Karachi: In a circular, the State Bank of Pakistan (SBP) has reinstated Mera Pakistan Mera Ghar (MPMG) for some applicants.
Based on the circular, Banks, DFIs, and MFBs are allowed to disburse financing as per existing terms to cases meeting certain conditions prior to June 30, 2022.
Banks and DFIs can charge 250 bps over and above KIBOR from customers that have approved cases but have not got their disbursements due to legal formalities, and approved cases where customers have entered into agreements, paid token money and obtained property documents from sellers or in case of construction loans, PTM / Fard for the loan has already been issued. This is instead of the maximum allowed spread of 400 bps currently being allowed.
The SBP has notified banks that the Government of Pakistan is in process of reviewing/revising features of MPMG. As a result, all other cases will be considered as and when revised features are announced by the government.
In a podcast by the SBP, Deputy Governor Sima Kamil talked about the scheme. She said that the scheme had been halted as economic pressures were mounting and the present government needed to make some changes in the financial model of the initiative.
