The government has made it easier for people to apply for housing loans under the Prime Minister’s Apna Ghar Programme.
The Ministry of Housing and Works announced the decision to make the loan application process simpler for people who want to build their first home.
Banks have also received instructions about the new document requirements.
According to the ministry, applicants will now need to provide five main documents when applying for housing finance.
These include a property transfer document, possession letter, building plan, permission to mortgage the property and mortgage registration document.
The government has reduced and standardised these requirements to make the process easier.
Previously, applicants could face difficulties because of different documentation requirements at banks.
The new instructions aim to make the process clearer and more consistent.
The ministry said banks had been directed to follow the updated requirements.
Housing loans of up to Rs10 million
A spokesperson for the Ministry of Housing and Works said the Prime Minister’s Apna Ghar Programme is an important housing loan initiative.
The government is offering loans of up to Rs10 million (Rs1 crore) to eligible people building their first home. The scheme is available across Pakistan.
The government hopes to make housing finance more accessible.
The ministry said the required documents had been limited and standardised for banks providing loans under the programme.
However, applicants will still need to meet the eligibility requirements set by banks.
People interested in the programme should contact their bank for information about loan conditions and the application process.
The government has also set a maximum processing time of 15 working days for applications to speed up loan approvals and improve access to housing finance.
The decisions were taken during a high-level review meeting chaired by Prime Minister Shehbaz Sharif.
The prime minister directed the relevant authorities to further simplify the application process and guide applicants in obtaining the property ownership documents required for housing finance.
He also instructed the State Bank of Pakistan and relevant ministries to consult stakeholders and submit final proposals by the end of October to improve loan facilities for housing, agriculture and small businesses.