PM Shehbaz Sharif unveils ‘Apna Ghar’ initiative with Rs3.2 trillion scale, promises major budget moves and rewards for top-performing banks.
Webdesk – MediaBites News
ISLAMABAD — Prime Minister Shehbaz Sharif on Wednesday formally launched the government’s ambitious “Apna Ghar Scheme,” distributing bank cheques to eligible citizens and outlining a large-scale housing finance plan aimed at boosting home ownership and economic activity.
Addressing the ceremony, the prime minister said the scheme would be implemented across all provinces, as well as Gilgit-Baltistan and Azad Kashmir, offering loans of up to Rs10 million for a period of 20 years.
Under the program, applicants can secure loans of Rs 2.5 million, Rs 5 million, Rs 7.5 million, or Rs 10 million. The markup rate will remain fixed at 5% for the first 10 years, followed by a standard market rate for the remaining tenure.
Officials said monthly installments would range from approximately Rs16,499 for a Rs2.5 million loan to Rs65,996 for a Rs10 million loan. The scheme provides financing for the purchase of a 10-marla plot or a constructed house, with 90% of the funding provided by the scheme and 10% contributed by the applicant.
Eligibility requires applicants to hold a valid national identity card and not be defaulters. Financing will be available through Islamic and commercial banks, microfinance institutions, and the House Building Finance Company.
Sharif described access to housing as a fundamental responsibility of the state, adding that the scheme’s initial target is to facilitate loans for 50,000 homes. He said he would personally review progress monthly.
Highlighting the broader economic impact, the prime minister said the construction sector would drive industrial and commercial growth, opening new avenues for employment and investment. He also announced that banks leading in loan disbursement under the scheme would be recognized with awards on August 14.
Sharif further hinted at significant relief measures in the upcoming federal budget, including passing on the benefits of declining global oil prices to the public.
The initiative, one of the largest housing finance programs in Pakistan’s history, is being closely watched as a test of the government’s ability to deliver both economic stimulus and tangible relief to middle- and lower-income households.
