ISLAMABAD: In an effort to facilitate low and middle income segments of the society, Prime Minister Imran Khan on Thursday directed the banks to simplify the application procedure pertaining to construction of houses, ARY News reported.
Presiding over a meeting of National Coordination Committee for Housing, Construction and Development in Islamabad, PM Imran said that the government has addressed all the reservations of the banks.
He maintained that the State Bank of Pakistan has been empowered for immediate provision of subsidy announced by the government for the construction of houses.
Expressing his satisfaction over the active role being played by the banks in the construction sector, the prime minister said that the construction sector is a guarantor for promotion of economy.
The meeting was attended by the presidents of all the major banks.
On the occasion, the president of Pakistan Banks Association said all the banks are determined for the promotion of construction industry especially for the construction of houses for low and middle income groups.
Read More: SBP sets mandatory targets for banks to extend loans for housing sector
Earlier on July 15, amidst federal government’s special incentive for the construction sector, the State Bank of Pakistan (SBP) had decided to set a mandatory target for banks to extend mortgage loans and financing for developers and builders.
According to the SBP, banks would be required to increase their housing and construction of building loan portfolios to at least five percent of their private sector credit by the end of December 2021.
