SBP eases financing for under-construction houses

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The State Bank of Pakistan (SBP) has further relaxed the rules for housing finance and allowed individual buyers to obtain loans for residential units in projects under development.

“In order to further facilitate buyers of housing units in under-construction projects, the requirement of builder/ developer to avail construction financing is being relaxed,” said the central bank in a notification.

The notification added, “Accordingly, buyers of homes in developing projects may avail housing finance against their units in the scheme where builder or developer has not availed construction financing.”

In such cases, the builder or developer would be liable to create mortgage charge over project’s land in favour of bank or development financial institution (DFI) through an agreement.

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