To simplify the process of loan application under the Mera Pakistan Mera Ghar Scheme, the State Bank of Pakistan (SBP) has directed commercial banks to send teams to visit industrial and commercial organisations to receive and process home loan applications strictly under the SBP’s criteria. Since commercial banks can play a crucial role in disbursing loans to potential homebuyers. They need to act responsibly and carry out due diligence before issuing a house loan to an applicant.
The SBP is making considerable effort into translating the government’s vision of affordable housing-for-All agenda. It has allocated a significant amount of money to provide subsidised loans and disbursement to potential homebuyers. A minimum mark-up of 3-5% has been allowed for these house loans, which has de-incentivized several commercial banks in the scheme. However, the SBP claims that the genuine concerns of commercial banks and applicants have been redressed, and individuals with salaries above 25,000, within the age limit of 55, are eligible to apply for these loans. Furthermore, the applications can also be processed by the concerned bank at their workplace.
The teams from the commercial banks will visit industrial and commercial organisations to confirm if the applicant or their spouse possesses a house. Under the SBP’s guideline, a potential applicant in possession of a land plot can apply for a house loan because they will require finance for the house construction.
Leave a Reply