SBP Bans Bank Employees From Cheap Home Loans

Meanwhile, the State Bank of Pakistan (SBP) has prohibited employees of banks and other financial institutions from benefiting from the Prime Minister's Apna Ghar housing finance scheme.

Key points

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• The scheme covers housing units of up to 10 marla or flats measuring up to 1, 500 square feet.
• The administration rolled out the PM Apna Ghar Program to backing affordable housing finance for Pakistani citizens.
• The repayment period can extend up to 20 years, with the administration providing a markup subsidy for the first 10 years.
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SBP has prohibited employees of commercial banks, development finance institutions and microfinance banks from applying for the scheme, additionally known as the Wazir e Azam Apna Ghar Program. Pakistan's REER Keeps Rising With Exports Under Pressure.

For context, the central bank directed all banks, development finance institutions and microfinance banks to immediately inform their employees regarding the decision. The move additionally clarifies eligibility for financial institution employees who facilitate housing loans under the scheme for the public.

Notably, the administration rolled out the PM Apna Ghar Program to backing affordable housing finance for Pakistani citizens. As well as construction of homes on land already owned by applicants, the scheme provides profit subsidies and risk-sharing arrangements for the purchase of houses, apartments and plots.

For context, the scheme covers housing units of up to 10 marla or flats measuring up to 1, 500 square feet. The administration has set a maximum financing limit of Rs. 10 million, with a fixed customer rate of 5 percent.

For context, the repayment period can extend up to 20 years, with the administration providing a markup subsidy for the first 10 years. The scheme additionally provides for no processing fees or penalties for early repayment. Stay Connected with ProPakistani.

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For now, SBP Bans Bank Employees From Cheap Home Loans remains the part of the story worth watching, and further updates are likely as more details are confirmed.