State Bank Revises Microfinance Banking Home Loan Rules
State Bank of Pakistan (SBP) has revised the regulations for Microfinance Banking home loans. The idea is to give easy access to low-cost finance facilities to individuals and small enterprises.
Home loans are not easily accessible to the lower-income class and they are unable to raise their living standard because of this issue. These regulations will particularly help the lower-income class and micro and small enterprises (MSEs) to upscale their business and living standard.
To provide the safety net for the lower-income class, there are added benefits of property evaluation, mortgage creation, and risk analysis. All these added facilities make the process of getting Microfinance Banking home loans hassle-free.
SBP has also addressed the issue of non-performing loans and all the other terminologies are clearly defined as well. This is being done to ensure that the process of getting a loan is more transparent as the lower-income class is not well-aware of the banking terminologies.
SBP also ran the statistical analysis of MFB loans from 2021 and the outstanding amount of loan is more than PKR 290 billion. The total number of loans taken by the MSEs is around 674,000 which amounts to PKR 77 billion and 75,000 home loans amount to PKR 20 billion.
State Bank of Pakistan understands the role of Microfinance banking in Pakistan and all the changes made in the regulations will play a substantial role. The lower-income class is expected to upscale their living standard from these easy loans from microfinance banking.
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