ISLAMABAD: Owning a home could become easier for eligible Pakistani citizens under the Prime Minister’s “Apna Ghar – Ghar Ho To Apna” housing scheme, which offers financing through private banks on affordable instalments.
Under the scheme, eligible applicants can obtain financing of up to Rs10 million to purchase or construct a residential property, subject to the scheme’s terms and eligibility criteria.
Eligibility
The scheme is available to Pakistani citizens holding a valid CNIC who are seeking to build or purchase their first home. Applicants must not already own a residential property in their name.
How the Financing Can Be Used
The financing can be used to:
Purchase a newly constructed house or apartment
Construct a house on an already-owned plot
Purchase a plot and construct a house
Eligible properties include houses measuring up to 10 marla or 2,720 square feet, while flats and apartments can have an area of up to 1,500 square feet.
Financing and Repayment
The scheme provides financing of up to Rs10 million, with a maximum repayment period of 20 years. Government markup subsidy applies during the first 10 years, according to the provided scheme details.
The financing-to-value ratio is 90:10, meaning the applicant contributes 10% of the property value as equity while the bank finances the remaining 90%.
Monthly Installment on Rs4 Million Loan
For a Rs4 million loan, the monthly installment would vary depending on the repayment period:
20 years: Rs26,398 per month
15 years: Rs31,632 per month
10 years: Rs42,426 per month
The scheme is aimed at facilitating first-time homeowners by providing longer repayment periods and subsidized financing.
