Housing finance witnesses 36pc growth

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KARACHI: The State Bank of Pakistan (SBP) on Tuesday stated that housing finance has witnessed an unprecedented growth of 36pc during the 2020-2021 period.

According to the details, housing and construction finance has witnessed an increase of Rs54bn from June 2020 to March 2021. The portfolio in June 2020 stood at Rs148bn and increased to Rs202bn in 2021.

This marks a growth of 36pc in the first three quarters of Fiscal Year 2021 as compared to the stagnant growth in the same period last year.

As per SBP, housing finance is likely to grow in the future since mortgage finance is gaining momentum under Mera Pakistan Mera Ghar Scheme.

From April 2020, the general public has applied for housing finance for more than Rs52bn and applications of Rs15bn have been approved by various banks.

 

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