Rizvi noted that for most of Pakistan’s 70 year history, there had been no fiscal or regulatory incentives to develop housing finance. This year, the central bank has asked commercial banks to allocate 5pc of their total lending to the construction sector. “If banks will not lend out to the housing sector, that money will stay with the bank – the cost will be there. Rizvi also lamented that Pakistan’s neighbouring country, India has more than 90 housing finance institutions, whereas Pakistan only has one. “You cannot progress housing finance without long term funding.

Source: Pakistan Today September 29, 2020 18:56 UTC