Apr 18

NBP approves Rs1.5 billion for Waves Housing Project

KARACHI: National Bank of Pakistan (NBP) has approved an amount of Rs1.5 billion to kick start the affordable housing project being developed by Waves Singer Pakistan Limited, a statement said on Monday. A signing ceremony between NBP and Waves was held in Lahore. With a commitment of Rs1.5 billion, NBP will be one of the […]

by Faisal Shahnawaz

SBP issues revised mark-up subsidy for low cost house financing

Mar 25

Money & Banking

SBP issues revised mark-up subsidy for low cost house financing

KARACHI: State Bank of Pakistan (SBP) on Thursday issued revised mark up subsidy allowed by the government for low cost housing scheme. The SBP issued instructions to the banks for implementation of the revised mark up subsidy approved by the government. In view of the feedback received from various stakeholders, Government of Pakistan (GoP) has […]

by Mrs. Anjum Shahnawaz

SBP announces incentives for banks to finance low cost housing

Nov 20

Money & Banking

SBP announces incentives for banks to finance low cost housing

KARACHI: The State Bank of Pakistan (SBP) on Friday amended regulations to incentivize banks for financing low cost and affordable housing. A statement said that the central bank is constantly providing enabling regulatory environment to promote housing and construction finance. This is an important sector that has significant economic linkages with other sectors in the […]

by Mrs. Anjum Shahnawaz

Meezan Bank becomes pioneer in Sharia financing for low cost housing

Oct 19

Money & Banking

Meezan Bank becomes pioneer in Sharia financing for low cost housing

KARACHI: Meezan Bank has become the first financial institution in the country to disburse the first two Shariah-compliant housing finance facilities under Prime Minister’s Mera Pakistan Mera Ghar, Low Cost Housing Finance scheme, a statement said on Monday. The facilities were disbursed to Muhammad Anees, who works as a Gardener (Mali) and Muhammad Shahid Khan, […]

by Mrs. Anjum Shahnawaz

Tax payable reduced to half on income from low cost housing projects

Feb 7

Taxation

Tax payable reduced to half on income from low cost housing projects

KARACHI: The income tax payable on profits and gains derived by a person from low cost housing projects shall be reduced by 50 percent. Sources in Federal Board of Revenue (FBR) on Thursday said that the reduced rate has been allowed under Second Schedule of the Income Tax Ordinance, 2001. The reduction in tax liability […]

by Mrs. Anjum Shahnawaz

SRB exempts sales tax on low cost housing projects

Jan 30

Taxation

SRB exempts sales tax on low cost housing projects

KARACHI: The Sindh government has exempted sales tax on services provided or rendered to low cost housing projects funded by the federal government or Sindh government. Sindh Revenue Board (SRB) issued notification No. 3-4/04/2020 dated January 21, 2020. According to the notification: “construction relating to such of the low cost affordable public housing projects as […]

by Mrs. Anjum Shahnawaz

Income tax on low cost housing projects reduced by 50 percent

Nov 20

Taxation

Income tax on low cost housing projects reduced by 50 percent

KARACHI: The income tax rate on low cost housing projects shall be reduced by 50 percent, according to income tax law recently updated by the Federal Board of Revenue. The FBR updated Income Tax Ordinance, 2001 incorporating changes introduced through Finance Act, 2019. As per Second Schedule of the updated Ordinance, the tax payable on […]

by Mrs. Anjum Shahnawaz

SBP allows exemptions, relaxations for housing finance

Mar 12

Money & Banking

SBP allows exemptions, relaxations for housing finance

KARACHI: The State Bank of Pakistan (SBP) has allowed certain exemptions and relaxations in prudential regulations for promoting low cost housing finance. A circular issued a day earlier, the SBP said that in order to promote low cost housing finance in the country, it has been decided to define the low cost housing as part […]

by Faisal Shahnawaz

SBP launches Islamic loan facility for low cost housing

Mar 12

Money & Banking

SBP launches Islamic loan facility for low cost housing

KARACHI: State Bank of Pakistan (SBP) on Monday launched Sharia compliant loans for low cost housing for special segments. In a circular issued by the central bank stated that in order to facilitate availability of long-term affordable funding to some of the selective low income segments, SBP had launched a “Financing Facility for Low Cost […]

by Faisal Shahnawaz