KP introduces interest-free house loan scheme

The government of Khyber Pakhtunkhwa (KP) on Wednesday launched interest-free house loan scheme to low-income class.

Not only masses would be able to construct their houses as well as they can also avail it for renovation purpose.

Under this scheme, individuals with low incomes will receive interest-free loans of up to Rs1.5 million rupees for constructing a new house.

In this regards, a memorandum of understanding (MoU) was also signed between the Housing Department and the Bank of Khyber for the implementation of the Ehsaas Apna Ghar Scheme.

KP Chief Minister Ali Amin Gandapur was the chief guest of the ceremony.

The Ehsaas Apna Ghar Scheme will cost 4 billion rupees. The repayment of the loans will follow an easy schedule spanning seven years, with a maximum monthly installment of 18,000 rupees.

The scheme will continue under a revolving funds system for the next seven years. To be eligible for the loan, individuals must own land.