Islamabad: Prime Minister Shehbaz Sharif on Thursday launched a landmark five-year housing initiative, the Wazir-e-Azam Apna Ghar Program, with an estimated cost of Rs3.2 trillion, aimed at financing the construction of 500,000 homes across the country for low-income citizens who cannot afford to build houses on their own.
Addressing the launch ceremony, the prime minister said the initiative would not only help people achieve home ownership but also serve as a strong economic driver by boosting industrial growth and creating employment opportunities for workers ranging from laborers to engineers.
“No program is more dear to me than this, as it holds the promise of revitalizing our industrial and commercial sectors and paving the way for economic prosperity,” he said, adding that the initiative was the result of extensive consultations and efforts to overcome multiple challenges.
The ceremony was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Housing and Works Minister Mian Riaz Hussain Pirzada, other federal ministers, banking sector representatives, construction industry stakeholders, and beneficiaries of the program.
Shehbaz Sharif formally inaugurated the scheme and distributed loan cheques among beneficiaries approved by various banks.
He said the program is not limited to Islamabad but will extend to all four provinces, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB).
Outlining key features of the scheme, he said the government has set a target of financing 50,000 houses in the first year, with an allocation of Rs321 billion. Over five years, the program aims to finance 500,000 housing units with a total allocation of Rs3.2 trillion.
He added that the scheme offers a 20-year repayment plan, with a 5% markup for the first ten years, after which the rate will shift to the market rate.
Under the program, eligible applicants can obtain loans of up to Rs10 million on easy terms for the construction of houses on plots of up to 10 marlas.
The prime minister also announced that he will personally review the program’s progress on a monthly basis to ensure transparency, timely implementation, and resolution of issues.
Issuing a message to the banking sector, he said banks that actively facilitate citizens under the scheme will be honored with national awards on August 14. However, he warned that institutions showing negligence toward housing applicants should not expect favorable treatment
