The federal government has expanded the benefits of the Prime Minister’s Apna Ghar housing finance program by extending identical benefits to overseas Pakistanis, a major move towards expanding access to affordable housing.
It was passed during a meeting of the Economic Coordination Committee (ECC) of the Cabinet, which was chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb at the Finance Division.
The ECC supported an updated framework during the session to help scale up the outreach and effectiveness of the program.
Under the new structure, the government intends to enhance housing finance by institutional lending, public-private partnership, and inclusion of non-banking financial institutions.
Formal incorporation of overseas Pakistanis is likely to draw in additional investment and assist in achieving the overall program’s housing objectives.
Officials pointed out that the expansion is aimed at enhancing the access to financing as well as the speed at which the national housing targets are achieved.
The initiative will better tackle the long-standing housing shortage in Pakistan because it will engage more stakeholders.
The Apna Ghar Program otherwise referred to as Ghar Ho Tu Apna is a government supported scheme that allows eligible citizens to be constructing or purchasing homes at low interest rates and at subsidised rates.
Financing of up to Rs10 million is available to applicants to allow them to buy a house or flat, purchase a plot and construct on it, or construct a house on already owned land.
The applicants should be Pakistani citizens with a valid CNIC and must be first time home owners.
They should not have previously benefited from any other housing finance scheme.
The program is accessible to salaried workers, business owners, freelancers, and individuals who earn through informal means, thus making the program extensively accessible to all income groups.
Also read: Step-by-step guide to apply for PM’s apna ghar program
