ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday launched a landmark five-year, Rs3.2 trillion housing program, aimed at funding the construction of 500,000 homes nationwide, with a vision to provide affordable shelter for low-income citizens, lacking the financial means to build their own houses.

The prime minister, addressing the program’s launch ceremony of Wazir-e-Azam Apna Ghar Program, said that besides enabling people to own a house, the initiative will also act as a powerful economic multiplier to boost significant industrial growth and create jobs for a diverse workforce, ranging from manual laborers to engineers.

“No program is quite as dear to me as this, for it holds the promise of revitalizing our industrial and commercial sectors while paving the way for economic prosperity… This landmark program is the culmination of extensive deliberations and tireless effort, having successfully overcome a myriad of complex challenges,” the prime minister told the ceremony attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Housing and Works Minister Mian Riaz Hussain Pirzada, other federal ministers, banking professionals, representatives from the construction industry, and the beneficiaries of the program.

He described the “Apna Ghar” initiative as a sacred obligation of any government, intended to support the needy who have long been deprived of the security of homeownership.

Prime Minister Shehbaz, who earlier pushed the button to launch the initiative and distributed cheques of loans among the beneficiaries, sanctioned by different banks, said that the program was a reflection of Ashiana housing scheme he had launched while being Chief Minister of Punjab.

He told the gathering that the program was not confined to Islamabad as it would cater to the needs of all four provinces, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB).

Explaining the contours of the program, he said that for the first year, the government has set a target to fund 50,000 houses for which an amount of Rs321 billion had been earmarked. Over the five years, the government would finance 500,000 housing units supported by an allocation of Rs3.2 trillion.

He said that the program featured a 20-year repayment timeline, with a 5% markup for the first ten years, after which the market rate would apply.

Under the scheme, loans of up to Rs10 million will be available on easy terms. The eligible applicants will be able to construct houses over a land measuring up to 10 marlas.

Prime Minister Shehbaz extended his gratitude to the Finance Minister Muhammad Aurangzeb and the Governor of the State Bank for their cooperation in finalizing this financing, besides expressing gratitude to Housing Minister Mian Riaz Hussain Pirzada and his team for helping the formulation of the program.

He announced to personally review the project’s progress on a monthly basis to address any shortcomings and ensure timely payments.

In a clear message to the banking sector, he said that the banks leading the way in serving the common man through the housing program would be honored with national awards on August 14. However, those demonstrating laxity to the plight of the homeless should not expect “anything good” from him.

Earlier, in his address, Housing and Works Minister Mian Riaz Hussain Pirzada credited the relevant federal secretaries for their instrumental role in bringing this project to fruition.

He said that the initiative followed the formation of a dedicated task force and that a survey revealed a staggering shortage of 10 million housing units across the country.

Reflecting on the ministry’s efforts to align with the prime minister’s vision, the minister underscored the significance of implementing bold administrative reforms, including the winding up of the Public Works Department (PWD).

Reaffirming his commitment to the trust placed in him, he commended the country’s civil and military leadership, saying that the entire nation took pride in their contributions to the stability and progress of the state.