SBP puts hold on Mera Pakistan Mera Ghar low-cost housing scheme

KARACHI: The State Bank of Pakistan (SBP) has paused disbursements under the Mera Pakistan Mera Ghar (MPMG) housing scheme till 31st August. The State Bank has also ordered to pause new disbursements under the Prime Minister Kamyab Jawan Youth Entrepreneurship scheme till July 15. 

The MPMG low-cost housing scheme comes under the umbrella of the former Pakistan Tehreek-e-Insaf government’s Naya Pakistan Housing Program. Currently, only 21,980 houses have been completed while 52,439 are under construction. Moreover, 95,084 units are in their planning phase. 

The program was initiated to ensure that adequate housing is provided to lower- and middle-income classes. The project also aimed at improving economic activities in the construction sector.

The circular issued by the SBP further stated that in cases where partial disbursements have already been made till June 30, 2022, banks may release the remaining disbursements under the MPMG scheme.