Islamabad (Lord Media): Acquiring loans under the Apna Ghar Program has become easier with the introduction of a new financing scheme. The Securities and Exchange Commission of Pakistan (SECP) has included non-banking companies, opening new opportunities for housing finance. The federal government has approved the inclusion of non-banking finance companies in this scheme, allowing them to provide loans up to 10 million rupees.
SECP has launched a new framework enabling citizens without traditional bank accounts to obtain housing finance on easy terms. Microfinance companies are authorized to offer loans up to 5 million rupees under the Apna Ghar scheme, with an initial profit rate of just 5% for the first 10 years.
SECP clarified that the network of non-banking finance companies extends to digital and remote underprivileged areas, directly benefiting the general public. These companies will also collaborate with banks and other financial institutions to provide loans, enhancing financial inclusion in the housing sector.
