Prime Minister Shehbaz Sharif launched this scheme specifically for citizens who find it difficult to build their own homes due to rising inflation. The government has allocated a substantial budget of Rs. 3.2 trillion for this initiative, aiming to construct a total of 500,000 affordable houses over the next five years. For the first year, a target of 50,000 houses has been set, with clear directives issued to banks to facilitate the process.
Loan Limits and Financial Benefits
Under this scheme, you can apply for a loan of up to Rs. 10 million (1 crore) from any participating bank. To ensure the monthly installments remain affordable, the repayment period has been extended to 20 years. Furthermore, the markup rate has been fixed at just 5% for the first 10 years, which is significantly lower than standard market rates.
Eligibility Criteria for Applicants
This loan is exclusively available to Pakistani citizens who are first-time home buyers or builders. Applicants must possess a valid CNIC issued by NADRA. The scheme is open to salaried individuals, small business owners, and professionals such as doctors and engineers. Additionally, a clean credit history (ECIB) is mandatory, meaning the applicant must not have defaulted on any previous bank loans.
Property Size and Construction Limits
To ensure the benefits reach those truly in need of affordable housing, specific property limits have been set. You can utilize the loan for a plot or house of up to 10 marlas. If you prefer purchasing an apartment or flat, the maximum covered area allowed is 1500 sq. ft. These boundaries help maintain the focus on low-to-middle-income housing.
Required Documentation Before starting your application, ensure you have the following documents ready:
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Copies of your CNIC and two recent passport-sized photographs.
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Proof of income (Salary slips or a Job Certificate).
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For business owners, an NTN certificate or bank statements from the last 2-3 years.
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Copies of recent utility bills (electricity, gas, or water).
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Original property documents (if you already own a plot or have selected a house).
Step-by-Step Application Process
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Select a Participating Bank: Visit the nearest branch of a major bank involved in the scheme, such as NBP, BOP, HBL, or Allied Bank.
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Obtain the Application Form: Request the “PM Apna Ghar Housing Finance Form” from the bank counter or download it from their official website.
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Fill in the Details: Provide accurate personal information, employment/business details, and the specific loan amount required.
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Submit Documents: Hand in the completed form along with all required attachments and make sure to receive a reference number for tracking.
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Verification Phase: The bank will verify your documents and the property, a process that typically takes between 4 to 8 weeks.
Online Application Availability
To make the process more accessible, many banks have introduced Online Portals. You can now start your application from the comfort of your home via the bank’s official website or mobile app. Simply navigate to the housing loan section and select the “Apply Online” option to begin the digital verification process.
