Islamabad (HRNW)- It has become easier to obtain financing under the Prime Minister’s Apna Ghar housing scheme after the Securities and Exchange Commission of Pakistan (SECP) introduced reforms to expand access to housing finance.
The SECP has opened new opportunities for home financing by including non-banking finance companies (NBFCs) in the Prime Minister’s Apna Ghar program.
The federal government has formally approved the inclusion of non-banking finance companies in the scheme. According to the SECP, non-banking housing finance and investment finance companies will now be able to provide housing loans of up to Rs10 million.
Following this decision, a new framework for housing finance has also been issued.
According to the SECP, citizens who do not have traditional bank accounts will now be able to access housing finance on easier terms.
Microfinance companies will also be allowed to provide loans of up to Rs5 million under the Apna Ghar scheme. The loans will be available at a 5% markup for the first 10 years, making home ownership more affordable for eligible applicants.
The SECP stated that the extensive network of NBFCs, including their presence in digital and remote underserved areas, will help extend housing finance to more people. These companies will also be able to provide loans in collaboration with banks and other financial institutions, further promoting financial inclusion in Pakistan’s housing sector.
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