Latest update on first loan installment for ‘Apni Chat Apna Ghar’ program

LAHORE: Punjab Chief Minister Maryam Nawaz and Muslim League (N) President Nawaz Sharif formally started the distribution of the first installment of interest-free loans to eligible applicants under their Apni Chat Apna Ghar scheme.

The check distribution ceremony was held in the auditorium of Expo Center Lahore. The function was attended by a large number of senior government officials, borrowers and members of the public. Nawaz Sharif and Maryam Nawaz distributed cheque among male and female loan recipients.

Talking on this occasion, Chief Minister Maryam Nawaz said that this project is the idea of ​​her father, 700 billion rupees have been allocated for it. Stating that the provincial government believes in serving the people, she said that the housing project was launched within a month and a half of the announcement.

She revealed that the government had received 500,000 applications, adding that population-based loans would be issued to residents of each district over five years.

Maryam Nawaz further explained that if the government itself constructs these houses, many problems may arise. The loan application process has been made very easy, she said, adding that applicants only need to provide identity cards and property documents.

Loans will be given purely on merit, he said, and in the first year, the government plans to issue loans for 100,000 houses. The repayment period is nine years, and there is zero interest.

She strictly directed that the loan installment should not exceed Rs 15000, as the government wants to reduce the financial burden on the people.

She also said that there would be a monthly draw to select the loan recipients, explaining that the loans would now be disbursed in two installments instead of four.

For the first three months, no payment will be required. Any person can apply online or visit the offices of Deputy Commissioner or Assistant Commissioner for information.