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Banks approve Rs39bln under subsidised housing finance
July 16, 2021
ISLAMABAD: Banks have approved Rs39 billion under the government’s markup subsidy scheme for housing finance as of June 30 and the amount of loans applied for more than doubled in the last quarter of FY21 to Rs111 billion, the central bank’s governor said.
State Bank of Pakistan (SBP) Governor Reza Baqir told a meeting during FY21, housing and construction finance outstanding increased by Rs111 billion or 75 percent over FY20, reaching Rs259 billion by end June, 2021). An increase of this quantum in housing and construction finance in one year is unprecedented in Pakistan’s history. As a result, 97 percent of the overall target set by SBP for June 30, 2021 was met.
Housing finance jumps 75% in FY21
SBP governor informs prime minister on unprecedented growth in housing finance
During FY21, the outstanding housing and construction finance increased by Rs111b or 75% over FY20, reaching Rs259b by end June, 2021. PHOTO: FILE
KARACHI:
Banks’ financing for housing and construction sector jumped 75% in the past one-year to a total of Rs259 billion in the fiscal year ended June 30, earning Prime Minister Imran Khan’s praise for the unprecedented growth in advances.
The advances include subsidised loans worth Rs39 billion under the government project Mera Pakistan Mera Ghar (MPMG) for people belonging to low and middle income groups, State Bank of Pakistan (SBP) Governor Reza Baqir told a meeting chaired by PM Khan.