SBP announces subsidy mark-up rates for New Pakistan Housing Scheme

SBP announces subsidy mark-up rates for New Pakistan Housing Scheme

State Bank of Pakistan (SBP) logo. – SBP / Files

KARACHI: The State Bank of Pakistan (SBP) has announced three different types of mark-up subsidy rates for affordable housing finance in which the maximum payment period has been extended to 20 years.

A statement from the SBP read, “This facility will enable all those who are constructing or buying a new home for the first time to obtain financial assistance from the bank at subsidized and affordable markup rates.”

According to the central bank, the facility will be provided with the administrative support of the State Bank of Pakistan as a partner of the Government of Pakistan and the New Pakistan Housing and Development Authority (NEPDA).

According to the SBP, the government has spent Rs. Rs, Rs Rs Rs billion has been allocated. 33 billion for the payment of markup subsidy for financing over a period of 10 years and this facility has been assured to continue.

Markup subsidy rates are divided into three categories:

Category 1: The first standard of financial assistance relates to the purchase of houses / apartments / flats up to 5 marla or 125 square yards, with a maximum area of ​​850 sq. Ft. And a maximum value of Rs. 3.5 lakhs. Are part of NEPDA’s plans. .

The press release said, “The maximum financing under this category is Rs 2.7 million with a maximum tenure of up to 20 years. Banks will receive 250 base points in addition to the maximum markup rate of KIBOR.” ”

The borrower rate will be 5% for five years before the markup subsidy provided by the government and 7% for the next five years thereafter.

Category 2: The second financing standard set by the SBP relates to the purchase of houses / apartments / flats up to 5 marlas or 125 square yards with a maximum area of ​​850 square feet and a maximum value of Rs. ۔

The maximum financing for this scheme for a period of 20 years is Rs. 3 million. This level facilitates the construction or purchase of housing units by individuals and households who have not applied or qualified for NAPHDA projects. Bank Karachi will receive a maximum markup rate of 400 basis points in addition to the Interbank Offer Rate (KIBOR). However, the subsidy rate for lenders for the first 10 years under Tier 2 is the same as for Tier I.

Category 3: According to the SBP, the latter type provides affordable housing for middle-income families.

This allows subsidized financing for the construction and purchase of flats of more than 5 marlas (125 square yards) of houses / apartments and 10 marlas (250 square yards) with a maximum covered area and a maximum of Price Rs. 60 lakhs.

The maximum financial compensation under this category is Rs. 50 lakhs with a maximum term of 20 years. Banks will receive 400 base points in addition to the maximum KIBOR markup rate. However, the GOP will provide a markup subsidy to reduce the borrower rate to 7% in the first five years and 9% in the next five years.

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