SBP directs banks to meet home loan target


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KARACHI: As per the circular issued by the State Bank of Pakistan (SBP), the central bank has directed the banks to meet targets of the Government’s Mark-up Subsidy Scheme (G-MSS).

According to the circular, a penalty will be imposed on the banks if they fail to meet the target of disbursements and the number of housing units by the end of July.

The central bank has come up with a decision in order to expedite the extension of loan facilities to the low-income groups.

The federal government has set a target of providing 5mn housing units to the low-income groups and 10mn jobs.

Earlier the SBP had issued a circular directing the banks to increase their loan portfolios to 5pc of their private sector credit.

 

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