Housing finance goes up by record 36pc

KARACHI: Housing and construction finance witnessed historic 36 per cent growth during 2020-21, the State Bank of Pakistan (SBP) said on Tuesday.

In a joint statement, the SBP and Pakistan Banks’ Association (PBA) explained their efforts to bring growth in housing finance and creating awareness about the best use of the offers being introduced by the government, SBP and banks.

Housing and construction finance has been progressing significantly and a momentum in housing and construction finance is building up, the statement said.

“Banks housing and construction finance portfolio has increased from Rs148 billion by the end of June 2020 to Rs202bn in March 2021. This represents a growth of Rs54bn, or 36pc, in three quarters of FY21 compared to a stagnant position in the same period last year,” it said.