The SBP – State Bank of Pakistan has announced a housing finance facilitation for the buyers curious about under-construction projects. According to the latest policy, the buyers can benefit from housing finance in the project where the builder or developer hasn’t availed of construction financing.
The SBC has softened the need for builders/developers to avail construction financing to additionally encourage homebuyers to avail financing against their housing divisions. In such circumstances, the builder/developer will require to select a mortgage payment over the project’s land in turn of the bank of DFI – Development Finance Institution via an agreement. Once the project is finished and the housing units are transmitted to the purchasers, the mortgage payments will be cleared. However, the builder/developer will concede with all the requirements of Guidelines for Financing of Housing Units in Under-Construction Projects.