PESHAWAR: The Khyber Pakhtunkhwa government`s housing department and the Bank of Khyber on Wednesday inked a Memorandum of Understanding to disburse interest-free loans to low-income individuals to have their own house.

The MoU signing ceremony was held at the Chief Minister`s House.

An official statement issued from the chief minister`s secretariat said that low-income individuals will be eligible for interest-free loans of up to Rs1.5 million for construction of a new house on their owned land or for expansion and renovation of existing one under the `Ehsaas Apna Ghar` scheme.

The scheme, with a budget of Rs4 billion, offers a seven-year easy repayment schedule with a maximum monthly installment of Rs18,000, the statement said, adding that it would operate on a revolving funds system and continue for the next seven years.

Chief Minister Ali Amin Khan Gandapur was the chiefguest on the occasion.

Provincial cabinet members Dr Amjad Ali and Muzammil Aslam, officials from relevant departments and BOK were also present.

Speaking on the occasion, Mr Gandapur emphasised that providing quality housing to the people was the provincial government`s top priority. He said the scheme was a pivotal initiative aimed at delivering interest-free loans to low-income families to ensure access to quality housing.

He added that the scheme would not only improve living standards but also contribute to the social and economic uplift of the province`s underprivileged communities.

The chief minister directed the officials to ensure complete transparency in the loan disbursement process, and emphasised that the loans must only be awarded to deserving individuals.

He also highlighted other welfare programmes being launched under the Ehsaas initiative, including Ehsaas Naujawan, Ehsaas Hunar and Ehsaas Rozgar, aimed at uplifting youth, enhancing skills, and providing employment opportunities across the province.