Inside Financial Markets
Commercial banks start disbursing house loans through 7,700 branches across country, PM told

Commercial banks start disbursing house loans through 7,700 branches across the country, PM told

– Associated Press of Pakistan

Prime Minister Imran Khan was told on Thursday that commercial banks had started disbursement of house loans to the poor and middle class people on easy installments through their 7,700 branches across the country.

The prime minister, who was chairing the weekly meeting of the National Coordination Committee for Housing, Construction and Development, was further informed that commercial banks were receiving the applications for house loans in large numbers.

Heads of various commercial banks, including National Bank of Pakistan, Habib Bank, United Bank, Muslim Commercial Bank, Allied Bank, Bank Al-Habib, Askari Bank, Mehran Bank, Fysal Bank, JS Bank, Bank of Punjab, Dubai Islamic Bank, Soneri Bank, Bank Al-Islami, Habib Metro Bank, Alburka Bank, Standard Chartered, First Woman Bank and Bank of Khyber were specially invited to attend the meeting.

State Bank of Pakistan Governor Reza Baqir told the meeting that in coordination with all the commercial banks, a steering committee had been constituted wherein the procedure for seeking house loans on easy installments was reviewed.

The meeting was apprised that an awareness campaign regarding house loans for the poor and middle class had also been initiated.

It was further told that the State Bank had established a Complaint Portal through which the consumers could register their complaints regarding any hurdles in getting loans.

The meeting was informed that in order to judge the performance of commercial banks regarding the house loans, the State Bank had formulated a procedure, which was continuously being monitored.

The prime minister appreciated the commercial banks for extending cooperation for the promotion of construction sector.

He said the provision of loans to the poor people for the construction of their own houses by the commercial banks for the first time was a good omen.

The prime minister described the promotion of construction sector and providing shelter to the poor segments as a national service, and directed for further speeding up the awareness campaign in that respect.

The heads of commercial banks assured the government of their wholehearted cooperation for the completion of the important national programme.

The Secretary Power briefed the meeting about the provision of electricity for housing projects.

The Vice Chairman of Lahore Development Authority (LDA) briefed the meeting about the LDA City Naya Pakistan Housing Apartments Lahore.

It was told that under the project a total of 35,000 housing units would be constructed, majority of them would be reserved for the poor and middle class.

It was further told that in the initial phase of the project, 4,000 housing units were being constructed for which PC-1 and master plan had been approved.

With the provision of the facility of easy installments, the project would be completed by June 2022, the meeting was told.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)