In a bid to accelerate home ownership and boost activity in the construction sector, the government has expanded the scope of the Prime Minister’s Apna Ghar Programme (AGP), allowing overseas Pakistanis to access subsidised housing finance and introducing new financing channels.
As per a notification issued by the State Bank of Pakistan (SBP) on Monday, the federal government has approved a multi-channel implementation strategy for Wazir-e-Azam’s AGP and introduced the following additions in the scheme:
The Overseas Pakistanis/ Non-Resident Pakistanis (NRPs) holding NICOP/POC may also obtain financing under Wazir-e-Azam’s AGP.
The Participating Financial Institutions (PFIs) may make arrangements for institutional financing for government employees through department-level bulk processing under the scheme.
The PFIs may extend financing for Private developer-led housing projects under the scheme. The Wazir-e-Azam’s AGP is a subsidised housing finance scheme launched by the government and the SBP. It allows first-time homeowners to purchase, build, or renovate a residential property. Days ago, Prime Minister Shehbaz Sharif directed authorities and banks to expedite the processing of applications under the government’s Apna Ghar Scheme, as total loan disbursements under the programme reached Rs11 billion. Chairing a review meeting on the scheme’s progress, the prime minister said the growing participation of citizens in the housing initiative was encouraging and reflected public confidence in the programme. “If we continue at the current pace, the dream of home ownership for a larger number of deserving citizens will become a reality,” he said. Shehbaz noted that the success of the scheme would stimulate growth in the construction sector, promote allied industries and contribute to overall economic development. The prime minister instructed the Ministry of Housing to work with the State Bank of Pakistan (SBP) to simplify the loan application form and make the process easier for applicants. He also directed banks to accelerate approvals of eligible applications.