ISLAMABAD: The State Bank of Pakistan (SBP) has rolled out the “Mera Ghar Mera Aashiyana” scheme, aimed at making housing finance accessible for first-time buyers. The program allows individuals to purchase or build houses, flats, and plots with long-term, subsidised loans.
Under the initiative, eligible borrowers can access financing between Rs2 million and Rs3.5 million, with a tenure of up to 20 years. For the first 10 years, a subsidy will reduce the cost of borrowing, after which market rates will apply. Loans of up to Rs2 million will carry a 5% interest rate, while loans up to Rs3.5 million will be offered at 8%. Loan processing fees have also been waived.
All conventional and Islamic banks, microfinance institutions, and the House Building Finance Corporation (HBFC) will extend financing under this scheme. The loans will be priced at KIBOR plus 3%, ensuring affordability while encouraging participation from the banking sector.
The initiative builds on the earlier decision of the Economic Coordination Committee (ECC), which approved a Rs72 billion subsidy to support 50,000 housing units in the ongoing fiscal year. The scheme specifically targets individuals who do not already own property, offering them a chance to secure affordable housing finance with state-backed support.
Officials said the move reflects the government’s commitment to expanding homeownership opportunities and easing the housing shortage, particularly for low- and middle-income families.
