Applications of Rs236 bn received for PM Housing Scheme: Governor SBP

ISLAMABAD: Governor State Bank of Pakistan (SBP) Reza Baqir Thursday said that they had received applications worth around Rs236 billion under the Prime Minister Housing Scheme initiative, ARY NEWS reported.

“We have already approved the applications worth around Rs90 billion under the PM Housing Scheme,” he said while addressing the launching of the Sohni Dharti remittance program and added that the housing scheme initiative has added thousands of citizens to the banking channel.

He shared that Rs24 billion loans were also given to the youngsters for launching their businesses.

Speaking over the remittance program, the governor said that under the initiative, the overseas Pakistanis could be benefitted from the services of government institutions besides also getting reward points for the money remitted from abroad.

“Overseas Pakistanis could also transfer these rewards to another beneficiary,” he said adding that the program was initiated as per the vision of the prime minister and would also include a mobile app.

In September 2021, the State Bank of Pakistan (SBP) said that bank financing under the government’s affordable housing scheme Mera Pakistan Mera Ghar is gaining momentum.

Read More: PEOPLE CAN AVAIL HOUSING LOANS WITHOUT DOCUMENTED INCOME SOURCE: SBP 

The SBP issued details regarding the scheme from its Twitter handle, sharing that till Aug 31, the banks have approved loans worth Rs59 billion and already disbursed Rs11.5 billion.

“Disbursements increased by Rs3.8bn or 49% during Aug21,” the central bank said adding that pace of disbursement under Mera Pakistan Mera Ghar (MPMG) was initially slow because of a number of factors, including the availability of housing units, however, it has now picked up.