KARACHI: The State Bank of Pakistan (SBP) has declared employees of banking institutions ineligible for housing finance under the Prime Minister’s Apna Ghar Programme, barring them from accessing subsidized loans under the scheme.
According to the details, the central bank has issued instructions to clarify the eligibility of employees of banking institutions participating in the housing finance programme.
Under the SBP’s notification, employees of commercial banks, Development Finance Institutions (DFIs), and microfinance banks will not be eligible to obtain subsidized financing under the Mera Ghar Mera Ghar or Prime Minister’s housing scheme.
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The exemption applies specifically to employees of financial institutions, who have been excluded from the subsidized housing financing facility.
The SBP has also directed the management of commercial and microfinance banks to immediately inform their employees about the new eligibility rules and their ineligibility under the programme.
Apna Ghar Programme: Big News for Applicants as Housing Loans Get Approved
Earlier, the Prime Minister’s Apna Ghar Programme has reached Rs351.3 billion, while the scheme’s subsidised fixed interest rate of 5% for the first 10 years has been retained.
The development was announced during the fourth meeting of the Access to Finance Steering Committee, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb in Islamabad.
The meeting reviewed progress and future targets for financing in the small and medium-sized enterprise (SME), agriculture, housing and electric vehicle sectors.
According to the briefing, a total of 60,349 housing loans have been approved under the Prime Minister’s Apna Ghar Programme.
Of these, Rs 51.13 billion has so far been disbursed through 9,717 loans.
The government has also maintained the facility of a 5% fixed interest rate for the first 10 years, providing borrowers with a predictable financing cost during the initial period of their housing loans.
