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Business & Finance

Mera Pakistan Mera Ghar: Applicants in doubt as SBP looks for ‘line of action’ with govt

  • Thousands fear losing deposits after suspension of MPMG Scheme that put further disbursements on hold
Published July 15, 2022
Photo: Business Recorder
Photo: Business Recorder
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The State Bank of Pakistan (SBP) said that “a line of action will be finalised in consultation with the government” for applicants who have deposited token amounts with sellers in pursuit of homes under the now-suspended Mera Pakistan Mera Ghar (MPMG) Scheme.

“Data of those customers is currently being collected from the banks,” said the SBP in an emailed response to Business Recorder.

“The scheme has been temporarily suspended for two months as the government is in process of revising its features to make it more conducive and practical in the wake of prevailing macro financial environment.

“With regards to approved cases, customers who have already received partial amounts of their approved financing will continue to receive their remaining financing amounts as per their agreements with their financing banks.”

Govt suspends Mera Pakistan Mera Ghar Scheme for two months

However, the bigger point of concern is the thousands of those customers who have seen their applications get approved after months of documentation but have yet to see any amount disbursed to them. Several of these applicants are customers who have deposited token amounts with sellers after having pursued the scheme for months.

The issue arose after the government abruptly 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.

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

Many applicants now fear losing their deposits after having paid millions in documentation and partial payments.

“We followed all the directions set by our bank,” one affected customer told Business Recorder on condition of anonymity. “We paid the valuation fee and after the bank approved the property, only then did we pay 10% of its value to the seller to confirm the deal. Our sale agreement is now in jeopardy.”

Another customer, who says he spent Rs600,000 on documentation and partial payment, must now vacate his current premises by the end of this month after having ended his rental agreement on hope of moving to the new house.

PMKJ-YES, MPMG: SBP directs banks to stop fresh disbursements

“I have no clarity on what’s going to happen.”

Under the scheme, banks had disbursed close to Rs100 billion by the end of June, according to SBP data. The central bank said disbursements have been made to around 28,000 beneficiaries. This means the average amount of loan to each beneficiary stands at Rs3.57 million.

However, the amount approved by banks stands at nearly Rs236 billion, pointing towards the number of people who have yet to see any amount.

An official privy to the matter said that there were nearly 1,000 applicants with his bank alone who were awaiting disbursement.

There are 21 participating banks, but the number of applicants awaiting any disbursement after having made the deposit may vary significantly from bank to bank.

However, estimates made by Business Recorder suggest more than 30,000 applicants have yet to see the full amount disbursed to them.

“The State Bank was vigorously pushing us to promote the scheme and then the government abruptly suspended it,” said a banker privy to the matter. “Now people are stranded and regularly visiting banks.”

The housing scheme, which was originally financed by the World Bank through the Pakistan Mortgage Refinance Company (PMRC), started in October 2020 with approvals starting in December the same year.

The government then liberalised features of the MPMG scheme in light of feedback of stakeholders to benefit the larger strata in March 2021, according to information available on the SBP website.

Available in both conventional and Islamic mode, this scheme was aimed at enabling banks to provide financing for the construction and purchase of houses at low rates for low- to middle-income segments of the population.

Pakistan’s housing mortgage-to-GDP ratio is just 0.3%, the lowest in the region, where the average for South Asian countries is 3.4%.

The SBP was the executing partner with the government and Naya Pakistan Housing and Development Authority (NAPHDA).

However, with support coming from the World Bank, many have questioned if its suspension was needed.

When asked, the SBP said that the World Bank is providing financing to PMRC to top up its existing risk sharing facility for the banks.

“Since banks had never ventured in low-cost housing, this infrastructure support has been very useful. As mentioned earlier, the scheme has been temporarily suspended in the wake of recent macrofinancial environment. Government is reconsidering the features of scheme to make it more targeted and conducive,” the SBP repeated in its response.

Comments

Comments are closed.

