Reza Baqir, Governor of the State Bank of Pakistan (SBP), said on Sunday that the banks have received over Rs40 billion in applications for low-cost housing construction under the Naya Pakistan Housing Program. The governor of the National Bank of Pakistan, speaking at a telethon on low-cost housing loans, said that since the beginning of the process, banks have increased their loans for construction and housing by over Rs42 billion.
He said that many institutions had to work together and play their part in pushing the construction and housing sectors forward. Banks, on the other hand, will help developers, homeowners, and even ordinary citizens build their homes with low-interest loans.
He claims that this field has been neglected in the past, which is why banking and housing finance account for less than 1% of the country’s economy. In comparison to Pakistan, he said, banks in other countries issued more loans for housing and construction.
