Circulars/Notifications / Infrastructure, Housing & SME Finance Department  

 IH&SMEFD Circular No. 08 of 2021
July 06, 2021

The Presidents/Chief Executives
All Banks/DFIs/MFBs


Dear Sirs/Madams,

Mandatory Targets of Disbursements under
Government's Mark-up Subsidy Scheme for Housing Finance



  1. Please refer to IH&SMEFD Circular No. 03 of 2021, whereby Government's Mark-up Subsidy Scheme (G-MSS) for Housing Finance was issued.

  2. Banks are expected to make all-out efforts to harness full potential of Scheme. Accordingly, in April 2021, SBP assigned monthly mandatory targets of number of housing units and amount of disbursements (G-MSS targets) to banks in proportion to share in total banking assets.

  3. In view of foregoing, it has been decided that penalty will be imposed on banks falling short of their G-MSS targets w.e.f July 31, 2021 on both targets of number of housing units and amount of disbursements. A baseline penalty will be charged on shortfall from cumulative targets till July 31, 2021 while higher penalty will be charged on shortfall from targets of subsequent months.

  4. The penalty charged on a bank will be adjusted after review of bank’s efforts in terms of logins of applications, approvals of housing finance, results of SBP’s latest mystery shopping surveys, involvement of bank’s management, evidence of board information and support, sale and marketing efforts, innovation in delivery channels, capacity building of staff and human resource (headcount) involved in G-MSS. To assess efforts, State Bank will, if required, collect information from banks which fail to meet their targets.

  5. Please acknowledge the receipt.





Yours sincerely,



(Dr. Mian Farooq Haq)
Director


 
 
 

       
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