PM directs to facilitate poor in availing bank loans

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ISLAMABAD: Prime Minister Imran Khan has emphasised that the poor should be facilitated in availing loans from banks, while taking care of their self-esteem.

Chairing National Coordination Committee on Housing, Construction, and Development in Islamabad on Thursday, he asked all the provinces to massively use online portal to make the loan approval process transparent and prompt.

Governor State Bank Dr. Reza Baqir briefed the meeting about provision of loans to the poor and the middle class on easy installments.

Heads of National Bank, Allied Bank, Meezan Bank, Bank Al-Habib, Habib Bank and the Bank of Punjab updated the Prime Minister about provision of loans under Naya Pakistan Housing Programme. The meeting was told that the process for acquisition of loans has been made simple and separate desks have been established in bank branches. It was said that the Private Banks will provide loans under Islamic and traditional banking facilities.

Heads of banks assured the government to facilitate promotion of the construction sector and enabling poor segments of society to build their own houses. They paid rich tribute to the Prime Minister and government's economic teams for taking steps to facilitate the business community and banks in view of COVID-19 pandemic. The meeting was apprized that technology is being used to reduce the time period in the process of provision of loans to verify antecedents of the borrowers.

The Prime Minister was informed that more private banks will also start provision of loans soon.

Chief Secretary Punjab briefed the meeting that an online portal for construction and builders has been launched and it has received 6,694 applications so far and 54 percent of them have been approved.

It was told that concerned departments have been linked with the online portal to avoid delay in approval. Every approval has been made time bound and the applicant can track progress of his case through the mobile APP.

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