The National Assembly Standing Committee on Finance has been informed that under the PM Apna Ghar Program, more than 1,845 individuals have received housing loans exceeding Rs5 billion. The initiative aims to help low- and middle-income families own affordable homes.
Officials told the committee that subsidized loans would be provided for the construction of 500,000 homes over the next four years. So far, 25,304 applications have been received under the scheme.
Out of these applications, 8,990 have already been approved, with the total value of approved loans exceeding Rs37 billion. Authorities believe the program will boost Pakistan’s housing and construction sectors.
Federal Secretary Finance, Secretary Housing and Works, and Secretary Law and Justice briefed committee members on the implementation framework of the housing initiative and proposed reforms related to housing finance and foreclosure laws.
According to the Ministry of Housing and Works, the PM Apna Ghar Program is a subsidized housing finance scheme designed for first-time home buyers. Eligible applicants can obtain loans of up to Rs10 million.
The loans carry a fixed markup rate of only 5%, while the repayment period has been set at 20 years. The financing ratio under the scheme is 90:10, meaning banks will finance 90% of the property cost.
