Deputy Governor SBP lays out affordable home financing framework
Deputy Governor SBP lays out affordable home financing framework
KARACHI (Dunya News) - Deputy Governor SBP Seema Kamil has said that in view of the problems facing the common man in home financing, even someone paying as low as Rs 12,000 per month will now be able to afford a house.
The Deputy Governor of State Bank of Pakistan (SBP) said this while talking exclusively to Dunya News program "Dunya Kamran Khan Kay Saath". Seema Kamil said that for the first time, an initiative has formally been taken to ease housing finance in Pakistan.
She said that now, the middle class will also be able to own a house with up to Rs 25,000 in installments. The only condition is that they must be first-time homeowners, an existing homeowner will not receive discounted housing finance.
She said that the Prime Minister holds weekly home finance meetings and biweekly meetings with the SBP Governor.
Seema Kamil said that preparation of forms, brochures, marketing and training has started with the banks. They have started training staff for home financing and within a week, products, advertisements and brochures will be available.
She said that most people use Shariah compliant financing to build their houses so housing finance will mostly have Islamic banking products. The first tier will have the ‘Naya Pakistan Housing Program’ while the remaining houses will be in the second tier.
The Deputy Governor said that both forms and product features will be the same for all banks, and that they have been instructed to decide on customers’ loans within 30 days. For those who do not have proof of income, the banks will estimate their income using electricity bills, phone bills and school fees etc.
