Prime Minister Shehbaz Sharif is set to officially announce a housing package under the Apna Ghar program today, offering long-term loans to citizens for buying a house or residential plot.
Under the scheme, eligible applicants will be able to receive loans from Rs2.5 million to Rs10 million for a period of 20 years. According to the program details, citizens will be able to apply for housing loans in four categories. Loans of Rs2.5 million, Rs5 million, Rs7.5 million and Rs10 million will be available under the Apna Ghar scheme.
The loan can be used to purchase a 10-marla house or a 10-marla residential plot. A fixed markup of 5% will be charged during the first 10 years of the loan. For the remaining 10 years, a normal markup will apply. The loan repayment period has been fixed at 20 years to make monthly instalments more manageable for applicants.
Those taking a loan of Rs2.5 million will pay a monthly installments of Rs16,499. For a Rs5 million loan, the monthly installment will be Rs32,999. Applicants taking a Rs7.5 million loan will pay Rs49,499 per month. For the maximum loan of Rs10 million, the monthly installment will be Rs65,999.
Another set of program figures also lists the monthly installments as Rs32,997 for a Rs5 million loan, Rs49,497 for a Rs7.5 million loan and Rs65,996 for a Rs10 million loan.
Who can apply for the Apna Ghar loan?
To qualify for the housing loan, the applicant must be a CNIC holder. The applicant must not already be in debt. This condition has been included to ensure that the financing reaches citizens who are eligible for new housing support.
Under the scheme, 90% financing will be provided through the government-backed arrangement. Applicants will have to arrange the remaining 10% themselves. There will be no upfront fee, down payment or advance payment condition to obtain the loan.
Where loans will be available
The loans will be available through Islamic banks, commercial banks, microfinance institutions and house building finance companies. This broad network is expected to make the scheme more accessible for applicants across the country.
Citizens who want to apply for a loan under the Apna Ghar program will have to submit their applications online. Final approval will be granted within one month. The State Bank of Pakistan and the Pakistan Housing Authority Foundation will monitor the project.
The Apna Ghar package is aimed at making home ownership easier for citizens by offering long-term financing on subsidized terms. With no upfront fee, 20-year repayment and government-backed 90% financing, the program is expected to provide relief to people seeking to buy a modest house or plot.
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