Khyber Pakhtunkhwa to provide interest-free loans for housing

PESHAWAR: The Khyber Pakhtunkhwa government has announced interest-free loans of up to Rs1.5 million for construction of houses.

A memorandum of understanding (MoU) was signed today in the regard. The signing ceremony was held at the Chief Minister’s House in Peshawar. Khyber Pakhtunkhwa Housing Department and Bank of Khyber signed the MoU under the Ehsaas Apna Ghar scheme, aimed at providing quality housing to low-income people.

Under the new scheme, interest-free loans of up to Rs1.5 million will be given to low-income people for construction of a new house or renovation of an existing house. This scheme will cost Rs4 billion, said Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur. He said that providing quality housing facilities to the people is one of the priorities of the provincial government.

A seven-year schedule has been proposed for repayment of these loans, with monthly installments capped at Rs18,000. The scheme will continue for the next seven years under the revolving funds system. To get a loan under this scheme, however, it is necessary to have your own land.

CM Gandapur said that the implementation of this program will help in improving socio-economic conditions of the people in the province. While directing to ensure transparency in all aspects in the process of providing interest-free loans under the scheme, the chief minister said that it should be ensured that these loans are given only to the deserving people.

Also read: Gandapur commends sacrifices of armed forces in war against terrorism