Sunny waqas Jul 15, 2022 04:24pm
I'm also a victim of Mera Pakistan Mera Ghar Scheme. Kindly resume scheme , i spent 3 lac for documentation. Hopefully this article may Help us . Thank you.
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Zaheer Ahmed Zaheer Jul 15, 2022 07:07pm
Government should not hold the cases that are on final stage or ready to Disbursement.
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Yasir Jul 15, 2022 09:03pm
Please resume this scheme ASAP.
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Asif Shah Jul 15, 2022 09:42pm
I need Mera Pakistan Mera Ghar facilities
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Muhammad Atshad Jul 15, 2022 09:53pm
I'm also a victim of Mera Pakistan Mera Ghar Scheme. Kindly resume scheme , i spent 3 lac for documentation. Hopefully this article may Help us .Government should not hold the cases that are on final stage or ready to Disbursement Thank you.
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Haris Khan Jul 15, 2022 11:39pm
Plz resume the scheme. Have already paid token after bank legal aplroval.
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Asif Jul 16, 2022 01:12am
I worked 5 months to find house which allowed me, then I finally paid Bayana amount in month of June 2022 and submitted all documents to bank. Then Govt./ State Bank hold the scheme. I am in middle after Dawn payment. Government and State Bank is requested that resume the scheme specially for us who are in trouble after Payment of Bayana and Bayanah time will soon expired.
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Nusrat Mumtaz Jul 16, 2022 01:13am
I am also a victim of Mera Pakistan Mera Ghar Scheme as I paid the valuation fee and after the Bank approved the property I did pay 10% of property value to the seller to confirm deal.The Token amount was 9 Lac and Now my Sale agreement time period is near to end and the seller is not agrees to give more time.My case also been approved. Kindly resume the Scheem as soon as possible. Thank you
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Nusrat Mumtaz Jul 16, 2022 01:25am
I'm also victim of Mera Pakistan Mera Ghar Scheme. Kindly resume the Scheem,I spent 9 Lac as Token of property valuation after the Bank approved property and I have also paid valuation fee.My case has approved waiting for disbursement. Thank you
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Sami Ullah Jul 16, 2022 07:37am
Asslamo Alykum I requested to the present Government of Pakistan Please Re assume the Scheme . it is very usefull for the low income people. Thank you so much
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Mohammad saliheen Qureshi Jul 16, 2022 09:11am
Plz resume the scheme as soon as possible for poor people of Pakistan
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Faiz muhammad Jul 16, 2022 09:46am
The present govt will stop all programes started by Mr imran khan because there is no chance to get their commision
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Naveed Hassan Jul 16, 2022 09:52am
سر۔میں نے حبیب بینک لمیٹڈ سمن آباد لاھور سے اپلائی کیا تھا۔سارا پروسیس مکمل ہو گیا۔زندگی کی جمع پونجی لگا کہ سارے کاغذات اکٹھےکیے۔تو اسٹیٹ بینک نے میرا پاکستان میراگھر سکیم بند کر دی ۔مھربانی فرماکےجن کی درخواست منظور کرلی گئی ہے ۔ان کو لون دلوایا جاے۔نوازش ہو گی
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asma Jul 16, 2022 10:14am
I m totally disappointed for SB its a easy way to poor people have to purchase own house but this government act spoil all hopes.
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asma Jul 16, 2022 10:15am
Please resume this scheme
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Nasir Hameed Jul 16, 2022 10:39am
These morons and robbers abruptly put on hold this scheme without understanding the tensions of poor's. I also paid advance Rs. 500,000/-, Valuation expenses, legal opinion fee, and other paperwork amounting to Rs. 150,000/-. My sale agreement expired on 15/6/2022. We need help as no Bank taking responsibility, no politician is concerned and no journalist / media house is raising the voice. Disbursement must be resumed.
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Rabbani zubair Jul 16, 2022 11:42am
The people beneficiary scheme should not be politicit . This scheme was playing very crucial role to address housing problem as well as boating economical activity during pandamic .
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Muhammad Rehan Khan Jul 16, 2022 11:55am
I'm also a victim of MPMG I sold my home take 50000 token And trying to found new home to baying Bank Financing + home sold money Now I'm losing 100000 minimum because my lone is proved So what can I dow ? 0324 2100 105
