ISLAMABAD, Oct 18 (APP):The government has simplified property documentation requirements for banks under the Prime Minister’s Apna Ghar Programme, reducing the number of mandatory documents for housing finance to five to facilitate access to loans for prospective homeowners.
The State Bank of Pakistan (SBP) has issued formal instructions to banks in this regard on the directives of Prime Minister Muhammad Shehbaz Sharif, an official spokesperson for the Ministry of Housing and Works told APP.
Under the revised requirements, banks will require five essential property-related documents for housing finance under the scheme, including a transfer and possession letter, a site plan, a mortgage permission letter and registration of the mortgage.
The spokesperson said the measures aimed to simplify the loan application process, reduce procedural hurdles and improve access to housing finance for people seeking to build their own homes.
Previously, complaints had been received from applicants about banks demanding a large number of documents, creating delays and complications in obtaining housing loans.
She said the revised requirements would provide significant relief, particularly to first-time homebuilders, by making the loan application process more convenient and accessible.
Prime Minister’s Apna Ghar Programme is a nationwide housing finance initiative of the Ministry of Housing and Works, offering loans of up to Rs10 million for home construction.
Source: APP (Associated Press of Pakistan)
