Pakistan eases restrictions for banks to invest in real estate ...palestine

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Pakistan eases restrictions for banks to invest in real estate
Working at a private company as a sanitary worker, Mukesh was excited to see the Naya Pakistan Housing Scheme that offers cheap loans for people with humble background who don’t own a house. He made the efforts and found a house worth Rs3.7 million but the bank paperwork delayed things. When he again inquired about the house, its price had gone up to Rs4.2 million – over 13% increase within a few months. Renowned economist Atif Mian recently pointed out that offering cheap loans will subsequently push the property prices up. “When you give people more purchasing power artificially — which is what borrowing does — you raise the price of the asset as well,” Mian said. “Lower interest ra

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