He says the initiative will act as a powerful economic multiplier. Loans of up to Rs 10 million will be available on favorable terms.
Prime Minister Shehbaz Sharif distributes a check to a beneficiary during a ceremony in Islamabad. PHOTO: APP
ISLAMABAD:
Prime Minister Shehbaz Sharif on Thursday launched a landmark five-year housing program worth Rs 3.2 trillion, aimed at financing the construction of 500,000 homes across the country, with a vision of providing affordable accommodation to low-income citizens who lack the financial means to build their own homes.
The Prime Minister, speaking at the launch ceremony of the Wazir-e-Azam Apna Ghar Programme, said that apart from enabling people to own a home, the initiative will also act as a powerful economic multiplier to drive significant industrial growth and create jobs for a diverse workforce, ranging from manual laborers to engineers.
“No program is as dear to me as this one as it holds the promise of revitalizing our industrial and commercial sectors while paving the way to economic prosperity… This historic program is the culmination of extensive deliberations and tireless efforts, having successfully overcome a myriad of complex challenges,” the Prime Minister said at the ceremony attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Housing and Public Works Mian Riaz Hussain Pirzada, other federal ministers, banking professionals, representatives of the construction industry and the beneficiaries of the program.
He described the ‘Apna Ghar’ initiative as a sacred obligation of any government, aimed at supporting the needy who have long been deprived of the security of home ownership.
The chief minister, who 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 those present 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 during the first year, the government has set a target of financing 50,000 houses for which an amount of Rs 321 billion had been earmarked. Over the five years, the government would finance 500,000 housing units supported by an allocation of Rp3.2 trillion.
He said the program featured a 20-year repayment schedule, 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 crore can be availed on concessional terms. Eligible applicants will be able to build houses on a plot of up to 10 marlas.
Chief Minister Shehbaz expressed his gratitude to the Minister of Finance, Muhammad Aurangzeb, and the Governor of the State Bank for their cooperation in finalizing this financing, besides expressing his gratitude to the Minister of Housing, Mian Riaz Hussain Pirzada, and his team for helping in the formulation of the programme.
He announced that he will 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 in serving the common man through housing program would be honored with national awards on August 14. However, those who show laxity towards the plight of the homeless should not expect “anything good” from him.
