Faisalabad housing finance mela: Banks approve Rs7.4 billion on spot

FAISALABAD: Banks provided on spot approvals of Rs7.4 billion in a two-day mela at Faisalabad under Mera Pakistan Mera Ghar (MPMG) scheme.

The event was held on March 19 and 20 in Faisalabad, wherein more than 30,000 people marked their presence.

According to media reports, people visited the event to obtain information about the low-cost housing scheme and apply for loans via banks’ one-window facilitation. Banks said they logged in applications worth Rs18 billion from the applicants.

Governor State Bank of Pakistan (SBP) said through efforts of the central bank, commercial banks, and Naya Pakistan Housing and Development Authority, applications for housing finance and their approvals were increasing.

Speaking at the inauguration ceremony, Reza Baqir said banks were approving over disbursing around Rs2.3 billion and approving around Rs4.5 billion per week. He continued that the MPMG scheme had helped to finance for affordable housing reach Rs357 billion.

The ceremony was also addressed by Mr Farrukh Habib, minister of State for Information.

Both the speakers said the incumbent government’s focus was on aiding housing and construction finance for low and affordable housing.

It is pertinent to state that the beneficiaries of MPMG are getting financing at a subsidized and fixed rate as the government was providing subsidies for the underserved sector.