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ISLAMABD: A meeting of the National Coordination Committee (NCC) on Housing, Construction and Development has been informed by the State Bank of Pakistan that in coordination with all the commercial banks, a steering committee was constituted that regularly reviews modalities for disbursement of loans to the housing sector.

A weekly meeting of the NCC on Housing and Construction presided over by Prime Minister Imran Khan was informed by Governor State Bank of Pakistan (SBP) Dr Reza Baqir that disbursement of loans for construction of houses has begun from 7,700 branches of commercial banks across the country.

An awareness campaign for the middle-class and the poor has also been launched.

The meeting was attended by heads of commercial banks as special invitees –National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank Al Habib, Askari Bank, Meezan Bank, Faysal Bank, JS Bank, Bank of Punjab, Dubai Islamic Bank, Soneri Bank, BankIslami, Habib Metro Bank, Al Baraka Bank, Standard Chartered Bank, First Women Bank and Bank of Khyber.

The meeting was informed that commercial banks have received a large number of applications for loans, and the SBP has launched a complaints redressal portal, wherein, applicants can register their problems faced by them in obtaining loans.

The deputy governor SBP informed the meeting that the regulator has devised a mechanism to assess the performance of commercial banks in this regard, and this process was continuously monitored.

The prime minister has acknowledged the cooperation of commercial banks for promotion of housing sector, and stated that for the first time in the history of the country, commercial banks have started providing loans to the poor for construction of their house, which is a pleasant step.

The premier termed the promotion of construction sector to provide home to the poor as national service, and directed to expedite the awareness campaign.

The representatives of the commercial banks have assured their full support to the government in construction sector, according to the Prime Minister’s Office.

The secretary power briefed the meeting with regard to provision of electricity to the construction projects.

The chairman Lahore Development Authority (LDA) informed the meeting about LDA city Naya Pakistan Housing Apartments, Lahore, and stated that 35,000 housing units would be constructed under the project with majority of units would be allocated for middle class and poor people.

In the first stage, 4,000 units are being constructed, he further stated that master plan and PC-1 of the project had been prepared while the project would be completed by 2022.

Copyright Business Recorder, 2020

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