ISLAMABAD — Prime Minister Muhammad Shehbaz Sharif formally launched the “Prime Minister’s Own House Scheme” today. This landmark initiative enables Pakistan’s poor and middle classes to acquire their own homes. During the ceremony, the prime minister stated that providing shelter is the government’s top priority.
The Prime Minister’s Own House Scheme creates a robust framework to address the national housing deficit. The government aims to build 50,000 houses in the first year. It targets a total of 500,000 houses over the next four years.
Under this scheme, citizens can access loans of up to one crore rupees on easy terms. Key financial details include:
- Loan Limits: Construction loans reach a maximum of one crore rupees.
- Property Size: The scheme supports building houses on plots up to 10 marlas.
- Direct Financing: Financing for this purpose amounts to 3.2 lakh rupees.
- Repayment Plan: The 20-year repayment period features a 5% markup for the first decade. Market rates will apply for the final 10 years.
National Reach and Economic Growth
The Prime Minister’s Own House Scheme will operate in all four provinces and the federal capital. It also covers Gilgit-Baltistan and Azad Kashmir. The Prime Minister noted that the construction sector drives the national economy. It promotes local industry and creates vital employment opportunities.
To ensure success, the Prime Minister will personally review the implementation every month. He aims to remove obstacles and ensure timely payments. The government has also simplified the loan application process for the Prime Minister’s Own House Scheme.
Accountability and Recognition
The Prime Minister announced national honors for banks that provide the most loans. These awards will be presented on August 14. However, the state will show no leniency to banks that demonstrate a shortfall in their lending duties.
The Prime Minister described the initiative as a continuation of his “Apna Ghar” program in Punjab. He personally distributed checks to eligible individuals, including a young driver named Ghulam Hussain. Successful applicants from Azad Kashmir and Khyber Pakhtunkhwa also received funds.
“Providing homes is a fundamental and sacred duty of any state,” the Prime Minister remarked. He noted that many of Pakistan’s 240 million people remain deprived of their own roofs.
Deputy Prime Minister Muhammad Ishaq Dar and other federal ministers attended the ceremony. The Prime Minister also highlighted that the government is encouraging exporters. Leading exporters now serve as informal ambassadors with official blue passports. He concluded by noting that the upcoming budget will include various new schemes.
