In response to a record number of applications for interest-free housing loans, the Punjab government has increased its quota for the current financial year under the flagship Apni Chhat Apna Ghar (ACAG) Scheme to Rs 1.4 billion.The Punjab government has doubled its target for interest-free housing loans under the flagship Apni Chhat Apna Ghar (ACAG) Scheme in the on-going financial year following a record number of applications.
The development was shared at a meeting, chaired by Cabinet Minister for Housing and Urban Development Bilal Yasin, on Monday.
Over Rs. 243 Billion Loans Disbursed
The Punjab government has already disbursed over Rs. 200 million of state funds to this project, officials told the meeting. Interest-free home loans of 243 billion under the ACAG program.
Key progress shared during the meeting includes:
- Over 200,000 loans approved
- Rs. 243 billion+ loans disbursed
- 114,237 houses completed
- 45,254 houses currently under construction
Loan Target Doubled After Record Applications
The government has doubled the benchmark for loan disbursement for the current financial year as per the directions of Punjab Chief Minister Maryam Nawaz Sharif.
This was because of growing demand for the housing scheme.
Pending Payments to Be Released
Minister Bilal Yasin directed authorities to immediately release pending payments under the ACAG program.
He also directed an enhancement of the monitoring system and assured that complaints on unnecessary delays in disbursing loans will be resolved immediately.
PITB Asked to Improve Complaint Resolution
The Punjab Information Technology Board (PITB) has been instructed to improve coordination with the concerned stakeholders to resolve complaints in a timely manner.
The primary purpose of the program is to provide interest free financing to enable deserving families to build their homes and receive safe and secure housing, the government said.
The Apni Chhat Apna Ghar Scheme is still among one of the most significant housing schemes in Punjab to provide assistance to families that are not able to raise a home on their own using normal loans.
