ISLAMABAD: Prime Minister Shehbaz Sharif is set to introduce a new housing finance initiative under the “Apna Ghar Program” on Wednesday.
According to official details, the scheme will offer housing loans of up to Rs10 million with a repayment period extending to 20 years. Borrowers will be able to choose from loan tiers of Rs2.5 million, Rs5 million, Rs7.5 million, and Rs10 million.
The markup rate will be fixed at 5% for the first 10 years, after which standard market rates will apply for the remaining tenure. Estimated monthly installments are structured as follows:
Rs2.5 million loan: Rs16,499 per month
Rs5 million loan: Rs32,997 per month
Rs7.5 million loan: Rs49,497 per month
Rs10 million loan: Rs65,996 per month
Eligibility will be limited to individuals holding a national identity card who have no previous loan history. The funds can be used either to purchase a 10-marla plot or to construct a house on such a plot.
Under the scheme, the government will finance up to 90% of the total cost, while applicants will be required to contribute the remaining 10% themselves.
The loans will be accessible through Islamic banks, conventional banks, microfinance institutions, and the House Building Finance Company. Officials have stated that applicants will not need to pay any upfront fees before loan disbursement.
Oversight of the program will be handled by the State Bank of Pakistan and the Pakistan Housing Authority Foundation.
Applicants will be required to submit their requests online, with the approval process expected to be completed within approximately one month.
