AIRLINK 59.74 Decreased By ▼ -0.46 (-0.76%)
BOP 6.27 Increased By ▲ 0.02 (0.32%)
CNERGY 4.39 Increased By ▲ 0.33 (8.13%)
DFML 15.91 Increased By ▲ 0.16 (1.02%)
DGKC 71.25 Increased By ▲ 3.00 (4.4%)
FCCL 18.44 Increased By ▲ 0.82 (4.65%)
FFBL 26.10 Increased By ▲ 0.60 (2.35%)
FFL 9.15 Increased By ▲ 0.06 (0.66%)
GGL 10.33 Increased By ▲ 0.48 (4.87%)
HBL 114.80 Decreased By ▼ -0.20 (-0.17%)
HUBC 111.86 Decreased By ▼ -0.14 (-0.13%)
HUMNL 6.65 Increased By ▲ 0.10 (1.53%)
KEL 4.79 Increased By ▲ 0.26 (5.74%)
KOSM 4.68 Increased By ▲ 0.16 (3.54%)
MLCF 38.89 Increased By ▲ 0.99 (2.61%)
OGDC 123.17 Increased By ▲ 2.62 (2.17%)
PAEL 21.92 Increased By ▲ 0.17 (0.78%)
PIAA 10.95 Increased By ▲ 0.05 (0.46%)
PIBTL 5.99 Decreased By ▼ -0.03 (-0.5%)
PPL 108.34 Increased By ▲ 1.54 (1.44%)
PRL 28.12 Increased By ▲ 0.77 (2.82%)
PTC 11.07 Increased By ▲ 0.52 (4.93%)
SEARL 51.55 Decreased By ▼ -0.45 (-0.87%)
SNGP 67.81 Increased By ▲ 0.91 (1.36%)
SSGC 11.56 Increased By ▲ 0.03 (0.26%)
TELE 8.07 Increased By ▲ 1.02 (14.47%)
TPLP 11.72 Increased By ▲ 0.16 (1.38%)
TRG 75.71 Decreased By ▼ -5.04 (-6.24%)
UNITY 22.75 Increased By ▲ 1.60 (7.57%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 6,545 Increased By 61.1 (0.94%)
BR30 22,298 Increased By 199.8 (0.9%)
KSE100 63,703 Increased By 484.4 (0.77%)
KSE30 21,508 Increased By 202.1 (0.95%)
Business & Finance

MPMG: Banks receive Rs245bn mortgage finance applications

  • Mera Pakistan Mera Ghar (MPMG) scheme by banks is getting traction, latest data by State Bank of Pakistan shows
Published December 11, 2021

Latest data by the State Bank of Pakistan (SBP) has revealed that loan approvals and disbursements under the government’s flagship markup subsidy scheme, commonly known as Mera Pakistan Mera Ghar (MPMG) scheme by banks is getting traction.

Loan approvals per week reached Rs4 billion and disbursements per week stood at Rs1.6 billion in November.

Since the launch of the scheme, applications of Rs 245 billion under MPMG have been received and banks have approved housing finance of about Rs 100 billion up till November 30, 2021.

Similarly, the pace of disbursement under MPMG that was initially slow, has also picked up. By November 30, 2021, disbursement under the scheme reached Rs28.7 billion, while in the same month Rs6.5 billion worth of amount alone was disbursed.

MPMG scheme: Banks approve over Rs59bn financing till Aug 31st

On average, to date, banks have approved 41% of the amount applied while 29% of the approved amount has been disbursed.

These approval and disbursement ratios have similarly risen over the past few months as banks have put in place the needed upfront investment in procedures and technology to process applications for low-cost housing.

Since the announcement of MPMG scheme last year, the SBP has taken various enabling steps such as introducing standardized and simple application form; adopting an informal income assessment model; providing relaxations in prudential regulations; establishing helpdesks at all the SBP field offices; and, designing a complaint portal supported by a network of focal persons of all banks across all geographical areas.

‘Mera Pakistan Mera Ghar’ SBP Governor inaugurates joint PBA Call Centre helpline

Back in October, MPMG – Helpline, a joint call centre of banks was launched for the convenience of low-cost housing borrowers across Pakistan.

The main purpose of this helpline is to provide a one-stop solution for product information on low-cost housing loan facilities across banks, explain and guide borrowers on policy, procedures, and documentation requirements for availing low-cost housing loans.

Comments

Comments are closed.