LAHORE – Punjab Chief Minister Maryam Nawaz and PML-N President Nawaz Sharif formally started the disbursement of first installment of interest-free loans to eligible applicants under the Apni Chat Apna Ghar scheme.
The event for cheque distribution was held at Expo Center Lahore auditorium. A large number of high-ranking government officials, loan recipients, and the public attended the event. Nawaz Sharif and Maryam Nawaz distributed cheque among both men and women receiving loans.
Speaking on the occasion, CM Maryam said the project was the brainchild of her father, adding that Rs700 billion had been allocated for it. Saying the provincial government believes in serving people, she said the housing project was started within justice one and a half months of the announcement.
She revealed that the government received 500,000 applications, adding that loans will be issued to residents of each district on the basis of the population over five years.
He further explained that if the government were to build these houses itself, many issues could arise. The loan application process has been made very easy, she said, adding that the applicants are required to provide just ID card and property documents.
Loans will be granted purely on merit, and in the first year, the government plan to issue loans for 100,000 homes, she said. The repayment period is nine years, and there is zero interest.
She firmly instructed that the loan installment should not exceed 15,000 rupees, as the government wants to minimize the financial burden on people.
She also mentioned that there will be a monthly draw to select loan recipients, explaining that the loans will now be distributed in two installments instead of four.
For the first three months, no repayments will be required. Anyone can apply online or visit the offices of the Deputy Commissioner or Assistant Commissioner for information.
