ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday launched the “PM Apna Ghar Programme” under which housing loans of Rs10 million will be given on easy instalments.

The scheme will be implemented in the federal capital, all four provinces, as well as Gilgit-Baltistan and Azad Jammu and Kashmir.

Addressing the launch ceremony in Islamabad, PM Shehbaz said a total of 500,000 housing units will be constructed under the programme, supported by a total allocation of Rs3.2 trillion.

The loans are to be returned in 20 years, he said. During the first 10 years, the markup on the loan will be 5 per cent, while in the next 10 years it will be charged at the market rate at the time.

The premier 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. Under the scheme, a maximum of 10 marla housing units will be allowed to be built.

PM Shehbaz said he would personally review the programme’s progress on a monthly basis to address any shortcomings and ensure timely payments.

Besides the new housing programme, under the PM Fuel Package 2026, Rs1.2bn has been disbursed digitally to over 32,000 beneficiaries, including operators of buses, trucks, long-haul vehicles, and delivery vans. The initiative aims to provide relief amid rising fuel costs.

Meanwhile, the European Investment Bank’s international development arm, EIB Global, is committing a total of €160m to help Pakistan rebuild homes in Sindh and to improve water quality in Karachi – the country’s largest city.