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How severely this new govt has impacted the life of a common civilian

AMRAAM

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Aug 19, 2019
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This post is to highlight that how severely this new govt has ruined the life of a common Pakistani.

This is my own real story. There is no way for me to convey my disappointment or share my frustration with the concerned authorities in our system so I've decided to share it on PDF to just to make people realize that how badly a common Pakistani is being crushed economically by this regime change.

Being from the middle class, I wanted to build my own house. I was fortunate enough to buy to piece of land last year and applied for a subsidized construction loan via one of the private banks in December last year. The bank I chose turned out to be highly unprofessional and incompetent and took 6+ months to approve the case.

Long story short, last Friday, I was going to get the pay order of my tranche 1. After a usual delay from the bank, I visited them yesterday just to know that bank has held off all kinds of disbursements indefinitely. It was certainly a shock for me because
  1. I've paid almost 90k as legal and various other kinds of bank fees so far.
  2. My original property documents are in the bank's custody
  3. The mortgage deal was signed almost 10 days ago
  4. Legal deal was signed through lawyer
  5. Property is marked as lien
  6. I've paid the initial amount to the construction company to get the work started this week.
Now it's like a 2+ months process to roll back this mortgage deal, get a NOC from the bank, rolling back the lien status of the property. So now go through this long process of documentation to get my property back on my name without getting any loan.

----
Everything was in an upward direction in Pakistan before this govt was enforced on us. What a heavy price a common Pakistani is paying for the `Absolutely Not`. May the wrath of GOD be on all those individuals or institutions who conspired against the previous govt and brought Pakistan's economy into a tailspin.

----
Just like 2 months ago, the price of a Cement bag was Rs. 750 and now it's 1200 and increasing every day. A massive massive price hike and inflation with the same salaries of middle-class Pakistani.
What have you done to Pakistan? Mr. Neutral. Why didn't you wait for another year when PTI would be eliminated automatically through general elections.
 

Imran Khan

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Pakistani banks are like banya ki dukan . I hate all of them they are providing services of 1950 in 2022.taking loan from pakistani bank will be last thing i will think . The system they have is like colonial era .in bio matric era they asking finger prints and thump prints with ink on 15 papers .
 

AMRAAM

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Pakistani banks are like banya ki dukan . I hate all of them they are providing services of 1950 in 2022.

That was the worst experience with that bank. They have so poor way of documentation that I literally submitted the same documents to them at least 10 times.

Maybe with the IMF deal or Chinese loans rolling in, they resume the scheme or at least process the approved cases.
 

SBD-3

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Sep 19, 2008
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This post is to highlight that how severely this new govt has ruined the life of a common Pakistani.

This is my own real story. There is no way for me to convey my disappointment or share my frustration with the concerned authorities in our system so I've decided to share it on PDF to just to make people realize that how badly a common Pakistani is being crushed economically by this regime change.

Being from the middle class, I wanted to build my own house. I was fortunate enough to buy to piece of land last year and applied for a subsidized construction loan via one of the private banks in December last year. The bank I chose turned out to be highly unprofessional and incompetent and took 6+ months to approve the case.

Long story short, last Friday, I was going to get the pay order of my tranche 1. After a usual delay from the bank, I visited them yesterday just to know that bank has held off all kinds of disbursements indefinitely. It was certainly a shock for me because
  1. I've paid almost 90k as legal and various other kinds of bank fees so far.
  2. My original property documents are in the bank's custody
  3. The mortgage deal was signed almost 10 days ago
  4. Legal deal was signed through lawyer
  5. Property is marked as lien
  6. I've paid the initial amount to the construction company to get the work started this week.
Now it's like a 2+ months process to roll back this mortgage deal, get a NOC from the bank, rolling back the lien status of the property. So now go through this long process of documentation to get my property back on my name without getting any loan.

----
Everything was in an upward direction in Pakistan before this govt was enforced on us. What a heavy price a common Pakistani is paying for the `Absolutely Not`. May the wrath of GOD be on all those individuals or institutions who conspired against the previous govt and brought Pakistan's economy into a tailspin.

----
Just like 2 months ago, the price of a Cement bag was Rs. 750 and now it's 1200 and increasing every day. A massive massive price hike and inflation with the same salaries of middle-class Pakistani.
What have you done to Pakistan? Mr. Neutral. Why didn't you wait for another year when PTI would be eliminated automatically through general elections.
Banks were funding Mera Pakistan Mera Ghar from SBP's money. In my view the whole program was flawed as the focus of MPMG should have been on builders (Providing them the subsidized credit for building apartments at affordable prices) rather than handing out blank cheques to users for buying land and houses and creating complication for both buyers and banks.

Banks don't like to do mortgages as the legal system in Pakistan is very fractured and economic circumstances swing every two years now ( like we went from bust in 2019 to a boom in 2021 and then again to a bust in 2022). This boom in construction already led the price of cement bag from 460 to 750 and then to 1100 and actually made housing even more unaffordable (the house prices have quadrupled over last 5 years).

