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The government of Khyber Pakhtunkhwa has launched an interest-free loan initiative offering up to Rs1.5 million for the purpose of housing construction.
A memorandum of understanding (MoU) was executed today between the Khyber Pakhtunkhwa Housing Department and the Bank of Khyber as part of the Ehsaas Apna Ghar scheme, which is designed to facilitate quality housing for individuals with low incomes.
The signing ceremony was held at the Chief Minister’s House in Peshawar.
This initiative will provide interest-free loans of up to Rs1.5 million for the construction of new homes or the renovation of existing properties.
With a budget allocation of Rs4 billion, this scheme underscores the provincial government’s dedication to enhancing housing facilities, as stated by Chief Minister Ali Amin Gandapur.
The loans are to be repaid over a period of seven years, with monthly payments limited to Rs18,000. The scheme will function on a revolving fund basis for the next seven years. It is important to note that applicants must possess land to be eligible for the loan.
Chief Minister Gandapur highlighted that this program aims to improve the socio-economic conditions of the province’s residents.
He instructed relevant authorities to maintain transparency throughout the loan distribution process, ensuring that only eligible individuals benefit from the initiative.
