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Business & Finance

Banks assure govt to facilitate promotion of the construction sector

  • Governor State Bank Dr. Reza Baqir briefed the meeting about the provision of loans to the poor and the middle class on easy installments.
22 Oct 2020

Prime Minister Imran Khan has urged banks to facilitate the poor masses in availing loans in order to boost up the country’s construction industry.

Chairing National Coordination Committee (NCC) on Housing, Construction, and Development in Islamabad on Thursday, PM Khan asked all the provinces to use an online portal to make the loan approval process transparent and prompt.

Governor State Bank Dr. Reza Baqir briefed the meeting about the provision of loans to the poor and the middle class on easy installments.

Meanwhile, the heads of the National Bank, Allied Bank, Meezan Bank, Bank Al-Habib, Habib Bank, and the Bank of Punjab updated the Prime Minister about the provision of loans under the Naya Pakistan Housing Programme.

The meeting was told that the process for acquisition of loans has been simplified and separate desks have been established in bank branches. It was said that the Private Banks will provide loans under Islamic and traditional banking facilities.

Heads of banks assured the government to facilitate the promotion of the construction sector and enabling poor segments of society to build their own houses.

The meeting was apprized that technology is being used to reduce the time period in the process of provision of loans to verify the antecedents of the borrowers. The Prime Minister was told that more private banks will also start the provision of loans soon.

Furthermore, Chief Secretary Punjab informed the meeting that an online portal for construction and builders has been launched and it has received 6,694 applications so far and 54 percent of them have been approved.

It was told that concerned departments have been linked with the online portal to avoid delay in approval. Every approval has been made time-bound and the applicant can track the progress of his case through the mobile app.