15 Lakh Loan Scheme
Punjab Chief Minister Maryam Nawaz Sharif is providing a 15 Lakh loan scheme, through which the Punjab government is providing financial assistance to people who have land but do not have the capital to build a house.
Under this scheme, such people are provided with an interest-free loan of Rs 15 Lakh so that they can build their houses. This loan is interest-free and the Punjab government says that no additional amount will be charged to the people for this loan. The Punjab government wants to ensure that every family in the province of Punjab has its own personal house so that no one faces difficulty in living.
If you also do not have your own house to live in, then you can take advantage of this scheme of the Punjab government and fulfill your dream of building a house by getting a loan of Rs 15 Lakh. One of the features of this loan is that you can repay it in installments within seven years. This loan can be easily repaid by paying Rs 14,000 every month.
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Current Updates About the 15 Lakh Loan Scheme
The Punjab government has announced that more than 9,000 people across the province have been provided interest-free loans worth more than Rs. 8.5 billion. A unique record of microfinance loans worth Rs. 8.5 billion has been set in a short period of a few months.
More than 400,000 applications have been received on the portal of the “15 Lakh Loan Scheme”, and loans have been issued to 5,000 people in Phase I. The construction of another 5,000 houses is in full swing.
Construction of houses through 3,000 loans has started in Phase II. The applications received on the portal are being examined by three impartial microfinance institutions. The Punjab government aims to construct 100,000 houses within a year and increase this number to 500,000 in the next five years.
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Punjab Chief Minister Maryam Nawaz Sharif has said that a target of 20,000 houses has been set in Punjab in February, and the Punjab government is determined to complete this target on time.
The development of 35 housing schemes and 2807 plots is underway in 22 districts of Punjab. The development of 9 housing schemes and 1119 plots in 7 districts is being completed rapidly.
The Punjab government has also announced that the second installment of loans has been provided to 2050 people for the construction of houses. Currently, 4841 houses are under construction under the “Apni Chhat Apna Ghar” program.
Who is Eligible for the 15 Lakh Loan Scheme?
If you want to know who is eligible for the “15 Lakh Loan Scheme”, then according to the Punjab government, only those people will be eligible who:
- You must be a permanent residents of Punjab.
- Do not have their own house to live in.
- You must be 18 years of age and married.
- Own five marla urban or ten marlas rural land.
- Have not taken a loan from any other government or private institution.
- You have not had any criminal record.
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Easy Registration Process of 15 Lakh Loan Scheme
For registration, the Punjab government has introduced the ACAG Punjab Government Portal. Here you can complete your registration by following these steps:
- Visit the portal and create an account with your phone number, CNIC number, full name, gender, mobile number, address, and password.
- After successfully registering the account, log in.
- Accept the eligibility criteria.
- Enter all your information correctly and comprehensively in the provided form.
- Upload your documents like front and back side photos of CNIC, and original photos of property proof.
- After submitting the application, the Punjab government will select the eligible families through a draw.
The first installment of the loan will be provided to the successful applicants on the due date. As you build your house, more loan amounts will be released.
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Frequently Ask Questions (FAQs)
What is the 15 Lakh Loan Scheme by CM Punjab?
The 15 Lakh Loan Scheme is an initiative by Chief Minister Punjab Maryam Nawaz Sharif to provide interest-free loans of Rs 15 Lakh to people in Punjab who own land but lack capital to build a house.
How can I repay the loan?
The loan is repayable in monthly installments of Rs 14,000 over seven years.
How will the loan be distributed?
The eligible families will be selected through balloting. Successful applicants will receive the loan amount in installments as the construction progresses.
What is the government’s target for the housing scheme?
The Punjab government aims to construct 1 lakh houses in one year and 5 lakh houses in five years under this scheme.
How many loans have been issued so far under 15 lakh loan scheme?
Over 9,000 loans worth Rs 8.5 billion have been distributed, and the construction of 5,000 houses is underway.
What documents are required for registration?
You need:
- CNIC (front and back photos).
- Proof of property ownership.
What is the deadline for Phase II registration?
The government has not specified a deadline yet but encourages citizens to register as soon as possible.
Where can I apply for a 15 lakh loan scheme?
You can apply by visiting the Apni Chhat Apna Ghar (ACAG) portal provided by the Punjab government.
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Summary
Punjab Chief Minister Maryam Nawaz Sharif has launched a loan scheme of Rs 15 Lakh for the people of Punjab province, through which she will provide assistance to families in Punjab province who have five marla urban or ten marla rural land but do not have the capital to build a house.
This will be an interest-free loan, which you can repay to the Punjab government in installments of Rs 14,000 every month for a period of seven years. For registration, the Punjab government has introduced the “ACAG” portal, where you can submit your application. After submitting the application, you will be successfully registered in the “15 Lakh Loan Scheme”.
The Punjab government will select the deserving families through balloting. If your name comes in the balloting, you will be provided the first installment of the loan. As you build your house, the Punjab government will provide you with the remaining amount of the loan.
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The Punjab government has announced that it will ensure the construction of one lakh houses in one year. Therefore, all citizens of Punjab province, who do not have a house to live in, should immediately visit the “Apni Chhat Apna Ghar” portal and submit their application.