ISLAMABAD: Pakistan’s largest Islamic lender Meezan Bank on Thursday said it had crossed Rs1 billion ($3.6 million) in government house financing disbursements under Prime Minister Shehbaz Sharif’s housing program.
Sharif unveiled a multi-trillion-rupee housing scheme in April aimed at building up to 500,000 homes over four years. The initiative includes subsidized loans and an initial allocation of Rs321 billion ($1.15 billion) for 50,000 homes in its first year.
Under the scheme, the government will facilitate low- and middle-income households through concessional financing, with loans of up to Rs10 million ($35,700) at a five percent markup for the first 10 years.
“Meezan Bank’s Easy Home Housing Finance has achieved a significant milestone under the Prime Minister’s Apna Ghar Housing Finance Program – ‘Ghar Ho Tu Apna’, surpassing PKR 1 billion in housing finance disbursements since the launch of the initiative,” the bank said in a statement.
It added that the bank was offering housing finance facilities through its 350 branches nationwide, with a particular focus on lower-income and salaried customers.
The statement said the initiative reflected Meezan Bank’s commitment to supporting the government’s housing agenda and the State Bank of Pakistan’s vision of promoting affordable homeownership among underserved segments of society.
Pakistan’s government aims to scale up the program, with total financing projected at Rs3.2 trillion ($11.5 billion) over the four-year period, targeting housing units of up to 10 Marla across all provinces, as well as Gilgit-Baltistan and Azad Kashmir.
Pakistan faces a growing shortage of affordable housing for middle- and low-income families. Rising property prices, construction costs, and limited access to financing have reduced homeownership opportunities.
Many low-income households live in informal settlements or overcrowded housing due to limited access to affordable financing and housing schemes. For the middle class, increasing property prices and high mortgage costs have reduced affordability.
