Prime Minister asks banks to simplify home loan application process

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ISLAMABAD: Prime Minister Imran Khan on Thursday asked commercial banks to simplify the process of applying for housing construction loans to facilitate low and middle income groups.

The prime minister, while chairing the weekly meeting of the National Coordinating Committee on Housing, Construction and Development, said the government had responded to all banks’ reservations.

The State Bank of Pakistan (SBP) has been empowered to timely disburse subsidies to banks on housing construction loans announced by the government. Moreover, matters relating to seizure are also prosecuted effectively, he added.

The meeting was attended by Minister of Information, Senator Shibli Faraz, Special Assistants to Prime Minister Malik Amin Aslam, Asim Saleem Bajwa, Syed Zulfiqar Bukhari and Dr. Shahbaz Gill, SBP Governor, Dr. Raza Baqir , the chairman of the Naya Pakistan Housing Authority, Anwar Ali Haider, and other senior officials. officers.

The presidents of all major banks in the country and representatives of the Association of Builders and Developers (ABAD) also attended the weekly meeting.

The prime minister expressed satisfaction with the role played by the banks and said the construction industry can play a vital role in strengthening the country’s economy. He said the boom in the construction industry will also benefit banks which can attract additional business opportunities.

On the other hand, the President of Banking Association of Pakistan said that the government’s effective policies and facilitation process for banks have encouraged the private sector. He added that all banks are ready to play their part in providing housing to people belonging to low and middle income groups.

The Presidents of Bank of Punjab and Bank Al Falah briefed the Prime Minister on the products launched by their respective organizations under the housing scheme. Leaders of other banks have also assured the Prime Minister that they will soon launch their own home building products.

Earlier in 2018, Pakistan Tehreek-e-Insaf (PTI) said in its election manifesto that it would build five million houses in five years if elected to government. Since coming to power, the ruling party has launched the Naya Pakistan housing scheme aimed at providing affordable housing to people. However, issues relating to the financing of housing construction remain a challenge as the country does not have a strong mortgage market.

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