Banks call for one-window facility to ease housing finance

RAWALPINDI: Commercial banks have called for a one-window system at the Rawalpindi Development Authority (RDA) to remove documentation hurdles and speed up the processing of housing finance applications under the government’s housing initiative.

The proposal was discussed at a consultative meeting convened by the State Bank of Pakistan (SBP) Rawalpindi office on the implementation of the “Ghar Ho Tou Apna, Apna Ghar Programme”. Representatives from 25 commercial banks, 34 housing societies, the RDA and the Rawalpindi Chamber of Commerce and Industry participated in the session.

Bank officials said delays in documentation, mortgage processing and lien marking were affecting the smooth implementation of housing finance schemes. They suggested appointing focal persons at the RDA and revenue authorities to facilitate applicants and improve coordination among relevant departments.

The participants also discussed measures to make housing finance more accessible and efficient.

SBP Chief Manager Rizwan Khaleel Shamsi stressed the need to encourage vertical housing development to meet rising demand while protecting urban green spaces. He said unchecked expansion of housing societies into forests and green belts was increasing environmental pressures.

Senior Deputy Chief Manager Umar Siddique Khattak recommended establishing a working group to identify obstacles in the housing programme and develop practical recommendations for promoting affordable housing.