KARACHI: Following the directives of the federal government, the State Bank of Pakistan (SBP) on Thursday notified some amendments for the financing under the Naya Pakistan Low-Cost Housing (NPLCH) of Kamyab Pakistan Program (KPP).

According to SBP, in view of the decisions of Government of Pakistan (GOP) communicated through Finance Division, it is advised that it shall not be mandatory for applicants of Tier 1 housing loans verified by Naya Pakistan Housing & Development Authority (NAPHDA) through NADRA to be beneficiaries of Ehsaas. Hence, housing finance extended under Tier 1 is exempt from the requirement of PMT score.

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In addition, Tier 1 NAPHDA projects of NPLCH will be launched throughout Pakistan instead of selected provinces or districts. According to SBP, commercial banks/DFIs may continue to provide wholesale lending through Microfinance providers (MFPs) but will not provide direct lending to the customers under NPLCH.The remaining instructions on the scheme will remain unchanged.

Copyright Business Recorder, 2022

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