Prime Minister Shehbaz Sharif formally launched the Prime Minister’s “Apna Ghar” Scheme and distributed bank cheques among eligible applicants for loans.
Addressing the ceremony, he said the scheme will be implemented across provinces as well as in Gilgit-Baltistan and Azad Kashmir. Loans of up to Rs10 million will be provided for house purchase with a repayment period of 20 years.
Applicants will be able to obtain loans of Rs2.5 million, Rs5 million, Rs7.5 million, or Rs10 million. A fixed markup of 5% will be charged for the first 10 years, followed by a normal market based rate for the remaining 10 years.
Monthly instalments will be Rs16,499 for Rs2.5 million, Rs32,997 for Rs5 million, Rs49,497 for Rs7.5 million, and Rs65,996 for Rs10 million loans.
The PM stated that providing housing to citizens is a key responsibility of the state. The total volume of the “Apna Ghar” Scheme is Rs3.2 trillion, with an initial target of financing 50,000 houses.
He added that today’s cheque recipients also include people from Khyber Pakhtunkhwa and Gilgit-Baltistan, noting that extensive efforts were made to make the scheme successful. He emphasised that the project is for everyone and pledged to personally review its progress on a monthly basis.
The Prime Minister said the construction sector drives economic activity, adding that banks will be encouraged to extend loans. Banks leading the scheme will be honoured with awards on Independence Day of Pakistan.
He further stated that the scheme will boost industry and commerce and open doors to prosperity in the country, adding that the upcoming budget will include major initiatives.
Who can apply for Prime Minister’s “Apna Ghar” scheme?
To qualify, applicants must hold a valid national identity card and must not already be loan defaulters. The loan amount can be used to purchase a 10-marla plot or a constructed house of the same size.
Under the scheme, 90% financing will be provided by the government while 10% must be contributed by the applicant. Loans will be available through Islamic and commercial banks, microfinance banks and the House Building Finance Company.
Also read: Big relief for citizens: Punjab expands interest-free housing scheme loans
