SBP, FDA join hands to fast-track housing finance under PM’s ‘Apna Ghar’ scheme

FAISALABAD, Jul 09 (APP): The State Bank of Pakistan (SBP) and the Faisalabad Development Authority (FDA) have agreed to strengthen coordination and speed up official procedures for applicants seeking housing finance under the Prime Minister’s “Apna Ghar” programme.

The decision was made during a meeting at the FDA Complex, chaired by FDA Director General Muhammad Asif Chaudhry and attended by SBP Chief Manager Fouzia Aslam, senior FDA officials and representatives of commercial banks.

Addressing the meeting, Fouzia Aslam said the low-cost housing initiative had received more than 76,000 applications nationwide over the past six months, with over 18,000 approved and financing disbursed to more than 3,000 successful applicants. Under the scheme, eligible applicants can obtain housing finance of up to Rs10 million at a subsidised markup rate of five per cent annually for up to 10 years to construct houses on plots of up to 10 marlas.

The participants reviewed administrative and procedural arrangements to ensure timely loan approvals and agreed to appoint dedicated focal persons from the SBP and FDA to improve communication and streamline implementation.

DG FDA Muhammad Asif Chaudhry assured full administrative support, saying all required formalities, including the issuance of No Objection Certificates (NOCs), would be completed on a priority basis to facilitate applicants. He said the housing initiative would help address the growing demand for affordable housing while boosting the construction sector, creating jobs and contributing to economic growth.