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Friday, February 16, 2024

JS Bank hands out Rs. 2B loans, makes home-ownership a reality

To empower the masses, especially those belonging to low-income strata, Mera Pakistan Mera Ghar (MPMG) was launched. According to the latest updates, JS Bank disbursed a whopping Rs 2 billion worth of loans under the MPMG scheme.

JS Bank, the largest home financing commercial bank in Pakistan, successfully disbursed over Rs 2 billion in loans under the government housing scheme. This is a massive achievement for the bank as it continues its commitment to uplifting Pakistani society.

Owning a house is a dream for many Pakistanis. However, due to limited mortgage financing, very few Pakistanis can transform this dream into reality. Poor access to affordable housing remained a huge social problem for Pakistan. Therefore, to empower the masses, especially those belonging to low-income strata, Mera Pakistan Mera Ghar (MPMG) was launched.

MPMG is a low-cost housing scheme initiated by the State Bank of Pakistan, under the auspices of the government, under which anyone who is a first-time owner can get housing finance up to 10 million at affordable rates with minimum documentation and fast processing. As a result, leading banks in Pakistan supported the government housing scheme and disbursed loans.

Read more: Imran Khan’s Mera Pakistan Mera Ghar scheme picks momentum

According to the latest updates, JS Bank disbursed a whopping Rs 2 billion worth of loans under the MPMG scheme. Moreover, the Bank credited its customers for the support.

“A big thank you to our customers and partners for trusting us on our shared journey toward this milestone. We appreciate your continued support and confidence in our services and look forward to serving you even better in the future,” JS Bank wrote on Twitter.

JS Bank & Midcity Housing collaborate to promote affordable housing

Last year, JS Bank joined hands with MIDCITY Housing to help Pakistanis own their own home through the provision of low-cost house finance facilities under the MPMG scheme.

Zulfiqar Ali Lehri, Distribution Head Consumer Lending – JS Bank and Muhammad Moin Safdar, Director Marketing – MIDCITY Housing signed the agreement.

To clarify, families looking to purchase property in MIDCITY Housing schemes can avail of financing facilities at a minimal markup. Moreover, with the collaboration, JS Bank intends to contribute to the Government of Pakistan’s initiative in providing access to affordable housing facilities to the people of Pakistan. Under this scheme, people can borrow as much as 90% of the property value.

Read more: JS Bank successfully hands out Rs 5B in loans to youth