The State Bank of Pakistan (SBP) has appointed focal persons to address complaints about the non-disbursement of the Mera Pakistan Mera Ghar (MPMG) loans. The government recently announced that it was resuming disbursement of already approved loans after almost a month-long suspension..
Earlier, there were a couple of statements that made the applicants reconsider their decision but now that the disbursements have been resumed for the MPMG scheme, the State Bank of Pakistan(SBP) has posted focal persons in its 16 offices to entertain the eligible customers’ complaints as per IH&SMEFD Circular No. 10 issued on 25Jul22.
Mera Pakistan Mera Ghar is a government markup subsidy scheme that had been initiated by the government of Pakistan to strengthen the construction sector and to encourage enough housing units in Pakistan, which in return would boost the country’s economy.
For this cause, the government and Naya Pakistan Housing and Development Authorities (NAPHDA) are being financed by the State bank of Pakistan which is also an executing partner.
Previously, the government had halted disbursements which caused a bit of uncertainty among the applicants as the payments were being denied further loans from the banks. Miftah Ismail, the Federal Minister of Finance and Revenue, however, stated that the housing loan scheme would go on for the approved applicants who have paid advances.
The people that were eligible for this facility were the ones with a valid CNIC and NICOP with no previous house owned by them. Once the eligible candidates were shortlisted, the authorities would send their profiles to the banks for financing.
Through this scheme, the banks will provide finances for the purchasing of a house/flat/apartment or a plot for construction or even an extension on a pre-owned plot at very low rates from which the people with low to middle incomes can benefit. The financing tenor can be set from 5 to 20 years of timeframe depending on an installment breakdown plan.