Prime Minister Shehbaz Sharif officially inaugurated a major five-year housing initiative on Thursday, allocating Rs3.2 trillion to support the construction of 500,000 affordable homes across Pakistan. The “Wazir-e-Azam Apna Ghar Programme” aims to provide low-income citizens with accessible homeownership opportunities.
Speaking at the launch event, the Prime Minister emphasized that the scheme not only facilitates housing for the underprivileged but also serves as a catalyst for industrial growth and employment generation, benefiting a wide range of workers from laborers to engineers. He described the program as deeply significant, highlighting its potential to rejuvenate the industrial and commercial sectors and foster economic prosperity. The initiative is the result of extensive planning and overcoming numerous challenges.
The ceremony was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Housing and Works Minister Mian Riaz Hussain Pirzada, federal ministers, banking officials, construction industry representatives, and beneficiaries of the program. PM Shehbaz underscored that providing shelter is a fundamental responsibility of any government, aimed at assisting those long deprived of homeownership security.
After formally launching the program and distributing loan cheques to beneficiaries, the Prime Minister noted that this initiative builds on the Ashiana housing scheme he introduced as Punjab’s Chief Minister. He assured that the program is nationwide, covering all four provinces as well as Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB).
Detailing the program’s framework, he revealed that the government plans to finance 50,000 homes in the first year with an allocation of Rs321 billion. Over five years, a total of 500,000 housing units will be supported through the Rs3.2 trillion fund. The scheme offers a 20-year repayment period with a 5% markup for the initial ten years, after which market rates will apply. Loans of up to Rs10 million will be available on favorable terms, allowing eligible applicants to build homes on plots up to 10 marlas.
PM Shehbaz expressed gratitude to Finance Minister Muhammad Aurangzeb and the State Bank Governor for their cooperation in finalizing the financing details. He also thanked Housing Minister Mian Riaz Hussain Pirzada and his team for their role in developing the program. The Prime Minister committed to personally monitoring the project’s progress monthly to resolve any issues and ensure timely disbursements.
Sending a strong message to the banking sector, he announced that banks actively supporting the housing scheme and serving the common people will be recognized with national awards on August 14. Conversely, those showing negligence toward the needs of the homeless should not expect favorable treatment from his administration.
