Said initiative to act as a powerful economic multiplier Loans of up to Rs 10 million will be available on easy terms
Prime Minister Shehbaz Sharif distributes a check to a beneficiary during a ceremony in Islamabad. PHOTO: APPLICATION
ISLAMABAD:
Prime Minister Shehbaz Sharif on Thursday launched a historic five-year housing program worth Rs 3.2 trillion to finance the construction of 500,000 housing units across the country, with the aim of providing affordable housing to low-income citizens, who do not have the financial means to build their own houses.
The Prime Minister, addressing the launch ceremony of Wazir-e-Azam Apna Ghar Scheme, said that apart from enabling people to become home owners, the initiative will also act as a powerful economic multiplier to drive significant industrial growth and create employment for a diverse workforce, ranging from manual laborers to engineers.
“No program is as dear to me as this one, as it promises to revitalize our industrial and commercial sectors while paving the way for economic prosperity… This historic program is the culmination of long deliberations and untiring efforts, after successfully overcoming a myriad of complex challenges,” the Prime Minister said at the ceremony attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister of Housing and Public Works Mian Riaz Hussain Pirzada, other federal ministers, professionals from the banking sector, representatives from the construction sector and beneficiaries of the program. program.
He described the ‘Apna Ghar’ initiative as a sacred obligation of any government, meant to support the needy who have long been deprived of security of property.
The Prime Minister, who had earlier pressed the button to launch the initiative and distributed loan checks among the beneficiaries, sanctioned by different banks, said the scheme was a reflection of the Ashiana Housing Scheme that he had launched when he was Punjab Chief Minister.
He told the gathering that the program was not limited to Islamabad as it would cater to the needs of all four provinces, Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB).
Explaining the outline of the program, he said that for the first year, the government has set a financing target of 50,000 houses for which an amount of Rs 321 billion had been set aside. Over five years, the government would finance 500,000 homes supported by an allocation of Rs 3.2 trillion.
He said the program provided a 20-year repayment schedule, with a 5% surcharge for the first 10 years, after which the market rate would apply.
Under this scheme, loans of up to Rs 10 million will be available on concessional terms. Eligible candidates will be able to construct houses on land up to 10 marlas.
Prime Minister Shehbaz expressed gratitude to Finance Minister Muhammad Aurangzeb and State Bank Governor for their cooperation in finalizing this financing, besides expressing gratitude to Housing Minister Mian Riaz Hussain Pirzada and his team for assisting in the formulation of the program.
He announced that he would personally review the progress of the project on a monthly basis to address any deficiencies and ensure timely payments.
In a clear message to the banking sector, he said banks leading the way in serving ordinary citizens through the housing program would be honored with national awards on August 14. However, those who are lax about the plight of the homeless should not expect “anything good” from him.
