PM launches Rs3.2tr housing programme to build 500,000 homes

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday launched a five-year Rs3.2 trillion housing initiative aimed at financing the construction of 500,000 homes across the country to provide affordable housing for low-income citizens.

Addressing the launch ceremony of the “Wazir-e-Azam Apna Ghar Program”, the premier said the initiative would not only enable homeownership but also serve as a major driver of economic growth by stimulating industrial activity and generating employment.

“No program is quite as dear to me as this… it holds the promise of revitalising our industrial and commercial sectors,” he said, terming the scheme a “sacred obligation” to support citizens deprived of secure housing.

The event was attended by senior officials including Ishaq Dar, Mian Riaz Hussain Pirzada, banking representatives, and members of the construction sector. The prime minister also distributed loan cheques among selected beneficiaries.

Under the programme, the government has set a first-year target of financing 50,000 houses with an allocation of Rs321 billion. Over five years, a total of 500,000 housing units will be supported.

The scheme offers loans of up to Rs10 million on easy terms, with a 20-year repayment period. Borrowers will pay a 5% markup for the first ten years, after which market rates will apply. Eligible applicants will be able to construct homes on plots of up to 10 marlas.

Prime Minister Shehbaz said the programme would cover all provinces as well as Azad Jammu and Kashmir and Gilgit-Baltistan. He also pledged to personally review progress on a monthly basis to ensure transparency and timely execution.

Read More: Hyderabad Kingsmen knock out Multan Sultans in PSL 11 Eliminator

He thanked Muhammad Aurangzeb and the State Bank leadership for their support in finalising the financing framework.

The prime minister also urged banks to actively participate, warning that institutions showing negligence toward public welfare would face consequences, while those performing well would be honoured with national awards on Independence Day of Pakistan.

Speaking on the occasion, Housing Minister Mian Riaz Hussain Pirzada highlighted that Pakistan faces a shortage of around 10 million housing units, underlining the urgency of such initiatives.