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Business & Finance

Govt suspends Mera Pakistan Mera Ghar Scheme for two months

  • Banks also advised to put on hold fresh disbursement under Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme
Published June 30, 2022
Photo: Usama Fayyaz / Business Recorder
Photo: Usama Fayyaz / Business Recorder

The government has suspended the popular 'Mera Pakistan Mera Ghar' (MPMG) Scheme, advising banks, Development Financial Institutions (DFIs), and microfinance banks (MFBs) to put further disbursements on hold from July 1, 2022 till August 31, 2022.

In a circular issued on Thursday, the State Bank of Pakistan (SBP) said that the government of Pakistan is considering to review/revise features of the subject scheme in light of recent developments in macroeconomic scenario.

"Accordingly, banks/DFIs/MFBs are advised to put further disbursements under MPMG on hold from July 01, 2022 till August 31, 2022.

"However, in those cases where partial disbursements have already been made till June 30, 2022, banks/DFIs/MFBs may release remaining disbursement under MPMG," the circular added.

Source: SBP data

Meanwhile, in another circular on Thursday, the SBP also announced suspension of the Prime Minister's Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES) scheme for 15 days.

My journey to becoming a home-owner: review of Mera Pakistan Mera Ghar scheme

"It is advised that the government of Pakistan is considering to review/revise features of subject Scheme in light of recent developments in macroeconomic scenario. Accordingly, banks participating as executing agencies under PMKJ-YES are advised to put on hold fresh disbursement from July 1, 2022 to July 15, 2022."

The two schemes were rolled out by the Pakistan Tehreek-e-Insaf (PTI) government, and aimed at providing affordable housing as well as entrepreneurship loans.

Since its launch in 2020, applications worth Rs473.7 billion have been submitted under the MPMG scheme. Banks have so far approved an amount of Rs212.3 billion, and disbursed only Rs85.2 billion, according to latest available data with the SBP.

The scheme provides low-cost housing loans up to Rs10 million with mark-up ranging between 3% and 9% for the first ten years before switching to market rates after 10 years.

The move comes as Pakistan faces budgetary constraints, which has triggered a series of measures including the imposition of a supertax, higher income tax rates for the salaried group, and removal of subsidies on energy.

Comments

Comments are closed.

Haseebkanwal Jul 02, 2022 11:30am
Some people have complete his documents and agremnts with seller what he do
thumb_up Recommended (0)
Salman Jul 02, 2022 11:50pm
What the hellll.... After almost 4 month waiting time my documents proceeds and got this new Rediculus
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sajid Jul 04, 2022 09:50am
This scheme should continue.
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Munazzah Jul 04, 2022 12:48pm
It's not a wise decision. Government should not stop or delay the process of those who already have applied. New polices and delayed policies should be applied for new applications only. Those who have proceeded before, they have given prior amounts to the dealers of the chosen homes. It may become a big lose on their part. For government it should be a serious point. Stop delayed policy for the people who have applied before July.
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Munazzah Jul 04, 2022 12:51pm
Delay policy is a torture for old applicants whose procedure is almost at the end, they have completed all the government requirements for completing their files. Government should take such steps for new applicants only.
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Munazzah Jul 04, 2022 12:56pm
This a universal rule to change policies for next (new) applicants. It's a *dodge* if the policies are changed or the scheme is delayed/ stopped for the applicants who have almost completed the procedure.
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Munazzah Jul 04, 2022 01:26pm
What is the outcome for the applicants cases, who have completed their files and paid initial amounts to the house owners by their own as per requirement???????
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Johar Jul 04, 2022 04:54pm
absolutely an absurd decision. I am not an applicant but those who applied for this months back and are on the verge of completion what about them??. This decision will be a huge setback for them. Govt should give some grace period to applicants and instruct banks not to take any further applications. existing approved cases must be disbursed without any unnecessary delay.
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Ali Jul 04, 2022 08:07pm
@Haseebkanwal, complain in State bank help desk and bank mohtasib Also make trend on tweeter.....
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ALI Jul 05, 2022 02:11pm
Bhaio main bhi 10Lac token dea hai Mera pakistan mera ghar main or bohat preshan hoon is notice ki wja se. State bank main complain ki hai ap log bhi kro jitni ziada complain hon ge utni jaldi yeh kuch krain gay. https://servicedesk.sbp.org.pk/ State bank ki official site pe siguo krainor complain registered krain
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