Commercial banks in Pakistan have approved Rs. 157 billion and disbursed Rs. 56 billion to customers across the country under Mera Pakistan Mera Ghar (MPMG), a markup subsidized scheme of the federal government.

This was disclosed by State Bank of Pakistan (SBP) Governor Dr Reza Baqir at the Mera Pakistan Mera Ghar Mela in Faisalabad organized by various banks to promote financing for affordable housing.

Addressing the audience in his inaugural speech, the SBP Governor expressed his pleasure that the event is providing a unique opportunity to all key stakeholders to provide a one-stop solution for creating awareness under one roof. He said that the MPMG scheme is envisioned to provide affordable housing solutions to low and middle-income groups in the country. He acknowledged banks’ efforts in making MPMG a success story.

Mortgage financing has largely been ignored by banks for one or the other reason in the past. Sharing his views on the pickup of financing under MPMG, he said that progress made so far is commendable and that achieving the target of giving an opportunity to every Pakistani family to own a house is desirable. He showed confidence that if the banks continued with the same zeal, they could achieve this formidable task.

Assuring full support of banks and SBP for promoting MPMG, Dr Baqir urged the business community of Faisalabad, including members of the chamber of commerce and business groups, to encourage their employees who do not own a house to avail financing under this scheme.

Commenting on the successful experience of organizing the event, Dr Baqir advised the banks to arrange focused programs at the premises of major employing firms in Faisalabad and other cities to offer MPMG financing facility to their employees. He also advised banks to further speed up their processing time, and mobilize more resources for the promotion of housing solutions, especially to the low waged personnel.

The event was attended by prominent personalities including officials from Ministry of Housing, Commissioner, Deputy Commissioner Faisalabad, Presidents of Banks, Vice-Chancellors of Universities, President Faisalabad Chamber of Commerce and Industry, senior members of business associations and business firms and builders & developers.

Source: Pro Pakistani