ISLAMABAD (Kashmir English): A major facilitation has been introduced for citizens seeking housing loans to build homes under the ‘Prime Minister Apna Ghar Program‘.
The number of documents required for a loan has been reduced to five, a move aimed at simplifying and accelerating the loan acquisition process from banks.
According to a spokesperson for the Ministry of Housing and Works, instructions have been issued to banks to limit and standardize the documentation required for housing finance, thereby sparing applicants from unnecessary paperwork.
As per the announcement, the five mandatory documents for a housing loan include the Transfer Letter, Possession Letter, Building Plan (Map), Letter of Permission to Mortgage, and the Mortgage Registration. Banks will be able to process housing finance applications based on these documents.
The spokesperson for the Ministry of Housing and Works stated that the ‘Prime Minister Apna Ghar Program’ is a significant housing finance initiative currently underway across the country. Under this scheme, the Government of Pakistan is, for the first time, providing citizens with loans of up to 10 million rupees (1 crore) for the construction of homes.
The Ministry noted that reducing the number of required documents and standardizing the procedure will make it relatively easier for applicants to secure loans. This measure is also expected to assist banks in improving the scrutiny and processing of applications.
This development serves as a significant step forward for individuals wishing to build their own homes, as the paperwork involved in obtaining a loan often presents a major challenge.
