Applications for the Prime Minister’s Apna Ghar Housing Scheme have increased by 52%, showing growing public interest in the government housing finance programme.
The total number of applications has now reached around 139,000. While, the number of loans issued under the programme has increased by 59%.
The latest report was reviewed during a meeting of the Access to Finance Steering Committee. Federal Finance Minister Muhammad Aurangzeb chaired the meeting.
Officials reviewed the progress of the Prime Minister’s Apna Ghar programme and discussed steps to make housing finance easier for eligible applicants.
Housing scheme applications increase
Applications have increased by 52% since June. The total amount of approved financing has also crossed Rs7.2 billion.
The increase in applications and loans shows that more people are seeking financial support to buy or build their own homes.
The government now plans to focus on removing difficulties that may prevent applicants from receiving housing loans.
Finance Minister Muhammad Aurangzeb directed officials to prepare clear and practical recommendations to address these problems. The recommendations will be presented to the steering committee for further consideration.
The government aims to make the process easier for eligible citizens, to ensure that eligible applicants can receive financing without facing unnecessary difficulties.
The planned improvements are also expected to speed up loan approvals and make housing finance more accessible.
Previously, the State Bank of Pakistan (SBP) announced the eligibility criteria for the Prime Minister’s Apna Ghar Programme, a subsidised housing finance scheme.
According to the SBP, Pakistani citizens who do not own a house in their name can apply for financing under the programme.
Ghulam Muhammad Abbasi, Executive Director of the Islamic Finance Group at the SBP, shared the details during a workshop titled “Prime Minister’s Apna Ghar Programme – Ghar Ho To Apna.”
He said the SBP has already issued the required instructions to commercial banks and microfinance banks regarding the housing scheme.
Who can apply for the Apna Ghar programme?
Abbasi said banks are accepting housing finance applications from people up to the age of 65.
He also clarified that the programme is open to people from all professions. Journalists, lawyers, judges, policymakers, military personnel and people working in other sectors can apply for housing finance.
However, applicants must meet the programme’s eligibility requirements. The main condition is that the applicant should not already own a house in their name.
The scheme aims to make housing finance more accessible and help eligible citizens purchase their own homes.
Read more: SBP announces eligibility criteria for PM’s Apna Ghar programme