Islamabad: Prime Minister Muhammad Shehbaz Sharif has inaugurated the ‘Prime Minister’s Apna Ghar Programme’ aimed at providing affordable housing loans to low and middle-income groups. The initiative is set to offer loans of up to ten million rupees with a repayment period extending over two decades.

According to Radio Pakistan, during the launch event in Islamabad, Prime Minister Sharif outlined the programme’s specifics, stating that the first ten years will feature a fixed markup rate of five percent. After this period, standard market rates will apply. The programme’s initial target is the construction of fifty thousand homes within the first year, supported by a financial allocation of 321 billion rupees. Over the subsequent four years, the goal is to build half a million homes, with the possibility for beneficiaries to construct homes up to ten marlas.

Prime Minister Sharif expressed confidence in the programme’s potential to stimulate economic growth and industrial activity, emphasizing its role in promoting prosperity. He committed to a monthly review of the initiative to ensure efficient loan disbursement and to address any challenges that may arise. The process for obtaining loans has been designed to be straightforward, with the Prime Minister personally overseeing its implementation. During the event, cheques were distributed to successful applicants, marking the programme’s commencement.