Karachi: The State Bank of Pakistan (SBP) on Tuesday (August 2) directed all commercial banks to resume disbursement of home loans under the Mera Pakistan, Mera Ghar (MPMG) scheme, news sources reported. The fund disbursement will be resumed for all cases approved before July 25.
Following the Ministry of Finance meeting, the SBP issued a circular stating that disbursements to already approved cases under the MPMG Scheme will restart, with banks urged to lower their spread over the Karachi Interbank Offered Rate (KIBOR). Furthermore, SBP advised that applicants who experience difficulties during the process may contact SBP and register their complaint at servicedesk.sbp.org.pk. In a series of tweets, the central bank stated that it would closely monitor all cases to handle any issue that may develop.
It is worth noting that the government halted financing under MPMG, citing increased market policy rates and financial limitations. The funding freeze was in effect from June 1 until August 31. However, the ministry has said that the government is still striving to improve the loan terms and conditions to make them more sustainable.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
