In a landmark development, Punjab Chief Minister Maryam Nawaz, alongside PML-N President Nawaz Sharif, officially commenced the disbursement of the first interest-free loan installment under the Apni Chat Apna Ghar scheme. The project aims to provide affordable housing for the residents of Punjab.
The event took place at the Expo Center Lahore auditorium, where a large number of government officials, loan recipients, and the public were present. Both Nawaz Sharif and Maryam Nawaz handed over cheques to male and female beneficiaries of the scheme.
Key Highlights of the Event
During her speech, CM Maryam Nawaz emphasized that the project is her father’s vision, with the Punjab government allocating Rs700 billion for it. She reiterated that the government dedicated to public service and launched this housing initiative within one and a half months of its announcement.
She shared that the Apni Chat Apna Ghar scheme received over 500,000 applications, and the loans will issued based on district populations over a span of five years. The CM highlighted that instead of the government building homes, the provision of interest-free loans will make the process smoother and faster for residents.
Loan Application Process
The loan application process has been simplified, requiring applicants to submit only their CNIC and property documents. Loans will disbursed purely on merit, with plans to issue loans for 100,000 homes in the first year alone.
Loan Details
- Zero Interest: The loans are interest-free, allowing applicants to repay without financial stress.
- Repayment Period: Beneficiaries will have nine years to repay the loan.
- Loan Installments: CM Maryam Nawaz ensured that monthly installments will not exceed Rs15,000, to minimize the financial burden on families.
- No Repayments for Three Months: For the first three months, no repayments will required, giving recipients time to settle into their new homes.
- Two Installment Disbursements: The loans will now disbursed in two installments instead of four.
Monthly Draw for Loan Recipients
To ensure fairness, there will be a monthly draw to select loan recipients. Applicants can easily apply for the scheme online or by visiting the offices of the Deputy Commissioner or Assistant Commissioner for further information.
The Apni Chat Apna Ghar initiative marks a significant step in the Punjab government’s efforts to address housing challenges in the province, ensuring access to affordable homes for all.
