SBP sets house construction loans’ target for banks

By: News Desk      Published: 02:37 PM, 7 Jul, 2021
SBP sets house construction loans’ target for banks
File photo.

The State Bank of Pakistan has given a target to all commercial banks for giving loans to the people for construction of houses, warning the banks of imposition of a fine in case they do not meet the target, reported 24NewsHD TV channel.

The State Bank on Wednesday took a big decision regarding the advancement of loans for the construction of houses. The central bank decided to impose a fine on banks which would not give loans for house construction.

The State Bank in its statement revealed that the government had decided to give subsidy on the loans taken for the construction of houses. 

The central bank has already instructed all the banks regarding the release of loans for house construction. Now the SBP has set a target for house construction loans for the banks.

A fine will be imposed on banks which will release loans lower than the target, the central bank added.

Reporter Ashraf Khan