Housing finance rises by a historic 36%, with citizens receiving Rs.15 billion under 'Naya Pakistan' scheme

Tuesday, the National Bank of Pakistan reported that housing and building finance have risen by 36%, which set a historical record.

The SBP and Pakistan Banks' Association (PBA) jointly revealed their efforts to promote the development of housing finance, raising awareness of the nation, SBP and other banks' incentives.

The funding for housing and building has progressed considerably and there is traction in the financing of housing and construction, said the statement.

"The portfolio of housing and building finance banks grew from Rs148 billion to Rs202bn in March 2021 by the end of June 2020. In three-quarters of FY21, this reflects a rise of Rs54bn or 36pc, relative to a static role in the same timeframe last year."

"This development in housing and building finance has never been seen in the history of the world before,"

Banks' total funding of the housing and development market is expected to increase dramatically as Mera Pakistan's mortgage financing operation is moving at an increasing rate, the SBP said.

In the wake of the Mera Pakistan, Mera Ghar project, financing for the housing and construction sector is expected to develop in general.

According to the State Bank's information, more than 15 billion Rs.15 billion out of the total earned Rs.52 billion was authorized as of 20 April.