Punjab Chief Minister Maryam Nawaz has inaugurated ‘Apni Chhat, Apna Ghar’ project to provide interest-free loans to people to enable them to construct their homes.
Those having one to five-marla land in urban areas and one to 10-marla land in rural areas are eligible to get Rs 1.5 million loan without interest.
The beneficiaries will pay back the loan in seven years with Rs 14,000 monthly installment. The installment payment is exempt in the first three months.
The government will also provide loans to buy land.
This project is being launched in six large districts of Punjab.
Moreover, the government will pay the service charges and banks are not involved in this housing scheme.
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The Chief Minister of Punjab, Maryam Nawaz Sharif, has given orders to not collect service charges from those who get loaned for acquiring a plot under the scheme.
Citizens can apply for this project online and call the helpline number 080009100 for any information. The Punjab Information Technology Board will allow a portal for online application submission.
Provincial Housing Secretary Asadullah Khan claimed that during briefing the meeting participants, the application form for the program could be obtained from the offices of the Deputy Commissioners and Assistant Commissioners.
Furthermore, owners of plots measuring 1 to 5 Marla can get interest-free loans for building houses. The house owners will be given the facility to pay their loans in soft installments. They have the right to pay the loans in monthly installments. The PC-1 for building triple-story apartments on state land has been approved and a feasibility study on this concern will be conducted soon.
This new Loan Initiative for homes will pose various positive impacts in Punjab, and some of them are mentioned below.
First, it will improve the economy by constructing new homes and apartments, and it will create jobs in manufacturing and related industries, which will help boost local businesses and services.
Secondly, it will increase urban development, and triple-story apartments on state land will help to organize urban expansion, promote planned city growth, and minimize informal settlements.
Thirdly, it will increase home ownership by giving them interest-free loans and soft installment plans. People will be capable of affording and owning their homes, which will lead to higher homeownership rates, and resultantly improve the overall living standards of the people.
Fourthly, it will provide financial relief in the absence of service charges, and interest-free loans will help to minimize the financial burden on individuals and families who are looking for homes.
Fifthly, it will enhance accessibility by the introduction of a toll-free number, and the presence of an online application portal will allow the application process to work better and easily, and it will be more accessible to the people for a broader audience.
Sixthly, it will provide affordable housing and will improve social stability. Likewise, It will reduce issues related to inadequate housing conditions and overcrowding, which will result in boosting a sense of community and security among the people where they live.