Rs.60b Approves for Mera Pakistan Mera Ghar Housing Scheme
Mera Pakistan Mera Ghar (MPMG), the government’s price subsidised housing project, has gained momentum as the country’s commercial banks have granted an approximately Rs. 60 billion financing facility for consumers residing in different locations by the end of August 2021.
According to data supplied by the State Bank of Pakistan (SBP), banks have received applications totaling Rs. 154 billion since the start of the government’s flagship program. By August 31, 2021, the scheme’s disbursements had reached Rs 11.5 billion, an increase of around Rs 3.8 billion or 49% from the previous month.
In addition, the SBP has assigned MPMG targets to each bank. In addition, each bank has implemented an e-tracking system and a joint phone center for the convenience of applicants.
The Naya Pakistan Housing Development Authority (NAPHDA) and the Pakistan Banks’ Association (PBA), a representative group of banks, endorse the MPMG in its entirety.
With the continuous efforts of SBP, the government, and banks, it is anticipated that bank funding for MPMG would gather speed in the coming days.
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