KARACHI: The State Bank of Pakistan (SBP) has allowed long-term loans to individuals for solar energy systems required for residential use, by amending its housing finance prudential regulations (PRs).
This was disclosed by an SBP statement. Earlier, financial institutions were extending five-year finances for solar energy system under the head of personal loan. Now, banks/DFIs can grant loan to an individual for up to 10 years as home loan, which will make financing affordable.
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The State Bank said, “SBP believes that this facility will increase the use of solar energy solutions at household level and will also increase housing finance in Pakistan. Outreach of housing finance in Pakistan, in terms of income groups and geography is very limited.”
