ISLAMABAD: The government has reduced and standardised the property documents banks can require from applicants under the Prime Minister’s Apna Ghar Programme to make housing finance easier to obtain.
The Ministry of Housing and Works announced the changes on October 18, following directives from Prime Minister Shehbaz Sharif. The State Bank of Pakistan has since issued formal instructions to banks to implement the revised requirements, Dawn reported.
Applicants must now provide five mandatory documents: a transfer letter, a possession letter, a site plan, a mortgage permission letter, and mortgage registration documents. The framework applies to loans of up to Rs10 million.
The revised requirements cover a wide range of properties, including those in urban development authority schemes, housing societies, private housing schemes, DHA plots, houses and apartments, and cantonment and MEO leasehold properties. Rural revenue properties, government housing schemes and Evacuee Trust properties are also included.
Properties backed by a Punjab government Green Property Certificate, or an equivalent certificate issued by a competent authority in another province, may also qualify for financing. Since these certificates verify title, ownership and possession, holders will not be required to produce separate historical ancestral ownership records.
Banks reportedly asked applicants for extensive property documentation, which complicated and delayed loan applications. The new framework is intended to reduce paperwork, bring consistency to bank requirements and help first-time buyers purchase or construct homes.
The announcement does not cover markup rates, repayment terms, income criteria, down-payment requirements or a list of participating banks. The simplified documentation also does not exempt applicants from banks’ income, affordability and legal-title checks. Prospective borrowers should confirm exact requirements with their bank.
For more real estate news and special reports, visit Chakor.
Sources:
BBC-featured Content Specialist with a sharp eye for search intent and a proven ability to turn content into a growth engine. I leverage cutting-edge digital marketing tools to craft strategies that fuel organic traffic, amplify brand growth, and own the local SEO landscape, particularly across the competitive real estate market. I help brands dominate search rankings and convert visibility into measurable business success.
