ISLAMABAD: More than 50,000 applications worth Rs313.4 billion ($1.1 billion) have been approved under Prime Minister Shehbaz Sharif’s “Apna Ghar” housing scheme, the PM Office said on Wednesday.

Pakistan in April unveiled a multi-trillion-rupee housing scheme to build up to 500,000 homes over four years. The initiative includes subsidized loans and an initial allocation of Rs321 billion ($1.15 billion) for 50,000 homes in its first year.

Sharif chaired a review meeting on the access-to-finance plan for 2026-28 to assess progress on financing and development under the scheme.

“So far, 147,504 applications have been received under the Prime Minister’s Apna Ghar Scheme, out of which 53,127 applications have been approved,” the PM Office said in a statement.

“The total value of applications approved under the Prime Minister’s Apna Ghar Scheme is Rs 313.42 billion, while Rs45.43 billion loans have been provided to 8,739 applicants.”

The meeting was informed that a system was being developed to identify plots across the country that meet mortgage eligibility criteria.

The statement said an effective mechanism would also be developed to involve leading housing developers in the process.

Sharif was quoted as saying that the government would encourage banks to play a full role in providing loans, adding that ensuring affordable housing for low- and middle-income people was a priority.

He also directed chief secretaries to conduct a comprehensive survey of properties that meet the criteria for bank financing, enabling people seeking to own homes under the scheme to access loans.

According to the government, the scheme would facilitate low- and middle-income households through concessional financing, with loans of up to Rs10 million ($35,700) at a five percent markup for the first 10 years.

The government aims to scale up the program, with total financing projected at Rs3.2 trillion ($11.5 billion) over the four-year period, targeting housing units of up to 10 marla across all provinces, as well as Gilgit-Baltistan and Azad Kashmir.

The push comes as Pakistan’s economy shows signs of stabilization after sharp subsidy cuts and tax reforms, while growth remains subdued and households continue to face high costs of living.