ISLAMABAD: Prime Minister Shehbaz Sharif Thursday launched a landmark five-year, Rs3.2 trillion housing programme, under which loans of up to Rs10 million would be available on easy terms. Addressing the Wazir-e-Azam Apna Ghar Programme launching ceremony, he said the eligible applicants would be able to construct houses over a land measuring up to 10 marlas. He said the programme featured a 20-year repayment timeline, with a 5pc markup for the first 10 years, after which the market rate would apply.
The initiative is aimed at funding the construction of 500,000 homes nationwide, with a vision to provide affordable shelter for low-income citizens, lacking the financial means to build their own houses. The PM said besides enabling people to own a house, the initiative would also act as a powerful economic multiplier to boost significant industrial growth and create jobs for a diverse workforce, ranging from manual labourers to engineers.
“No programme is quite as dear to me as this, for it holds the promise of revitalising our industrial and commercial sectors while paving the way for economic prosperity. This landmark programme is the culmination of extensive deliberations and tireless efforts, having successfully overcome a myriad of complex challenges,” the prime minister told the ceremony, attended by Deputy Prime Minister/Foreign Minister Ishaq Dar, Housing and Works Minister Mian Riaz Hussain Pirzada, other federal ministers, banking professionals, representatives from the construction industry and the beneficiaries of the programme.
He described the Apna Ghar initiative as a sacred obligation of any government, intended to support the needy who have long been deprived of the security of homeownership. PM Shehbaz, who earlier pushed the button to launch the initiative and distributed cheques of loans among the beneficiaries, sanctioned by different banks, said that the programme was a reflection of Ashiana housing scheme he had launched while being the Punjab chief minister.
He told the gathering that the programme was not confined to Islamabad as it would cater to the needs of all the four provinces, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB). Explaining the contours of the programme, he said for the first year, the government had set a target to fund 50,000 houses for which an amount of Rs321 billion had been earmarked. Over five years, the government would finance 500,000 housing units, supported by an allocation of Rs3.2 trillion.
In a clear message to the banking sector, he said that the banks leading the way in serving the common man through the housing programme would be honoured with national awards on August 14. However, those demonstrating laxity to the plight of the homeless should not expect “anything good” from him.
Meanwhile, amid sky-rocketing prices of crude oil in the international market, PM Shehbaz Sharif decided to continue relief measures for economically vulnerable segments for another month. He decided to extend the subsidy provided last month for motorcycle users, as well as public and goods transport for another month and directed the authorities to prevent any increase in passenger fares and freight charges, stressing the need to shield the public from additional financial burden.
The PM also ordered for effective monitoring of public relief measures so that the benefits reach directly to deserving individuals, the PM Office media said in a statement said.
Providing relief to the common citizen would remain the government’s top priority, and the public would not be left alone under any circumstances, the prime minister said. He also prayed that the regional situation improves soon so that petroleum product prices could be stabilised.
