Buying a home has now become easier for people after the Securities and Exchange Commission of Pakistan (SECP) expanded the Prime Minister’s Apna Ghar Program by including Non-Banking Finance Companies (NBFCs) in the scheme.
The move, approved by the federal government, allows eligible NBFCs to offer housing loans under the scheme, giving more people access to affordable financing, especially those who do not use traditional banks.
Who can provide the loans?
Under the new rules: NBFCs can offer home loans of up to Rs10 million. Microfinance companies taking part in the programme can provide loans of up to Rs5 million. According to the SECP, the decision will help people who have limited access to conventional banking services. 5% mark-up for 10 years
Borrowers approved under the programme will receive housing finance at a 5% mark-up rate for the first 10 years, making home loans more affordable. The SECP said many NBFCs operate through digital platforms and have a strong presence in remote and underserved areas where bank branches are limited. This will allow more families to benefit from the housing scheme.
The regulator has issued a new framework allowing eligible NBFCs to start offering home loans under the Prime Minister’s Apna Ghar Programme. The SECP believes the expansion will improve financial inclusion and help more people own a home through affordable financing.
Who can apply?
To qualify for the loan, applicants must:
Be a Pakistani citizen with a valid CNIC.
Be a first-time homebuyer.
Not own any residential property.
Meet the financing requirements of the participating bank or finance company.
Pass the lender’s income and credit assessment.
Documents you may need
Applicants may be asked to provide:
Valid CNIC
Recent passport-size photographs
Salary slips or proof of income
Bank statements
Employment certificate or business documents
Property documents (if applicable)
Any additional documents requested by the participating bank or finance company
Key things to know
Maximum home loan through NBFCs: Rs10 million
Maximum loan through participating microfinance companies: Rs5 million
Mark-up rate: 5%
Concession period: First 10 years
Eligible applicants: First-time homebuyers who meet the program requirements.
Read also: Apna Ghar Scheme: New Reforms Announced to Speed Up Housing Loans
