The State Bank of Pakistan Plans Low-Cost Housing Scheme for Widows & Transgender.

The State Bank of Pakistan planning to launch a low-cost housing scheme for transgender citizens, widows, special persons, children of martyrs, and people severely affected by terrorism.

In this regard, the beneficiaries of the scheme will get a financing facility of up to Rs. 2.7 million from Islamic banks for low-cost housing units with a maximum limit of Rs.3 million.

The beneficiary will be required to buy a plot and construct a house, but they should be first time owners and should never have availed any financing facility from any bank.

The beneficiaries will repay the amount of financing in the next 12 and 6 months. The repayment of the amount will be made with a 5 percent additional amount.

The central bank has sought the interest of Islamic banks to participate in the long-term scheme of financing facility. It will assign yearly limits which shall be allocated to individual banks under the scheme.

Under this facility, Mudarabah investment of State Bank of Pakistan shall be available for up to 100% of the amount financed to eligible customers. State Bank of Pakistan shall make Mudarabah investment in the general pool of the Islamic banks.

The incumbent government is working aggressively for providing low-cost housing to the people as it set a target for 5 million housing units in five years.

The government should set up a regulatory body to ease the process of purchasing a house with an integrated and one-window system of land record and registration, this will create an ecosystem for banks to come forward easily for such schemes.

reportig by propakistani