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      Home Business

      SBP Announces Naya Pakistan Housing Scheme’s Subsidy Markup Rates

      Admin by Admin
      October 15, 2020
      in Business
      2 min read
      SBP
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      KARACHI: The State Bank of Pakistan (SBP) has announced three different categories of markup subsidy rates for affordable housing finance with a maximum tenure of payment extended to 20 years.

      “This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail bank’s financing at subsidized and affordable markup rates,” read a statement from the SBP.

      The facility, according to the central bank, will be provided with the administrative help of the State Bank of Pakistan as executing partner with Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA).

      According to the SBP, the government has allocated Rs. 33 billion for payment of markup subsidy for financing over a period of 10 years and has assured continuity of the facility.

      Markup subsidy rates divided into three categories:

      Category 1: The first financing criteria relates to purchase of houses/apartments/flats of upto 5 marla or 125 sq. yards, with a maximum covered area of 850 sq feet and maximum price of Rs 3.5 million, which are part of the NAPHDA projects.

      “Maximum financing under this Tier is Rs 2.7 million with maximum tenor of up to 20 years. Banks will charge maximum markup rate of KIBOR plus 250 basis points,” stated the press release.

      The markup subsidy provided by the government will reduce the borrower’s rate for the first five years to 5% and 7% for the next five years after that.

      Category 2: The second financing criteria determined by the SBP pertains to the purchase of houses/apartments/flats upto 5 marla or 125 sq yards with a maximum covered area of 850 sq feet and a maximum price of Rs 3.5 million.

      The maximum financing for this scheme is Rs 3 million for a period of 20 years. This tier facilitates construction or purchase of housing units by individuals and households who have not applied or qualified for NAPHDA projects. Banks will charge maximum markup rate of Karachi Inter Bank Offer Rate (KIBOR) plus 400 basis points. However, subsidized rate for the borrowers for first 10 years under Tier 2 is the same as that of Tier I.

      Category 3: The last category facilitates affordable housing for middle-income families, according to the SBP.

      This Tier allows subsidized financing for construction or purchase of houses/apartments/flats of more than 5 marla (125 sq yards) and upto 10 marla (250 sq yards) with maximum covered area from 850 sq feet to 1,100 sq feet and maximum price of Rs 6 million.

      Maximum financing under this tier is Rs 5 million with a maximum tenor of up to 20 years. Banks will charge maximum markup rate of KIBOR plus 400 basis points. However, GOP will provide markup subsidy to reduce borrowers’ rate to 7% for first five years and 9% for next five years.

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