The Mera Pakistan Mera Ghar Housing Scheme (MPMGHS) has been a lifesaver for Pakistanis as it enabled many people to get a loan for a home or land & construction without much of a hassle.
Former prime minister Imran Khan had the vision to provide 5 million houses to the low-income citizens out of which more than 95 thousand homes were in the planning phase and about 22 thousand houses had been completed.
Unfortunately, the disbursements for MPMGHS have been halted by the State Bank of Pakistan till 31st August. The reason that the State Bank has provided is that the 2022-23 budget did not allocate any funds for this program.
According to the State Bank of Pakistan, till April 11, 2022, the applications received for housing finance were equal to PKR409bn, which was only PKR57bn last year. The State Bank also claims that the banks have approved applications amounting to PKR180bn and disbursed Rs66bn against these applications.
Soon after this decision, there has been unrest among the beneficiaries and applicants who have already made payments either for property downpayment or loan repayment.
However, finance minister Miftah Ismail announced that the government had not canceled that program, but was instead working on reshaping it. In a tweet, he said, “Many people were writing to me that their loans were approved in the Mera Ghar scheme and that they have spent money based on that approval. I want to assure you that we are reshaping this scheme and no one will lose their money. We will resolve the issues within the next week.”
Furthermore, a Ministry of Finance official stated that it was realized when the State Bank asked for funds that they had crossed the disbursement limit set for the fiscal year. He added that the issue was now being reviewed by various authorities.
Great