ISLAMABAD, Oct 18: The federal government has reduced the number of property documents required to obtain housing loans under the Prime Minister’s Apna Ghar Programme to five, following directives from Prime Minister Shehbaz Sharif.
The Ministry of Housing and Works said the State Bank of Pakistan (SBP) had issued formal instructions to banks to simplify documentation requirements for applicants seeking housing finance under the government-backed scheme.
Ministry officials told the Associated Press of Pakistan (APP) that the programme offers loans of up to Rs10 million to eligible applicants seeking to construct their first home.
Under the revised requirements, banks will seek only five essential property documents, including the transfer letter, possession letter, site plan, permission to mortgage and mortgage registration.
Officials said the documentation requirements had been standardised to simplify the loan application process and improve access to housing finance.
The ministry explained that the changes followed complaints from applicants about banks demanding excessive paperwork, creating difficulties and delays in obtaining loans.
According to officials, the revised procedure is intended to remove unnecessary documentation requirements and make financing more accessible to people seeking to build their first homes.
The ministry said the changes would particularly benefit first-time housing loan applicants by reducing procedural complications and facilitating access to financial assistance under the Prime Minister’s Apna Ghar Programme.