Pakistani “Joint Families” affect Home ownership?

How do “Joint Families” affect Home ownership? Most Pakistanis have no choice but to live in joint families where all members can share the burden of expenses. Three families living in a single 10 marla home is not unusual. This decreases the trend of home ownership in this country.

A young family in order to live independently would have to rent a portion and live there as a tenant. Their children would also raise their own families in that rented accommodation. This starting a cycle of dependency on rented properties.

Our Banks and financial institutions need to introduce products that offer softer home loans and competitive mortgage rates so that more Pakistani families can purchase a house for themselves. With a budding population and the devaluation of the Rupee, combined with increasing inflation making it difficult for the average Pakistani family to buy a house. Banks preferable Islamic Banking institutions need to focus on offering their clients home ownership products and services.