Says initiative to act as strong economic multiplier Loans of up to Rs10m will be available on easy terms
Prime Minister Shehbaz Sharif presents a check to a recipient during a ceremony in Islamabad. PHOTO: APP
ISLAMABAD:
Prime Minister Shehbaz Sharif on Thursday launched a landmark five-year Rs3.2 trillion housing program aimed at funding the construction of 500,000 homes nationwide with a vision of providing affordable shelter to low-income citizens who lack the financial means to build their own houses.
Speaking at the launch ceremony of the Wazir-e-Azam Apna Ghar programme, the Prime Minister said that apart from enabling people to own a house, the initiative will also act as a strong economic multiplier to spur significant industrial growth and create jobs for a diverse workforce, from artisans to engineers.
“No program is as dear to me as this one, for it holds the promise of revitalizing our industrial and commercial sectors while paving the way for economic prosperity… This landmark program is the culmination of extensive deliberations and tireless efforts, after overcoming a myriad of complex challenges,” the Prime Minister said at the ceremony attended by Deputy Prime Minister, Isha, Dar and Minister of State for Housing, Risha and Works. Hussain Pirzada, other federal ministers, bankers, representatives from the construction industry and the beneficiaries of the programme.
He described the “Apna Ghar” initiative as a sacred obligation of any government aimed at supporting the needy who have been deprived of the security of home ownership for long.
The Prime Minister, who earlier pressed the button to launch the initiative and distributed loan checks among the beneficiaries, sanctioned by various banks, said the program was a reflection of the Ashiana housing scheme he had launched while he was the Chief Minister of Punjab.
He told the gathering that the program was not limited to Islamabad as it would address the needs of all four provinces, Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB).
Explaining the contours of the programme, he said that for the first year, the government has set a target of financing 50,000 houses for which an amount of Rs 321 billion was earmarked. Over the five years, the government would finance 500,000 housing units supported by a grant of Rs 3.2 trillion.
He said the program featured a 20-year repayment timeline, with a 5% markup for the first ten years, after which the market rate would apply.
Under the scheme, loans of up to Rs 10 million will be available on easy terms. The eligible applicants will be able to construct houses over a land measuring up to 10 marlas.
Prime Minister Shehbaz thanked Finance Minister Muhammad Aurangzeb and the State Bank Governor for their cooperation in finalizing this funding, besides expressing gratitude to Housing Minister Mian Riaz Hussain Pirzada and his team for helping in formulating the programme.
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 the banks leading the way in serving the common man through the housing program would be honored with national awards on August 14. But those who show laxity towards the plight of the homeless should not expect “anything good” from him.
