Rs62 billion has been approved for the ACAG program, which was chaired by Chief Minister Maryam Nawaz Sharif. The program aims to provide financial assistance to poor families in Punjab for the construction of houses. The Chief Minister has set a target of 40,000 loans and has directed to complete the process as soon as possible. Under this program, owners of small plots of 5 marlas will be given interest-free loans of up to Rs1.5 million, with an installment of Rs 14,000 per month.
So far, about 5,000 citizens have availed loans under this program, and construction of more than 4,200 houses is in full swing. Maryam Nawaz Sharif has reiterated that every homeless person should get their roof, as “Apni Chhat” is the fundamental right of every citizen. There are some conditions to apply for the program, which include being a primary family member as per NADRA records, being a permanent resident of Punjab, and having no criminal history of the loan applicant.
The Punjab government has also ensured easy loan disbursement and repayment methods under this program so that deserving families can easily get financial assistance for the construction of their houses. To join the program, applicants will have to fill out an application form along with their property documents and identity card. Thus, this program guarantees a new opportunity for the homeless.
Who is eligible for the ACAG Program Phase 2
To apply for the ACAG program, applicants must meet certain criteria. Firstly, the applicant should be recognized as the primary family member according to NADRA’s records and must be a permanent resident of Punjab.
Additionally, applicants should own a small piece of property, either 5 Marla or less in urban areas or up to 10 Marla in rural areas, where they plan to build their house. A clean criminal record and no history of defaulting on loans are also essential criteria for eligibility.
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Application Procedure for the ACAG Program
Applying for the ACAG program is made easy through the online portal at acag.punjab.gov.pk. After registering and logging in with your CNIC, you will need to fill out the application form carefully. It is important to provide accurate information, as any discrepancies can lead to rejection.
Applicants must upload several key documents, including ownership documents, CNIC front and back photos, and other necessary details about their household and socio-economic status.
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Loan Distribution and Repayment Process
The loan distribution under the ACAG scheme is designed to be accessible. The Punjab government will provide loans of up to Rs 1.5 million, which will be interest-free and repayable over 7 years in monthly installments of Rs 14,000.
This easy payment plan is aimed at helping families gradually build their homes without the burden of high interest rates. Moreover, the government will waive additional taxes associated with home construction, making the process even more feasible for low- and middle-income families.
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Conclusion
The approval of Rs. 62 billion for the ACAG Phase 2 program demonstrates the Punjab government’s commitment to addressing housing shortages. With a clear framework for eligibility, a user-friendly application process, and a supportive loan structure.
This initiative is set to bring about positive change in the lives of many families across Punjab. Chief Minister Maryam Nawaz Sharif’s vision of ensuring that every citizen has a roof over their head is now becoming a reality, empowering families to build their futures.
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Frequently Asked Questions about the ACAG Program
Who is eligible to apply for the ACAG program?
Applicants must be permanent residents of Punjab, recognized as the primary family member in NADRA records, and own a small piece of property.
How much loan can I get under this program?
Eligible individuals can receive a loan of up to Rs. 1.5 million, which may be increased to Rs. 2 million based on proposals under consideration.
What is the repayment schedule for the loan?
The loan is interest-free and can be repaid in monthly installments of Rs. 14,000 over a period of 7 years.
How can I apply for the loan?
Applications can be submitted online at acag.punjab.gov.pk after registering on the portal.