The programme is part of the government’s vision to provide affordable shelter to low-income citizens, lacking the financial means to build their own houses.

Speaking at the launch ceremony of the programme titled ‘Wazir-e-Azam Apna Ghar Programme’, the prime minister 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 labourers to engineers.

“No programme is quite as dear to me as this, for it holds the promise of revitalising our industrial and commercial sectors while paving the way for economic prosperity… This landmark programme is the culmination of extensive deliberations and tireless effort, having successfully overcome a myriad of complex challenges,” the prime minister said.

The ceremony was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Housing and Works Minister Riaz Hussain Pirzada, other federal ministers, banking professionals, representatives from the construction industry, and beneficiaries of the programme.

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 programme was a reflection of the Ashiana housing scheme he had launched while being Chief Minister of Punjab.

He told the gathering that the programme 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 various aspects of the programme, 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 programme featured a 20-year repayment timeline, with a 5% markup for the first ten years, after which the market rate would apply.

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

He announced that he would 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 programme would be honoured with national awards on August 14.

However, those demonstrating laxity to the plight of the homeless should not expect “anything good” from him.