Islamabad: Security and Exchange Commission of Pakistan (SECP) while further facilitating access to Prime Minister (PM) Apna Ghar Program has decided to make Non Banking Finance Companies (NBFCs) part of this scheme.
Federal government has accorded approval to include NBFCs in PM Apna Ghar Program under the proposal of SECP.
NBFCs and Investment Finance Companies (IFC) will be entitled to provide loan uptill One crore rupees.
As per SECP the citizens who are not holding traditional bank account will be entitled to obtain housing finance on easy conditions. Macro Finance companies will be authorized to extend loan upto Rs 50 lac under this scheme.
The loan will be available at interest rate of 5 percent for first ten years which will serve as big facility for middle class and low income groups.
SECP has issued complete frame work of Housing finance for NBFCs . Digital net work of NBFCs is spread to remote and backward areas. People of these areas will be able to benefit from this scheme easily.
NBFCs will be authorized to provide loan in collaboration with Banks and other financial institutions. This development will further enhance the opportunities for financing.