KARACHI: To promote housing finance, the State Bank of Pakistan has eased conditions by allowing personal guarantee of a third party to approve housing finance.
The guarantee will be valid for a maximum period of one year, the central bank announced.
The third-party guarantee will cover the period from the disbursement of loan to the time when construction is completed, the SBP further explained.
This step is aimed at facilitating the banks to increase the volume of low-cost housing finance and promote homeownership of potential applicants seeking to avail a loan under the Government Markup Subsidy Scheme.
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