Now it will take about a year to unroll this because banks aren't very friendly to borrowers.

Nevertheless, you can complain at banking ombudsman and hope that they'll help you out.
 

AMRAAM

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Have you tried bribing the bank manager? that seems to be the real problem here.
No, I haven't. thats a regret now.

Banks were funding Mera Pakistan Mera Ghar from SBP's money. In my view the whole program was flawed as the focus of MPMG should have been on builders (Providing them the subsidized credit for building apartments at affordable prices) rather than handing out blank cheques to users for buying land and houses and creating complication for both buyers and banks.

Banks don't like to do mortgages as the legal system in Pakistan is very fractured and economic circumstances swing every two years now ( like we went from bust in 2019 to a boom in 2021 and then again to a bust in 2022). This boom in construction already led the price of cement bag from 460 to 750 and then to 1100 and actually made housing even more unaffordable (the house prices have quadrupled over last 5 years).

Now it will take about a year to unroll this because banks aren't very friendly to borrowers.

Nevertheless, you can complain at banking ombudsman and hope that they'll help you out.
Thank you for sharing ombudsman. Going to lodge a complain there.
 
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Crimson Blue

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.... Now this: Reported on 92 News on June 25, 2022.


1656208188608.png
 

Catalystic

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Why do the arabs want our airports? Aren’t their own enough? Whats the possible motive behind interest in all this?

I think Pakistan needs to steer clear from giving these on lease….we don’t want UK bitches running our airports like they do dubai etc…..no thx. Go learn to manage your own airpirts first, cuz u can’t even do it yourselves dumb arabs of uae etc….u import indian women from uk to run yours. Yeah eff off lol!

I can agree to get Russia and China involved, but anyone else from far off countries……their interest here is dangerous…..can’t trust em after they make deals with israel/devil
 

Chat SAMOSA

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Apr 29, 2022
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This post is to highlight that how severely this new govt has ruined the life of a common Pakistani.

This is my own real story. There is no way for me to convey my disappointment or share my frustration with the concerned authorities in our system so I've decided to share it on PDF to just to make people realize that how badly a common Pakistani is being crushed economically by this regime change.

Being from the middle class, I wanted to build my own house. I was fortunate enough to buy to piece of land last year and applied for a subsidized construction loan via one of the private banks in December last year. The bank I chose turned out to be highly unprofessional and incompetent and took 6+ months to approve the case.

Long story short, last Friday, I was going to get the pay order of my tranche 1. After a usual delay from the bank, I visited them yesterday just to know that bank has held off all kinds of disbursements indefinitely. It was certainly a shock for me because
  1. I've paid almost 90k as legal and various other kinds of bank fees so far.
  2. My original property documents are in the bank's custody
  3. The mortgage deal was signed almost 10 days ago
  4. Legal deal was signed through lawyer
  5. Property is marked as lien
  6. I've paid the initial amount to the construction company to get the work started this week.
Now it's like a 2+ months process to roll back this mortgage deal, get a NOC from the bank, rolling back the lien status of the property. So now go through this long process of documentation to get my property back on my name without getting any loan.

----
Everything was in an upward direction in Pakistan before this govt was enforced on us. What a heavy price a common Pakistani is paying for the `Absolutely Not`. May the wrath of GOD be on all those individuals or institutions who conspired against the previous govt and brought Pakistan's economy into a tailspin.

----
Just like 2 months ago, the price of a Cement bag was Rs. 750 and now it's 1200 and increasing every day. A massive massive price hike and inflation with the same salaries of middle-class Pakistani.
What have you done to Pakistan? Mr. Neutral. Why didn't you wait for another year when PTI would be eliminated automatically through general elections.
And people say the culture is somehow different between Pakistan and India. It is identical . Corrupt & willing to corrupt, incompetent & willing to tolerate that, inefficient & unaware of of it; and primitive & proud of it.
 

Communism

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Banks were funding Mera Pakistan Mera Ghar from SBP's money. In my view the whole program was flawed as the focus of MPMG should have been on builders (Providing them the subsidized credit for building apartments at affordable prices) rather than handing out blank cheques to users for buying land and houses and creating complication for both buyers and banks.

Banks don't like to do mortgages as the legal system in Pakistan is very fractured and economic circumstances swing every two years now ( like we went from bust in 2019 to a boom in 2021 and then again to a bust in 2022). This boom in construction already led the price of cement bag from 460 to 750 and then to 1100 and actually made housing even more unaffordable (the house prices have quadrupled over last 5 years).

Now it will take about a year to unroll this because banks aren't very friendly to borrowers.

Nevertheless, you can complain at banking ombudsman and hope that they'll help you out.
Yup, in every country where it is specifically designed to subsidize the purchase of housing instead of the building of housing the whole point is to pretend to get GDP growth by causing money supply growth with housing loans to post fake GDP increases while generating fake wealth by increasing the scarcity of housing.

It's intentionally to prop up housing ponzi schemes.
 

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