PM Apna Ghar Scheme: Who Is Eligible? SBP Reveals Loan Approval Numbers and Criteria

The Prime Minister’s Apna Ghar Scheme has received an overwhelming response, with more than 107,000 home loan applications submitted to banks since the launch of its online portal, according to the State Bank of Pakistan (SBP).

In a statement to business journalists in Karachi, the SBP officials announced that the government intends to release housing finance of Rs750 billion with the help of Apna Ghar Scheme to finance approximately 150,000 housing units by June 2027.

Currently, out of the 107,000 applications received, 27,000 have been approved, 13,000 rejected and over 67,000 applications are still being processed, SBP Executive Director G.M. Abbasi said.

The central bank also reported that about Rs26 billion has already been distributed, and the average size of the home loan per applicant has been Rs4.8 million.

PM Apna Ghar Scheme Eligibility Criteria

The State Bank said that applicants can avail of a home loan of up to Rs10 million through the scheme. But the property financed can not be more than 240 sq. yds. (10 marlas).

The scheme is only open to applicants who do not already own a house or residential plot in their name. The SBP also said the minimum salary limit and minimum income are not required; banks take into consideration the applicant’s income, expenses, repayment capacity and supporting documents in each case.

No Profession Barred from the Scheme

The SBP has denied reports of any occupation being listed on a “negative list”, saying no profession, including journalists, police, and government officials, has been added to the negative list. The scheme is available for all eligible applicants which fulfil the scheme conditions.

In addition, banks must take online applications and physical applications which will enable people from across Pakistan to apply to the bank.

Property Record Challenges

The central bank confirmed that a lot of applicants are having trouble securing properties that fit legal and documentation criteria. It also noted that land records were digitized in Punjab while in Sindh, Balochistan and Khyber Pakhtunkhwa, the process of digitization is still in its very initial stages, which is a challenge for banks and borrowers in the verification process.

The Prime Minister’s Apna Ghar Scheme is one of the major schemes in Pakistan which aim at promoting home ownership and providing finance to the first time home buyers.