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Muhammad Rehan Khan Jul 16, 2022 11:59am
Please continue Mera Pakistan Mera Ghar scheme
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Muhammad Akbar khan Jul 16, 2022 12:47pm
I am also a victim of MPMG scheme . My token money is on stake based on approved loan. SBP and government is requested to resume this scheme atleast for approved loan
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Saad Jul 16, 2022 12:57pm
Govt must resume the scheme ....
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Santosh Kumar Jul 16, 2022 01:05pm
I need mera ghar mera Pakistan scheem plz detail send me 03360020787
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Ghulam Mustafa MCO khushhali bank Chowk Azam Branch Jul 16, 2022 01:20pm
In final stages jo case bank ny approve kar mortgage Registry on favour of bank ho gay nd bank ki sari documents poray kiyn un ko payment deny chahy baki new application ko ban karna h kar den jin ki application okay un ka kafi expence aya howa h
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Aziz ur Rehman Jul 16, 2022 02:50pm
Dear Sir, I, Mr. Aziz ur Rehman also an affectee of this policy. Even though I submitted all the relevant documents (duly completed) to my concerned Bank Branch. The relevant Reports / Opinion have also submitted to the Bank by the respective Lawyer and Evaluator of the case prior to / on 28-06-2022. Nevertheless, nothing was/is pending on behalf of me. Despite that cheque was not issue and this policy affected badly. It is pointed out that I have already lost an amount of approx. Rs.200000/- (including agreement amount as well as completion of documents) in previous case and likely to lost amounting to Rs.400000/- (including amount of Rs. 300000/- of agreement which is likely to be not returnable as well as completion of documents) in the instant case which is unbearable loss for me. Keeping above in view, it is requested that kindly my HBL branch located at Rizwan Centre, Islamabad may kindly be directed to release / issue a cheque for payment in favour of the owner for my existing house so that to proceed the matter further and enabling me to avoid the further loss which cause me mental stress. Thanking for anticipation Regards Aziz ur Rehman CNIC No: 36502-1354016-7 Mobile/Whatsapp No.:0321-6905762 / 0323-9897278 Email:[email protected]
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ZubairZaheer Jul 16, 2022 02:51pm
I would suggest that Government set a bench mark and Agreement to Sell executed up to 30th June should be consider for MPMG scheme.
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ZubairZaheer Jul 16, 2022 02:54pm
All agreements of Sale Purchase executed before 30th June and all those cases where mortgage formalities were under process should be consider for MPMG.
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Aziz ur Rehman Jul 16, 2022 02:56pm
I also ubmitted all the relevant documents (duly completed) to my concerned Bank Branch in respect of relevant property. The relevant Reports / Opinion have also submitted to the Bank by the respective Lawyer and Evaluator of the case prior to / on 28-06-2022. Nevertheless, nothing was/is pending on behalf of me. Non issuanve of cheque mental stress and this policy affected badly.
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ZubairZaheer Jul 16, 2022 03:00pm
Please consider all those cases where Sale Purchase agreent executed on or before 30 June and also those case where mortgage is under process.
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Zubair Zaheer Jul 16, 2022 03:07pm
@asma, I would suggest that SBP should consider all cases where sale purchase Agreement executed before 30th June and mortgage formalities are under process.
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Tanwir Saqlain Jul 16, 2022 03:41pm
I am also a victim of Mera Pakistan Mera Ghar Scheme as I paid the valuation fee and after the Bank approved the property I did pay 10% of property value to the seller to confirm deal.The Bayana amount was 20 Lac and Now my Sale agreement time period is near to end and the seller is not agrees to give more time. My case also been approved and I received the message of ready to disbursement from the Bank. Kindly resume the Scheem as soon as possible. Thank you
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Nasir Hameed Jul 16, 2022 04:06pm
I am also affected by this scheme, my contract is expired, I paid Rs. 500,000/- as advance and other fees of banks and agents around Rs. 150,000/-. Disbursement must be restored
