Under Mera Pakistan Mera Ghar (MPMG), the federal government’s markup-subsidized scheme, commercial banks in Pakistan approved Rs. 157 billion and disbursed Rs. 56 billion to clients across the country.
Dr Reza Baqir, Governor of the State Bank of Pakistan (SBP), stated this at the Mera Pakistan Mera Ghar Mela in Faisalabad, which was hosted by various banks to promote affordable house financing.
In his inaugural address to the audience, the Governor of the SBP expressed his delight that the event is offering a unique opportunity for all key stakeholders to provide a one-stop solution for raising awareness under one roof. He stated that the MPMG initiative is intended to provide poor and middle-income groups in the country with cheap housing options. He praised the banks’ contributions to MPMG’s achievement.
In the past, banks have generally neglected mortgage lending for one reason or another. He expressed his opinions on the MPMG financing pickup, saying that the progress done so far is excellent and that reaching the goal of offering every Pakistani family the option to purchase a home is desirable. He exuded assurance.
Dr Baqir advised the Faisalabad business community, including members of the chamber of commerce and business groups, to encourage their employees who do not own a home to apply for financing under the MPMG programme, assuring full cooperation from banks and the SBP.
Dr Baqir encouraged banks to organize concentrated programmes at the premises of key employing enterprises in Faisalabad and other cities to give MPMG financing to their employees, based on the successful experience of conducting the event. He also recommended that banks speed up their processing times and allocate more resources to the promotion of housing alternatives, particularly for low-wage workers.
Officials from the 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 and developers were among those who attended the event.