4.8% increase in loans issuance for houses’ construction

Lahore: Loans issued by banks for the construction of houses have recorded a growth of 4.8 percent on annual basis during July 2023.

According to the data released by State Bank of Pakistan (SBP) in this regard, banks provided loans worth Rs211 billion to consumers for the construction of houses in July 2023, which is 4.8% more than July 2022.

The data released showed that loans of 201 billion rupees were provided to consumers for the construction of houses in July 2022. In comparison to June, the issuance of loans for construction of houses recorded a decrease of 0.6 percent on a monthly basis in July.

According to the report, loans of Rs212 billion were provided by banks for the construction of houses in June, which decreased to 211 billion rupees in July.

It is pertinent to note that during July, the volume of loans provided by banks to the private sector has been recorded at Rs7998 billion.