A low-cost house financing program called Mera Pakistan, Mera Ghar has been temporarily suspended in order to better target its audience and reflect the shifting market conditions.
According to a press statement from the Ministry of Finance, the program is now being revised by the State Bank of Pakistan and will be implemented within a week.
In the meantime, it is guaranteed that the public’s previous investments made under the plan are still secure.
It is vital to note that the PTI administration launched this pro-poor project in order to increase the country’s accessibility to suitable housing and the crucial contribution of the building industry to the expansion of economic activity.
The PTI administration has made a number of steps toward its goal of significantly increasing the number of housing units.
Since July 2020, the State Bank of Pakistan has taken a number of actions to promote the financing of the housing and construction sectors in order to fulfill this objective of the Government of Pakistan.
The Government Markup Subsidy Scheme, also known as Mera Pakistan Mera Ghar (MPMG) markup subsidy Scheme, was launched by the Pakistani government in October 2020 to support these initiatives.
This programme, which was available in both conventional and Islamic modes, allowed banks to offer low to middle-income groups of the population finance for the building and purchase of homes at very cheap financing rates.
Along with the Pakistani government and the Naya Pakistan Housing and Development Authority, State Bank of Pakistan is the project’s implementing partner (NAPHDA).