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Aziz ur Rehman Jul 16, 2022 04:51pm
I am also afectee
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Imran Khan Jul 16, 2022 05:36pm
I'm also a victim of Mera Pakistan Mera Ghar Scheme. Kindly resume scheme , i spent 1 lac for bank required documentation and 1,800,000 as BAYANA to seller. all the documents submitted to the bank and were waiting for bank evaluation team visit suddenly comes to know that the scheme is suspended. My mother become a depression patient to heard this news. I'm thankful to U for writing this article it may helps. Thank you.
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Imran Khan Jul 16, 2022 05:37pm
It is strongly requested to resume this scheme.
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M Umer masood Jul 16, 2022 07:01pm
I'm also victim of Mera Pakistan Mera Ghar Scheme. Kindly resume the Scheem,I spent 9 Lac as Token of property valuation after the Bank approved property and I have also paid valuation fee.My case has approved waiting for disbursement. Thank you
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M. Bilal Jul 16, 2022 09:22pm
6 جنوری کو تمام مطلوبہ کاغذات بینک میں جمع کرانے اپریل 20 کو بینک سے اپروول ہوئی 25 مئی کو پہلی انسٹالمنٹ ملی اور اس کے بعد بینک کے چکر لگا لگا کر پاگل ہو چکا ہوں، کنسٹرکشن لاگت دن بدن بڑھتی جا رہی ہے، کوئی پرسان حال نہیں ہے
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Muhammad Arshad Jul 17, 2022 12:37am
Sir me is also affected by the suspension of MPMG scheme, as I've been incurred more than enough finance on behalf of MCB BANK . Now other party (the seller) is pressing me hard to fulfil the agreement which singed on legal paper after the surety of bank. I am thank full to to business recoder to highlight this issue. So plz keep this till the resolvation. Regard
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Umar Gilani Jul 17, 2022 02:42am
Everything is approved and already paid One million as token to owner. Now stucked and nothing to do. Can see my saving wasting like this....
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Mohammad saliheen Qureshi Jul 17, 2022 10:46am
Plz resume the scheme for poor people of Pakistan
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Iftikhar Jul 17, 2022 12:02pm
My 6 millions are at stake...kindly resume the scheme at least for those who have got their loan approved
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Iftikhar Jul 17, 2022 12:02pm
My 6 millions are at stake...kindly resume the scheme at least for those for whom the loan has been approved
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Abid Nafees Jul 17, 2022 01:29pm
I am also an affectee of the scheme. Let's make a group to devise the strategy towards solution of the issue. Please join whatsapp group "MPMG Affectees" at 03341010132.
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Rooshan Ali Jul 17, 2022 05:40pm
I have been working for documentation for more than 5 months to get loan for construction and was continuously in touch with bank as well with the state bank's representatives to get this finalized but unfortunately the scheme was stopped by the government with no reason. The government must resume this scheme immediately it was impacting the economy of the country in a good way as well as beneficial for the Pakistani citizens who do not have their home.
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Mubashir Hussain Jul 18, 2022 02:33pm
Please expected timeline about line of action between STBP and Govt ?
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Danish Ali Jul 19, 2022 01:17am
I have paid 1 million in home agreement after bank approved my loan request. Ab rent ka ghar bhi khali karna hai 1 week ma and i dont have more money to pay advance and rent for new flat. Ab ma bachon ke sath suicide karlo ya phr please resume the scheme. I dont have any other option. I will commit suicide on last day of my agreement.
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Azhar Ali Jul 19, 2022 10:31am
It is very stressfull situation for me that I prepared all decumnt and 15# give token to seller ... suddenly this government hold desburesmet with out notify ....60000 lac total mony I used ...my deal agreement last date was 10 July with seller ...iam near to loose my mony if banks didn't make desburesmet in this week ...who is responsible???? Imran Khan was favourable for poor people ..
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Azhar Ali Jul 19, 2022 10:33am
@Zaheer Ahmed Zaheer , dear all banks hold it ...fist u visit any branch than comment plzzz
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