The domestic commercial Banks have approved loans worth rupees 180 billion under the Mera Pakistan Mera Ghar scheme and have disbursed rupees 66 billion for affordable housing, the State Bank of Pakistan (SBP) said Thursday.
The central bank said in a statement that on April 11, 2022, commercial banks had received applications for housing financing worth Rs 409 crore, more than seven times the Rs 57 crore approved a year ago.
2/2 Banks have almost doubled finance for builders and developers to Rs404bn as of 31Mar22 from Rs204bn a year earlier, supporting the construction sector and growth in the economy. See PR: https://t.co/2aSGH6TJid
— SBP (@StateBank_Pak) April 14, 2022
It said the banks had approved $180 billion and paid out $66 billion. Similar trends can also be observed in the total bank financing of the housing and construction sector, according to SBP.
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The banks have nearly doubled their residential and mortgage portfolios to Rs 404 billion in March 31, 2022 from Rs.204 billion last year.
The banks have also almost 100% reached their first-quarter target of DKK 405 million for 2022 by increasing their home and construction loans for mera Pakistan Mera Ghar schemes.
“In order to improve the financing of the housing and construction sector to create decent housing in the country and boost the activities of the construction sector, the State Bank of Pakistan (SBP) with the support of the Government of Pakistan has since taken several measures .
July 2020," the central bank said. “In October 2020, the Government of Pakistan stepped up these efforts by introducing the Government Markup Subsidy Scheme, now commonly known as the Mera Pakistan Mera Ghar (MPMG) Scheme.”
In Mera Pakistan Mera Ghar scheme banks are offering loans for the purchasing or construction of Houses upto 10 million rupees with thier payback plans upto 20 years.
For further information about the Mera Pakistan Mera Ghar scheme watch this video.
