KARACHI: The State Bank of Pakistan (SBP) on Thursday issued instructions to the banks for implementation of the revised mark-up subsidy approved by the government for low-cost housing scheme. These revisions aim at significantly enhancing outreach of the scheme to the individuals and households who currently do not own a house. As per the bank’s credit policy and prudential regulations for housing finance, the housing unit financed will be mortgaged in favour of financing the bank. The Finance Division shall give authority to SBP to debit GOP account on quarterly basis for the subsidy payment to banks. The payment will be made to the banks on submission of quarterly-consolidated subsidy statements as per the format prescribed by the State Bank.

Source: Pakistan Today March 25, 2021 16:30 UTC