ISLAMABAD: The State Bank of Pakistan (SBP) has clarified that employees of banks and other financial institutions are not eligible to benefit from the government’s Wazir-e-Azam Apna Ghar Program – Ghar Ho To Apna, a subsidised housing finance initiative designed to improve access to affordable home financing.
The restriction applies to employees of commercial banks, development finance institutions, and microfinance banks. SBP has directed the relevant financial institutions to inform their employees about the eligibility requirement.
Restriction Applies to Financial Institution Employees
The clarification affects staff working for institutions that participate in providing housing finance under the programme.
While these employees may be involved in processing or facilitating housing loans for eligible members of the public, they themselves cannot use the scheme’s subsidised financing facility under the stated eligibility rules.
The measure provides greater clarity for banks and their employees regarding who can apply for the government-backed housing programme.
Programme Supports Affordable Housing
The Apna Ghar programme was introduced to make housing finance more accessible to eligible Pakistani citizens through government-supported profit subsidies and risk-sharing arrangements.
Financing can be used for purchasing a house or apartment, purchasing a plot and constructing a house, or constructing a home on land already owned by the applicant.
Financing Limit and Housing Criteria
Under the programme, eligible housing units can be up to 10 marla, while apartments can have a maximum covered area of 1,500 square feet.
The maximum financing amount is Rs10 million, with the customer rate fixed at 5% under the programme’s current structure.
The repayment period can extend to 20 years, while the government provides a markup subsidy for the first 10 years.
No Processing or Early Repayment Charges
The scheme also provides for no processing fees and does not impose penalties for early repayment, subject to the programme’s applicable terms and conditions.
For prospective applicants, eligibility remains subject to the programme’s requirements and the participating bank’s financing and documentation procedures.
The latest SBP clarification specifically affects employees of financial institutions and does not remove the broader housing finance facility available to other eligible applicants under the government programme.
