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For Covering 90% of the Cost of Affordable Homes SBP will Provide Loans

Real Estate News
14 Mar 2019
For Covering 90% of the Cost of Affordable Homes SBP will Provide Loans

For Covering 90% of the Cost of Affordable Homes SBP will Provide Loans

Islamabad: Governor of State Bank of Pakistan (SBP) Tariq Bajwa has informed that under the Loans Policy of SBP, financial assistance would be provided for financing affordable homes. During the unveiling event of the SBP, Tariq Bajwa informed about the financial policy dedicated to an affordable housing scheme in Islamabad.

While talking about affordable homes, he made clear that all those houses that are costing less than PKR 3 million would be only considered as 'affordable homes’. Price exceeding this will not be entertained in this scenario. SBP will be providing loans to cover nearly 90% of the total price of each unit to the applicants.

While mentioning preferential basis loans, Bajwa told the news sources that widows, orphans, families of the martyrs, people affected by the acts of terrorism and members of the transgender community will be allotted with these loans. They would be preferred before anyone else.

As per the recent news, the interest rate on these loans would be around 5% only.

Tariq Bajwa, governor of the State Bank of Pakistan further mentioned that there would be a restriction on renting out or selling these affordable homes which are made or brought through bank loans. No one would be allowed to sell or rent the houses no matter what.

It is remarked that through the construction of affordable homes, the livelihood of many people will become better. People will get their own shelter and an opportunity to live in better homes that solely belongs to them.

The government has a lot of hope with this affordable homes and SBP loan management scheme and is looking forward to facilitating common man of the society, especially the transgender community, who always faces difficulties in managing their own homes in this society.

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