Govt makes important announcement regarding MPMG housing scheme

ISLAMABAD: The federal government has announced the resumption of the Mera Pakistan Mera Ghar (MPMG) housing loan scheme for all those whose applications were approved, ARY News reported on Friday.

Miftah Ismail said in a Twitter thread that he had a meeting at the State Bank of Pakistan (SBP) and the government will continue with the MPMG housing loan scheme for all those whose loan applications have been approved and who have paid advances (bayana).

“We will also ask the banks to reduce the interest rate charged. We are still in the process of reshaping the scheme to make it cheaper and more widespread. This revised scheme will be rolled out soon,” he added.

Just had a meeting at the SBP. The government will continue with the MGMP housing loan scheme for all those whose loan applications have been approved and who have paid advances (bayana). We will also ask the banks to reduce the interest rate charged. 1/2

— Miftah Ismail (@MiftahIsmail) July 22, 2022

Earlier, the Finance Ministry had confirmed that the federal government suspended the popular ‘Mera Pakistan Mera Ghar’ (MPMG) Scheme, launched by former Prime Minister Imran Khan.

According to the Ministry of Finance, the MPMG low-cost housing scheme has been temporarily suspended to reshape it in light of the changed market conditions and for better targeting.

A statement, in this regard, stated that Finance Division and State Bank of Pakistan (SBP) were currently working on reshaping the scheme and it will be rolled out within a week.

Meanwhile, it is assured that the investments already made by the general public through the scheme remain protected.

The former government led by Pakistan Tehreek-e-Insaf (PTI) had launched the MPMG scheme to provide low-cost houses for low-income people. The loans were being provided at subsidised rates.