LAHORE: The State Bank of Pakistan (SBP) has announced major steps to provide easy loans in housing finance. Under the new decisions, emphasis was placed on making the process of approving housing loans faster, more transparent, and easier.
The central bank has issued instructions to banks and house building finance companies to fully process housing loan applications within a maximum of 15 working days so that citizens do not have to face long delays.
According to the new policy, the debt burden limit for borrowers has been set at 65 percent, while the applicant’s household income will be the main criterion for loan approval. This is aimed at reducing financial pressure and making loan repayment feasible.
The State Bank has also imposed new conditions regarding property valuation. In Karachi, internal valuation will be allowed for properties up to Rs 5 million, while a report from an approved valuer has been made mandatory for properties worth more than Rs 5 million.
According to the State Bank, these measures aim to bring transparency in the housing finance system, speed up the loan process, and provide affordable housing to the low-income group.
How to Apply for State Bank Loan
- Obtain Application Form: Download the application form (available for Salaried, Self-Employed, or Informal Income) from the SBP or bank websites.
- For Non-Resident Pakistanis, you can apply digitally via the Roshan Apna Ghar scheme using a Roshan Digital Account.
