KP to Give Interest-Free Loans for Housing
The Khyber Pakhtunkhwa government has introduced an interest-free loan scheme of up to Rs1.5 million for housing construction.
A memorandum of understanding (MoU) was signed today between the Khyber Pakhtunkhwa Housing Department and the Bank of Khyber under the Ehsaas Apna Ghar scheme, which aims to provide quality housing for low-income individuals. The signing ceremony took place at the Chief Minister’s House in Peshawar.
Under this initiative, interest-free loans of up to Rs1.5 million will be available for constructing new houses or renovating existing ones. The scheme, with an allocated budget of Rs4 billion, reflects the provincial government’s commitment to improving housing facilities, said Chief Minister Ali Amin Gandapur.
The loans will be repayable over seven years, with monthly installments capped at Rs18,000. The scheme will operate on a revolving fund system for the next seven years. However, applicants must own land to qualify for the loan.
CM Gandapur emphasized that the program will enhance the socio-economic well-being of the province’s residents. He directed authorities to ensure transparency throughout the loan disbursement process, ensuring that only deserving individuals benefit from the scheme.