After Roshan Digital Account (RDA) success in Pakistan, another investment opportunity named Mera Pakistan Mera Ghar (MPMG) has picked up momentum under the government’s flagship markup subsidy scheme.
The MPMG initiative is taken as banks are reluctant to offer finance for the purchase of housing units in under-construction projects as compared to completed projects.
With this scheme, overseas Pakistanis can now buy a house for themselves or their families in Pakistan, and it’s also going to provide an opportunity for Islamic banks to increase their footprint in the country’s mortgage market.
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According to the State Bank of Pakistan (SBP), a cumulative worth Rs 154 billion applications have been received since the launch of the scheme.
Bank financing under government’s affordable housing scheme Mera Pakistan Mera Ghar is gaining momentum. Till 31Aug21 banks have approved loans worth Rs59bn and already disbursed Rs11.5bn. Disbursements increased by Rs3.8bn or 49% during Aug21. See PR: https://t.co/YC4GA6ZDjE
— SBP (@StateBank_Pak) September 8, 2021
Moreover, the central bank said that MPMG scheme is not only providing an opportunity to the borrowers to avail housing finance in under-construction projects but it will also help builders enhance the stock of new apartments or flats across the country.
The central bank pointed out that though the disbursement was initially slow because of several factors, it has now reached Rs 11.5 billion, showing an increase of around Rs 3.8 billion or 49% in August 2021.
Under the scheme, the eligibility criteria say that the person should be a first-time homeowner and he can avail the subsidized house financing facility only once.
On the flip side, Roshan Digital Account (RDA), which was launched by Imran Khan’s government in September 2020, has achieved a new milestone as the deposits had exceeded $2 billion by August.
CEO @HBLPak shares his views on receiving an award from PM @ImranKhanPTI on being recognized among top 3 performing banks during an event to mark $2bn in #RoshanDigitalAccount & the launch of #RoshanApnaGhar on 27Aug21 | https://t.co/cNe4bgd4XL | https://t.co/tW5CCkSU2I pic.twitter.com/CR1ub8Xilv
— SBP (@StateBank_Pak) September 1, 2021
The house financing facility MPMG is available for RDA holders as well under Roshan Apna Ghar product.