Prime Minister Shehbaz Sharif has officially launched a large-scale housing finance programme worth Rs3.2 trillion, designed to support the construction of 500,000 affordable homes across Pakistan over the next five years. The initiative aims to address the country’s long-standing housing shortage, particularly for low-income families who struggle to access safe and permanent shelter.
The programme was inaugurated at a formal ceremony in Islamabad, where the Prime Minister also distributed loan cheques to selected beneficiaries under the newly introduced scheme.
Economic Impact and Job Creation
Speaking at the launch, the Prime Minister emphasized that the housing initiative is not only a social welfare measure but also a significant driver of economic growth. He stated that the programme would stimulate industrial activity, particularly in construction, cement, steel, and related sectors.
According to him, the project is expected to generate employment opportunities for a wide range of workers, from daily wage laborers to skilled engineers. He described the scheme as a “powerful economic multiplier” capable of strengthening multiple sectors of the economy simultaneously.
Key Features of the Housing Scheme
Under the programme, the government will finance 50,000 housing units in the first year alone, with an allocated budget of Rs321 billion. Over the full five-year period, the target of 500,000 homes will be supported through the Rs3.2 trillion financing plan.
Applicants will be able to obtain loans of up to Rs10 million on easy terms, enabling them to construct houses on plots of up to 10 marlas. The repayment period has been set at 20 years, with a 5% markup applied during the first ten years, after which market-based rates will apply.
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Government Vision and Nationwide Reach
Prime Minister Shehbaz Sharif highlighted that the programme will not be limited to Islamabad or any single region. It will extend to all four provinces, as well as Azad Jammu and Kashmir and Gilgit-Baltistan, ensuring nationwide coverage.
He also described the initiative as a continuation of earlier housing efforts and termed it a moral responsibility of the state to provide shelter to the underprivileged.
Oversight and Accountability Measures
The Prime Minister announced that he will personally review the progress of the scheme on a monthly basis to ensure transparency and timely implementation. He also appreciated the cooperation of the Finance Ministry and the State Bank in structuring the financial framework of the programme.
In addition, he issued a clear message to banks participating in the scheme, stating that institutions performing well in supporting public access to housing would be recognized nationally, while those showing negligence would face criticism.
Conclusion
The “Apna Ghar” housing programme represents one of Pakistan’s largest housing finance initiatives to date. If implemented effectively, it could significantly improve access to affordable housing while also contributing to broader economic activity and employment generation across the country.
