KARACHI: In a bid to facilitate individual buyers, the State Bank of Pakistan (SBP) eases conditions, allowing them to acquire loans for residential units in under-development projects.
Apart from this, the builders can also avail construction finance, as per the new conditions revealed in a notification. The notification by the SBP highlighted that purchasers of homes would be financed against their housing units, and the developer might not receive construction financing for the same.
Under such circumstances, it will be the developer’s responsibility to create a mortgage charge in favor of the Development Financial Institution (DFI) for the project’s land.
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