Oman minister terms Punjab’s interest-free housing scheme better than Oman’s loan model

LAHORE  –  Oman’s Minister of Housing and Urban Planning Dr Khalfan bin Said bin Mubarak Al Shueili has described Punjab’s interest-free housing scheme, Apni Chhat, Apna Ghar, as a better model than Oman’s existing housing loan programme, citing the absence of interest on loans extended to low-income families. According to a handout, the minister made these remarks during a meeting with Punjab Chief Minister Maryam Nawaz Sharif in Muscat on Wednesday, where the two sides discussed urban planning, housing finance and sustainable urban development. Dr Al Shueili also congratulated the chief minister on Punjab receiving the UN-Habitat Scroll of Honour and expressed keen interest in the province’s low-cost housing initiative. Giving details of Apni Chhat, Apna Ghar, Maryam Nawaz said more than 200,000 people had been provided interest-free loans to build houses within 18 months, describing the achievement as “extraordinary”.

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She said Rs260 billion had so far been disbursed under the programme, while recovery of instalments had also begun. More than 125,000 families, she added, had already shifted to their newly built homes. “Merit and transparency are the hallmarks of Apni Chhat, Apna Ghar. No recommendation is required to obtain an interest-free loan,” she said. The chief minister said she initially wanted to build one million houses under the programme but economic constraints posed a challenge. She said the government would nevertheless achieve its target of constructing 500,000 houses for low-income people within five years.

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She said the recovery rate under the scheme had exceeded 99 per cent, attributing the high repayment rate largely to the affordable monthly instalment of Rs14,000.

Maryam said the Punjab Socio-Economic Registry had enabled the government to compile comprehensive socioeconomic data across the province and identify housing needs on the basis of that data. “Every house built under Apni Chhat, Apna Ghar has a heart-touching story,” she said.

The chief minister also briefed the Omani delegation on other Punjab initiatives, including Apna Khet, Apna Rozgar, Apni Zameen, Apna Ghar and Apni Chhat, Mehfooz Chhat. She responded to questions from the Omani side about the housing programme and its implementation. Dr Al Shueili said Oman currently had two major housing finance models, including housing grants for people earning less than $1,000 and loans provided through the Oman Housing Bank. He said Punjab’s scheme was a better initiative because the loans were provided without interest.

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The Omani minister said a large Pakistani community was making valuable contributions to Oman and described the country as a second home for Pakistanis as well as for Chief Minister Maryam Nawaz.

He said Oman had separate departments dealing with housing and urban development and was pursuing integrated planning and sustainable strategies to cater to the growth of the real estate sector in Muscat.

He said urban development in Oman was being planned on economic and environmental considerations while taking into account the requirements of different communities and sectors.

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Dr Al Shueili said Oman was also focusing on smart housing to meet future requirements, adding that Pakistani companies were making valuable contributions to Muscat’s real estate sector.

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