commercial bank staff to resolve issues being faced by applicants for low-cost and affordable housing finance.
Karachi
January 2, 2021
KARACHI: BankIslami Pakistan Limited, one of the country’s leading Islamic banks with a strong network of 335+ branches in 114+ cities, has signed a Master Credit Guarantee agreement with Pakistan Mortgage Refinance Company (PMRC), to avail risk cover for low-income housing finance.
PMRC is setup as a mortgage liquidity facility that addresses the long term funding constraints in the banking sector, and ensures sound lending. With the agreement between the two leading institutions, both BankIslami and PMRC have affirmed their commitment to mutually improve housing finance in Pakistan.
Risk coverage will assist BankIslami and PMRC in providing affordable housing finance to fresh homeowners in Pakistan and will help the bank to alleviate the credit risk, while ensuring affordable mortgage facilities to the low-income segments of the population.
KARACHI: The government has formed a Credit Guarantee Trust (CGT) with participation of the State Bank of Pakistan (SBP), six commercial banks and the Pakistan Mortgage Refinance Corporation (PMRC) to boost low-cost housing in the country, a press release showed on Monday.
The CGT has been established with the support of the World Bank and the SBP.
The PMRC as the trustee signed a master guarantee agreement with six leading Islamic and conventional banks including Meezan Bank, Habib Bank, BankIslami, Faysal Bank, JS Bank and Soneri Bank.
“This is a major step for the government’s Naya Pakistan Housing Program and making affordable housing possible for all,” the SBP said in the press release.
SBP wants banks to tap housing finance potential
December 29, 2020
KARACHI: The State Bank of Pakistan on Monday urged banking industry to benefit from government subsidy on low-cost housing finance and extend loans to their maximum potential.SBP Deputy Governor. Share
KARACHI: The State Bank of Pakistan (SBP) on Monday urged banking industry to benefit from government subsidy on low-cost housing finance and extend loans to their maximum potential.
SBP Deputy Governor Jameel Ahmed said the risk coverage of mortgage portfolio under government markup subsidy facility provides due comfort to banks in extending housing finance to the low income segment for buying or construction of new houses.
Govt geared to meet housing target
SBP deputy governor says efforts have been made to ensure subsidised financing
The main challenge that Pakistan faces today is the extension of housing finance to the low and middle segments of the popu-lation. PHOTO: FILE
The government, in coordination with the World Bank, has managed to create a favourable environment to achieve the target of providing five million low-cost housing units through subsidised financing to the underserved population, a central bank’s deputy governor said on Monday.
The housing and construction industry holds the key to revive 40-70 allied businesses, promote economic growth into double-digit and create new job opportunities especially to daily wage earners.