The official statement of the State Bank of Pakistan (SBP) said that the housing and construction finance increased 36 % or Rs 54 billion during the first nine months of the current fiscal year 2020-21.
The details revealed that the banks’ housing and construction finance portfolio increased from Rs 148 billion by the end of June 2020 to Rs 202 billion in March 2021.
“Such growth in housing and construction finance in such a period has never been witnessed in Pakistan’s history previously,” the SBP said in a statement.
1/3 As a result of measures by #SBP, banks’ housing and construction finance portfolio has increased from Rs148bn by end of Jun20 to Rs202bn in Mar21 showing a significant growth of 36%. For details: https://t.co/r7GmHFvk7G pic.twitter.com/dguDAQEZmc
— SBP (@StateBank_Pak) April 28, 2021
“Overall financing to the housing and construction sector by banks is likely to increase further significantly as mortgage finance activity under Mera Pakistan Mera Ghar Scheme is picking up pace”, the central bank added.
2/3 Under #MeraPakistanMeraGhar, banks have received applications for financing of more than Rs52bn & approved more than Rs15bn while the remaining are at different stages of evaluation and approval process.
— SBP (@StateBank_Pak) April 28, 2021
The central bank has so far received applications for financing worth more than Rs 52 billion under Mera Pakistan Mera Ghar Scheme.
The banks have approved financing of more than Rs 15 billion to the applicants while the remaining applications are at different stages of approval.
SBP has taken several measures since July 2020 to support the provision of financing for housing and construction sector.
Nearly 7,700 branches of various commercial banks have been designated for accepting applications under the housing finance scheme.