Circular 15 of 2026 – Inclusion of Lending Non-Banking Finance Companies as Participating Financial Institution in the Government Mark-up Subsidy Scheme and Risk Coverage Scheme for Affordable Housing Finance

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
SPECIALIZED COMPANIES DIVISION
LENDING AND PRIVATE FUNDS DEPARTMENT

No. SC/NBFC-1-196/Circular/2024/389                                      July 1, 2026

**Circular No. 15 of 2026**

**Subject: Inclusion of Lending Non-Banking Finance Companies as Participating Financial Institution in the Government Mark-up Subsidy Scheme and Risk Coverage Scheme for Affordable Housing Finance called “Prime Minister Apna Ghar Program”**

In pursuance of the approval by the Economic Coordination Committee (ECC) of the Cabinet in Case No. ECC-59/12/2026 dated May 5, 2026, subsequently ratified by the Federal Cabinet vide Case No.325/Rule-19/2026/383 dated May 20, 2026, and Notification of Ministry of Housing and Works dated June 2, 2026, whereby the Lending Non-Banking Finance Companies (Lending NBFCs) have been included as Participating Financial Institutions (PFIs) in the Prime Minister Apna Ghar (PM-APG) Program, the Securities and Exchange Commission of Pakistan (“Commission”), in exercise of its powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984), hereby prescribes the following requirements for participation of Lending NBFCs as PFIs in PM-APG Program: -

1. The features of the PM-APG Program shall be as laid down in Annexure-I to this Circular.
2. Lending NBFCs extending housing finance loans through direct lending shall do so in conformity with the eligibility criteria, operational conditions, and procedural requirements as laid down in Annexure-II to this Circular.
3. Lending NBFCs intending to participate through the wholesale lending arrangement or intermediary partnership model shall conduct such activities in accordance with the requirements as laid down in Annexure-III to this Circular.
4. Lending NBFCs shall submit subsidy claims in the manner and within the timelines as laid down in Annexure-IV to this Circular.
5. Lending NBFCs shall submit a monthly report as per the prescribed format as laid down in Annexure-V to this Circular.

**(Imtiaz Haider)**
Commissioner (SCD)

**Distribution:**
1. Ministry of Housing and Works
2. Ministry of Finance (Internal Finance Wing)
3. Director, SME, Housing & Sustainable Finance Department, State Bank of Pakistan
4. Chief Executive Officer, Pakistan Housing Authority (PHA)
5. Chief Executive Officer, Pakistan Mortgage Refinance Company (PMRC)
6. Chief Executive Officers of All Lending Non-Banking Finance Companies
7. Chief Executive Officer, Pakistan Microfinance Network
8. Chief Executive Officer, NBFI & Modaraba Association of Pakistan
9. Chief Executive Officer, Pakistan Fintech Network