Breaking News :

Nausheen Shah hits back at trolls on Instagram

Current account deficit to remain between 2-3pc in FY22: SBP

Sharif met Mohib to protect Pakistan’s national interest: Abbasi

Pakistan, Saudi Arabia agree to further economic cooperation

Noor asked me to bring Rs700,000 to Zahir’s house: driver

China, Pakistan agree to boost cooperation under CPEC

Pak, Saudi Arabia agree to further bilateral ties

PML-N, PPP reject AJK results

Pakistan ranks top 10 in business environment: Chinese report

PPP bags Sindh-Balochistan seat of AJK assembly

Four martyred in AJK as Army vehicle falls into ravine

PTI wins 25 seats in AJK elections

25 textile companies contribute 21pc to $25bn exports

Gandapur’s misogynist remarks against Maryam draw public ire

I am definitely the candidate to replace PM Khan: Mehwish Hayat

Govt welcomes UK move against corrupt elements

Tajik forces declare readiness to counter any uncertain scenario on Afghan border

Qureshi set to embark on China visit today

Cargo ship stranded at Karachi’s Seaview for second day

Video of a bull getting out of control and shot goes viral

A must-try recipe for this Bakrid

WhatsApp introduces joinable calls feature

Delta variant on a roll in Karachi

Security of Chinese nationals improved after Dasu incident

Zalmay holds talks with Army Chief, PM

Cryptocurrency advocates want Pakistan to align itself with modern times

Saudi Arabia allows shops to remain open during prayers

Behroze Sabzwari speaks on his son’s separation with Syra Yousuf

RSS ideology main hurdle in Indo-Pak peace: PM Khan

Uninstall these apps if you want to use WhatsApp

Pakistan, Uzbekistan set to produce a film together

Mahira Khan says she is not even engaged

Disappointed at allegations from Afghanistan: PM Khan

Chaman border closed after Taliban get close

Pakistan for Afghan-owned solution in Afghanistan: Qureshi

Some updates about the upcoming iPhone 13

Sherry says Pakistan doesn’t criminalise violence

Will EVMs be effective in Pakistan?

Cuba proposes to establish a vaccine plant in Pakistan

Ban on TLP to be maintained: Fawad Chaudhary

Twitter lashes out at Pakistani team as they suffer a 3-0 whitewash

Maryam Nawaz’s blunder lands her into hot waters yet again

Taliban destroy two helicopters of the Afghan forces

Naegleria claims 4th life in Karachi

PM Khan reiterates support to Kashmiri struggle for freedom

Monsoon season begins in Pakistan

Khalilzad embarks on diplomacy tour of Qatar, Uzbekistan and Pakistan

Bushra Ansari proves again that age is just a number

No taxes on imports for exports sector from Aug 14: FBR

Faysal Quraishi recreates his viral ‘jaahil log’ video

Pakistan welcomes Iran’s role in Afghan peace process

WhatsApp may finally allow you to select quality for sending visual content

Beware! 22 brands of water declared unsafe for human consumption

PM warns nation of Covid-19’s Indian variant

Shahroz says he always saw a life partner in Sadaf

Biden vows to stand by Afghan security forces

Pakistan to see electric cars in this month

China assures to stand behind Pakistan regardless of world politics

Pak vs Eng: Haris Sohail ruled out of ODI series

Spotify vs Apple Music vs Sound Cloud: 12 best music streaming services in 2021

$1b Eurobonds floated at 8.5% interest rate

Man accused of assaulting young couple arrested in Islamabad

Legendary Bollywood actor Dilip Kumar passes away

Karachi matric board chairperson explains details behind controversy

How to know if you have been blocked by someone on Whatsapp?

India clearly behind Lahore blast: Sheikh Rashid

State keen to talk to Baloch insurgents: Chaudhary

People unhappy with scantily clad women at Hum Style Awards

Minal’s fans are worried after her hospital pictures go viral

Why you should refrain from investing in crypto

Selected Imran should refrain from commenting on Pakistan’s nuclear assets: Maryam Nawaz

Khalil-ur-Rehman Qamar sides with PM Khan over his statements on rape

UAE-Pakistan friendly ties continue to foster growth, development

Housing finance sees a record 36% spike

Housing-finance

The State Bank of Pakistan (SBP), on Tuesday, said that housing and construction finance has witnessed a historic growth of 36 per cent during 2020-21.

The central bank issued a joint statement with the Pakistan Banks’ Association (PBA) where it explained the efforts to bring growth in housing finance and recounted the steps taken to create awareness about the best use of the offers introduced.

As per the statement, housing and construction finance has seen significant momentum and has picked up space despite the economic impacts of COVID-19.

The statement details that banks housing and construction finance portfolio has surged from Rs148 billion in June last year to Rs202bn in March 2021. “This shows a growth of Rs54bn, or 36pc, in the first nine months of FY21 compared to the corresponding period last year,” it said.

Read Also | All actions against Justice Qazi and family stopped by SC

State Bank said such growth in housing and construction finance has never been witnessed in the country’s history. Banks have been directed to increase their housing and construction finance portfolios to 5pc of their private sector advances by the end of December 2021.

The State Bank started taking measures from July 2020 to support housing finance by giving banks incentives and targets.

In October 2020, the government launched the Government Markup Subsidy Scheme, now known as Mera Pakistan Mera Ghar Housing Finance Scheme. 

This scheme targets low- to middle-income households by enabling banks to provide financing for construction and buying of a house at low markup rates.

State Bank has predicted that banks’ overall financing to the housing and construction sector is likely to increase significantly as mortgage finance activity under schemes like Mera Pakistan, Mera Ghar is picking up pace.

However, construction experts find this figure of Rs54bn financing very low for the sector and claim that growth is extremely poor in bigger cities like Karachi.

Read Previous

PM meets pro-Tareen group, says can’t compromise on corruption

Read Next

NCOC orders to prepare for a stricter lockdown as country witnesses record deaths of COVID-19

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x