Govt suspends 'Mera Pakistan Mera Ghar' scheme

ISLAMABAD: The federal government has suspended the popular ‘Mera Pakistan Mera Ghar’ (MPMG) Scheme, launched by former Prime Minister Imran Khan, the Finance Ministry confirmed on Tuesday.

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 had launched the MPMG scheme to provide low-cost houses for low-income people. The loans were being provided at subsidised rates.

Since its launch in 2020, applications worth Rs473.7 billion have been submitted under the MPMG scheme. 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.