The State Bank of Pakistan (SBP) announced three different categories of subsidized mark-up rates for housing finance with a maximum tenure of payment extended to 20 years, on Monday.
“This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail bank’s financing at subsidized and affordable mark-up rates,” statement from the SBP.
The facility, according to the central bank, will be provided with the administrative help of the State Bank of Pakistan as an executing partner with Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA).
According to the SBP, the government has allocated Rs. 33 billion for payment of mark-up subsidy for financing over a period of 10 years and has assured continuity of the facility.
Report by: The Truth International
