PM directed SBP governor to make housing finance easily accessible
ISLAMABAD: Prime Minister Imran Khan on Thursday directed governor State Bank of Pakistan (SBP) Dr Reza Baqir to make certain that Rs 380 billion allocated by the commercial banks for the mortgage of houses is easily accessible to the applicants.
According to the details, the Government is providing an amount of Rs 300,000 subsidy as well and would ensure that the interest rate for the mortgage is fixed at 5 per cent for 20 years. The government, for the first time, is providing the facility for constructing houses for the poor.
As per the officials, for the first time, the banks were advised to allocate Rs 380 billion for the construction sector and distribution of funds to the applicants which are being observed by the SBP.
Zulfiqar Bukhari, the special assistant to the prime minister overseas, said that in the next phase, 1504 more units would be built.
This project is considered to be the foundation of providing low cost and affordable houses to the weak segments of society.
For news and blogs, visit Graana.com.