Prime Minister Shehbaz Sharif on Thursday launched the “Wazir-e-Azam Apna Ghar Program – Ghar Ho Tu Apna” housing finance programme, aimed at addressing Pakistan’s chronic housing shortage.
Addressing the launch event, PM Shehbaz termed access to housing a “sacred obligation” of the state, noting that despite a population of around 240 million, a significant segment of citizens continues to live without proper shelter.
PM Shehbaz, while lauding the role of his team, said that the programme has been designed as a nationwide effort, covering all four provinces as well as Gilgit-Baltistan and Azad Kashmir, with no regional restrictions on eligibility.
“Under the first phase, the government has set a target of constructing 50,000 houses, backed by Rs321 billion in financing in the first year. “In the next four years, our target is for 500,000 houses.”
PM Shehbaz shared that the scheme has been developed after extensive consultations with the private sector, the finance ministry, and the State Bank of Pakistan.
The financing framework includes housing loans of up to Rs10 million, with an initial 5% markup rate, followed by a transition to market-based rates after 10 years. The repayment period extends up to 20 years.
“I will review this scheme in at least a month,” he said.
The scheme is also expected to generate employment opportunities across skilled and unskilled labour segments, including construction workers, engineers, draftsmen, and allied service providers, he said.
PM urged the banks participating in the programme to play an active role in disbursing loans efficiently. “The payments should be made on time. If the bank is doing a good job, we will support it,” he said.
Earlier, the SBP unveiled a set of facilitative measures for the borrowers under its affordable housing finance scheme, directing banks to complete credit approvals within two weeks in a bid to expand access to financing and cut delays for prospective borrowers.
According to the SBP under the revised framework, the debt burden ratio has been capped at 65% to ensure responsible lending while still allowing greater flexibility for applicants.
The revised policy also simplifies property assessment procedures.
Banks and HBFCL have been directed to complete the credit approval process within a maximum of 15 working days from the receipt of a complete application.
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