ISLAMABAD: Prime Minister Shahbaz Sharif has launched the “Apna Ghar” housing program and handed over bank cheques to eligible individuals to support home financing.
Addressing the ceremony, he said the scheme will be implemented across all provinces as well as Gilgit-Baltistan and Azad Kashmir. Under this initiative, people can get loans of up to Rs10 million for buying or building a house, with a repayment period of 20 years.
The loans will be offered in four categories: Rs2.5 million, Rs5 million, Rs7.5 million and Rs10 million. A fixed markup of 5 percent will be charged for the first 10 years, after which a standard rate will apply.
Monthly installments will start from Rs16,499 for smaller loans and go up to Rs65,996 for higher amounts.
Read Also: Pakistan settles remaining $1 Billion deposit with UAE
Applicants must have a valid national identity card and should not have any outstanding loans. The government will cover 90 percent of the cost, while the remaining 10 percent will be paid by the applicant.
The loans will be provided through Islamic banks, commercial banks, microfinance institutions and the House Building Finance Company.
The prime minister said that providing housing to citizens is a key priority. He added that the total size of the scheme is Rs320 billion and it aims to facilitate 50,000 homes in the initial phase.
He also said the program will boost construction activity, support businesses and contribute to economic growth, with regular monthly reviews to monitor its progress.