PM launches Rs3.2 trillion ‘Apna Ghar’ housing scheme

PM Shehbaz Sharif launched the “PM Apna Ghar Programme,” a nationwide housing initiative aimed at helping low and middle-income families purchase homes through subsidized financing. 

PM Shehbaz Sharif talked about this plan in Islamabad. He said the government will help build 500,000 homes over Pakistan. This includes all four provinces, Gilgit-Baltistan and Azad Jammu and Kashmir. The PM Apna Ghar Program has a budget of Rs3.2 trillion.

People who are eligible will be able to get loans to buy homes or plots that're up to 10 marla in size. These loans can be from Rs2.5 million to Rs10 million. The repayment period has been set at 20 years, with a subsidized markup rate of 5 percent during the first 10 years. For the remaining decade, the rate will shift to the prevailing market rate. 

Officials said the government aims to finance 50,000 homes in the first year alone, for which Rs321 billion has already been allocated. Monthly instalments for the highest loan tier of Rs10 million are expected to remain below Rs66,000 during the subsidised period. 

PM Shehbaz Sharif said he will check on the PM Apna Ghar Program every month. He wants to make sure everything is fair and that people get their money on time.

The government said people can apply for loans online through banks and other financial institutions. The State Bank of Pakistan will supervise this.