LAHORE – Punjab Chief Minister Maryam Nawaz has approved the provision of housing loans to citizens of the provinces on the basis of plot ownership documents and identity card.
The development marks first of its kind initiative launched by the Punjab government to help people construct their homes.
The chief minister grant the approval for the Apni Chat Apna Ghar project during a cabinet meeting where two other projects related to green tractor scheme and children heart surgery programme were also approved.
The provincial cabinet also approved an increase in fine amount and jail sentence in crimes related to illegal weapons and kite flying.
The meeting highlighted that it is for the first time in a Pakistan that citizens will be provided housing loans by the government on the basis of the plot documents and ID card.
Under the scheme, citizens of Punjab will be able to get a loan of Rs1.5 million for the period of nine years. The per month installment for repayment of loan has been fixed at Rs14,000 while no additional charges will be received from people.
The chief minister also approved the scheme for provision of 9,500 tractors at subsidized rates to farmers.
The government will provide a subsidy of Rs1 million on purchase of the tractor. The project will start on September 20 while draw will be held on October 20.
