GOVERNMENT OFFERS UP TO RS10 MILLION IN HOUSING FINANCING FOR FIRST-TIME HOMEBUYERS
ISLAMABAD: Owning a home could become easier for eligible Pakistani citizens under the Prime Minister’s “Apna Ghar – Ghar Ho To Apna” housing scheme, which offers financing of up to Rs10 million through private banks on affordable instalments.
Under the scheme, eligible applicants can obtain financing to purchase or construct their first residential property, subject to the applicable terms and eligibility criteria.
WHO IS ELIGIBLE?
The scheme is available to Pakistani citizens holding a valid CNIC who are looking to purchase or build their first home. Applicants must not already own a residential property in their name.
HOW CAN THE FINANCING BE USED?
The financing can be used to:
- Purchase a newly constructed house or apartment
- Construct a house on an already-owned plot
- Purchase a plot and construct a house
Eligible houses can measure up to 10 marla or 2,720 square feet, while flats and apartments can have an area of up to 1,500 square feet.
FINANCING AND REPAYMENT PERIOD
The scheme provides financing of up to Rs10 million, with a maximum repayment period of 20 years. According to the provided scheme details, the government will provide a markup subsidy during the first 10 years.
The financing-to-value ratio is 90:10, meaning the applicant contributes 10% of the property value as equity while the bank finances the remaining 90%.
MONTHLY INSTALLMENT ON RS4 MILLION LOAN
For a Rs4 million loan, the monthly installment varies according to the repayment period:
- 20 years: Rs26,398 per month
- 15 years: Rs31,632 per month
- 10 years: Rs42,426 per month
The scheme is aimed at helping first-time homeowners by providing longer repayment periods and subsidized financing, potentially making home ownership more accessible for eligible citizens.
