Naya Pakistan Housing Program Mera Pakistan Mera Ghar
PTI Government of Pakistan Tehreek-e-Insaf : Is the current government's suspension of this program due to increasing financial burden?
When Mohammad Ehsan who lives in the metro area of Karachi Sindh province Pakistan applied for government of Pakistan housing project Mera Pakistan Mera Ghar a few months ago he was told by the bank that the house he wanted to buy Inform the bank about it.
Mr Muhammad Ehsan is a limited business person & has a good bank record due to bank transactions in connection with business.
They were told by t bank that they would only identify this house & provide information about it then they would get a loan easily for buying a house.
When M.Ehsan informed the bank about the house he was told that the house was not leased so if he leased it his loan would-be approved.
It took a few weeks for the lease of the desired house then he was informed by the bank that the processing of his application under this scheme has-been stopped as he has received a circular from the State Bank of Pakistan that currently under this scheme Disbursement of loans should be stopped.
M.Ehsan says that I am very disappointed at this time because all the steps have-been taken that suddenly the provision of loans has been stopped.
Speaking to the British news M.Ehsan said that his dream of owning his own house does not seem to be realized at present.
On the other hand Ambassador Ahmed was lucky in that just a few days before the scheme was suspended he was informed by the bank that his loan had-been approved & that he would receive a pay order for the loan amount within the next few weeks. So that they can pay for the house they have traded.
Previous government of PTI Pakistan Tehreek-e-Insaf launched the housing scheme Mera Pakistan Mera Ghar under the Naya Pakistan Housing Program under which banks gave loans for houses or plots to people who had their names on them. But not home.
Many people also got loans under this scheme who bought their own houses. Among them is a person named Bilal from Karachi who bought his flat on Tariq Road.
However current government has stopped the provision of loans under this scheme for the time being & the State Bank has issued instructions to the banks to stop processing the loan applications.
Bankers & analysts attribute the suspension of the scheme to subsidies that have made it difficult for the government to lend due to the IMF programme.
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Procedure for getting Back loan
Under this scheme started by previous government the interest rate was charged depending on the repayment period of the loan provided by the banks.
According to the loan scheme information on the website of the National Bank the minimum loan repayment period is five years & the maximum period is 20years on which interest rate is kept different.
After applying to the bank the details of the plot & house were provided to the bank & the bank approved or rejected the loan application after checking these details.
According to the data of the State Bank until the financial year ending on 30 June 2022 banks received applications for loans of 514 billion rupees of which 236 billion rupees were approved & about 100 billion rupees were issued.
Banks used to provide loans under this scheme at a subsidized interest rate which was lower than the market interest rate but the government subsidized the difference between the subsidized interest rate of the loan & the market interest rate under this scheme. Banks were paid.
According to the budget document of the Ministry of Finance in the budget of the last financial year 30 billion rupees were kept for subsidy in this scheme of houses which remained only up to 50 crores in the budget of the current financial year.
Why was the Housing scheme suspended by the government?
According to a statement issued by the Ministry of Finance of Pakistan scheme Mera Pakistan Mera Ghar has-been temporarily suspended by the government to change the market conditions & further improve it.
Ministry of Finance & the State Bank of Pakistan are working together to revamp the scheme & ensure that the investments already made under it are protected.
When contacted Minister of State for Finance Miss Dr. Ayesha Pasha told the British news that when the scheme was launched the way it was designed the provision of loans was subsidized by the government which was the interest rate. I was given on the difference.
He said that Pakistan is in a loan program with the International Monetary Fund IMF & the issue of subsidy has to be looked into.
Is the government position on the home loan scheme correct?
Muzamil Aslam told British News that apart from the suspension of this scheme by the government there is no other reason why Pakistan Tehreek-e-Insaaf should not get credit.
He also said that the subsidy given under this didn't have-such a big financial impact but the scheme was doing two things: 1 is that it was providing affordable housing to people & secondly it led to activities in the construction sector. were accelerating which was better for the economy of the country.
According to Muzamil, the current government will launch the scheme but after some time with a new name so that it can take credit for it.
Banker Mr Shahab Ahmed who oversees lending under the scheme at a local bank said that many people had applied under the scheme & there was a lot of frustration because of its suspension.
He said that only one hundred and ten new applications have-been submitted for this loan but now the bank has informed that no action will be taken on them.
Mr Shahab said that currently the scheme has stopped & it may be released by the government after some time under new conditions in which the interest rate may change because when the scheme was released at that time The interest rate was low & now it has gone way up.
Yousuf Saeed a financial affairs analyst said that it appears that the interest rate has increased too much due to which the government would have to give more subsidies in this regard.
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He said that Pakistan is part of the IMF program which calls for ending subsidies.
Yusuf Saeed said that when this program was started the interest rate was between seven and eight percent & the government was having to pay very little money on the difference between the discounted interest rate & the actual interest rate in the market but now the interest rate is has reached fifteen percent & this gap has also increased so much that it may not be financially feasible for the government to subsidize the higher gap.
Yusuf Saeed expressed the possibility that the program might resume after some time but there would be a change in taking loans at subsidized interest rates.
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