The Chief Minister of Punjab, Maryam Nawaz Sharif, has announced a groundbreaking initiative under the “Apni Chhat, Apna Ghar” (ACAG) scheme, aimed at providing affordable housing to low-income families in Punjab. This scheme is the first of its kind in Pakistan, offering interest-free loans to help families build their own homes. With a minimum of Rs. 1 million allocated to each family, this initiative is set to change the lives of countless individuals who dream of owning a home.
Key Features of the ACAG Scheme
Maryam Nawaz Sharif highlighted several key features of the ACAG scheme:
- Interest-Free Loans: The scheme offers interest-free loans for home development, making it easier for low-income families to afford housing.
- Three-Phase Introduction: The project will be rolled out in three phases, ensuring a gradual and effective implementation.
- Rural and Urban Benefits: Residents in rural areas can apply for loans up to Rs. 1.5 million for plots up to 10 marlas, while urban residents can apply for loans for plots up to 5 marlas.
- Monthly Repayments: The scheme includes easy monthly repayments of about Rs. 14,000, making it manageable for families.
- Government Subsidies: Up to Rs. 1 million in government subsidies will be provided for homes in private housing programs.
- Sustainable Housing: The scheme promotes the construction of environmentally friendly and sustainable homes.
Phased Implementation of the ACAG Scheme
The ACAG scheme will be introduced in three phases:
Phase 1: Loan Distribution in Rural and Urban Areas
- Rural Areas: Residents can apply for loans up to Rs. 1.5 million for plots up to 10 marlas.
- Urban Areas: Loans for plots up to 5 marlas will be available, with a focus on ensuring that even urban dwellers have access to affordable housing.
Phase 2: Construction of Apartments in Major Cities
- Government Land: Four-story apartments will be built on government land in major cities.
- Easy Installment Plans: These apartments will be distributed through a lottery system with easy installment plans.
Also Read: How To Increase Chances for Apni Chhat Apna Ghar Loan Scheme?
Phase 3: Private Housing Programs
- Three to Five Marla Homes: Available through private housing programs, with significant government subsidies.
- Five-Year Payment Plan: Families can become homeowners by completing final installment payments over five years.
Collaboration with Akhuwat Chairman
Maryam Nawaz Sharif recently met with Dr. Amjad Saqib, the Founder and Chairman of Akhuwat and former Chairperson of the 8171 BISP. During their meeting, they discussed the progress and future plans for the ACAG scheme. Dr. Saqib praised the Chief Minister for launching such a significant initiative in a short period, emphasizing the scheme’s potential to provide homes for those who could not otherwise afford one.
Government’s Commitment to Affordable Housing
Maryam Nawaz Sharif reiterated the government’s commitment to making homeownership a reality for low-income families. The ACAG scheme is not just about providing homes; it’s about ensuring that these homes are affordable, sustainable, and accessible to everyone. By offering interest-free loans and government subsidies, the scheme aims to reduce the financial burden on families and encourage the construction of environmentally friendly dwellings.
Expected Impact of the ACAG Scheme
The launch of the ACAG scheme is expected to have a profound impact on Punjab’s housing sector:
- Job Creation: The construction of new homes will create employment opportunities for millions of people.
- Improved Living Standards: Countless families will benefit from having a safe and secure place to live.
- Economic Growth: The scheme will stimulate economic activity in the construction and housing sectors.
Conclusion
The ACAG scheme, with its focus on providing interest-free loans and government subsidies, is a significant step towards addressing the housing needs of low-income families in Punjab. Under the leadership of Chief Minister Maryam Nawaz Sharif, the scheme promises to make homeownership a reality for many and contribute to the overall development of the region.