PM Shehbaz to announce package under Apna Ghar program today

ISLAMABAD: The Prime Minister’s package under the Apna Ghar program will be announced today.

Under the scheme, a loan of Rs 2.5 million to Rs 10 million will be given for twenty years for the purchase of a ten-marla house or plot. The first ten years will be fixed at five percent, while the next ten years will be charged a normal markup.

Loans of up to Rs 2.5 million, Rs 5 million, Rs 7.5 million or Rs 10 million will be available. There will be a fixed mark-up of 5 percent in the first 10 years, and a normal mark-up in the next 10 years. Those taking a loan of Rs 2.5 million will have to pay a monthly installment of Rs 16,499. Those taking a loan of Rs 5 million will have to pay a monthly installment of Rs 32,997. Those taking a loan of Rs 7.5 million will have a monthly installment of Rs 49,497. Those taking a loan of Rs 10 million will have to pay a monthly installment of Rs 65,996.

To take a loan, CNIC holders must not be in debt. A 10-marla plot or a 10-marla house can be purchased with the loan amount. 90 percent financing will be provided under the government scheme and 10 percent will be provided individually. The loan will be available from an Islamic and commercial bank, microfinance or house building finance company.

There will be no fee or prepayment requirement to get the loan. The State Bank and the Pakistan Housing Authority Foundation will monitor the project. The application for the loan will have to be submitted online. Final approval will be given within a month.