Bank loans worth Rs59 bn approved under affordable housing scheme: SBP

ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday said that bank financing under the government’s affordable housing scheme Mera Pakistan Mera Ghar is gaining momentum, ARY NEWS reported.

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.

Bank financing under government’s affordable housing scheme Mera Pakistan Mera Ghar is gaining momentum. Till 31Aug21 banks have approved loans worth Rs59bn and already disbursed Rs11.5bn. Disbursements increased by Rs3.8bn or 49% during Aug21. See PR: https://t.co/YC4GA6ZDjE

— SBP (@StateBank_Pak) September 8, 2021

“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.

It said that on the instructions of SBP, banks are accepting MPMG applications from over 8,000 dedicated branches across the country.

Further, SBP has also allocated targets to each bank under MPMG. An e-tracking system within each bank and a dedicated joint call center for the facilitation of the applicants have also been established.