Landmark housing programme

PRIME Minister Shehbaz Sharif on Thursday launched a landmark five-year, Rs3.2 trillion housing programme, aimed at funding the construction of 500,000 homes nationwide, with a vision to provide affordable shelter for low-income citizens, lacking the financial means to build their own houses. Addressing the launch ceremony of Wazir-e-Azam Apna Ghar Programme, he said that besides enabling people to own a house, the initiative will also act as a powerful economic multiplier to boost significant industrial growth and create jobs for a diverse workforce, ranging from manual laborers to engineers. Going by the fact that shelter is one of the fundamental needs of the families, this is, indeed, a significant programme that will enable about half a million families to realize their dream of a house of their own. Similar programmes were also launched by successive governments in the past with fanfare but they could not produce the desired results because of lack of proper homework and commitment. However, the present Government seems to have done the necessary spadework as the programme has been launched after consultation with all stakeholders and the Prime Minister not only pushed the button to inaugurate the scheme but also distribution cheques sanctioned by different banks. As housing finance has been a major hurdle in the way of home-building, the Prime Minister administered a stark warning to banks that his Government will not tolerate reluctance or negligence in smooth provision of funds for the purpose. Importantly, the programme was not confined to Islamabad as it would cater to the needs of all four provinces, Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (G-B). The programme featured a 20-year repayment timeline, with a 5% markup for the first ten years, after which the market rate would apply. This aspect needs to be reviewed as for those with low incomes, even the 5% is on the higher side and they will have to pay market rates after ten years at the cost of