The State Bank of Pakistan (SBP) has prohibited employees of banks and other financial institutions from benefiting from the Prime Minister’s Apna Ghar housing finance scheme.
SBP has prohibited employees of commercial banks, development finance institutions and microfinance banks from applying for the scheme, also known as the Wazir e Azam Apna Ghar Program.
The central bank directed all banks, development finance institutions and microfinance banks to immediately inform their employees about the decision. The move also clarifies eligibility for financial institution employees who facilitate housing loans under the scheme for the public.
The government launched the PM Apna Ghar Program to support affordable housing finance for Pakistani citizens. The scheme provides profit subsidies and risk-sharing arrangements for the purchase of houses, apartments and plots, as well as construction of homes on land already owned by applicants.
The scheme covers housing units of up to 10 marla or flats measuring up to 1,500 square feet. The government has set a maximum financing limit of Rs. 10 million, with a fixed customer rate of 5 percent.
The repayment period can extend up to 20 years, with the government providing a markup subsidy for the first 10 years. The scheme also provides for no processing fees or penalties for early repayment.
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