Prime Minister Imran Khan noted on Sunday that there had been difficulties in obtaining loans under the Naya Pakistan housing program and called on all banks to make the process more accessible and easier for people to understand. .
The prime minister, while addressing a live telethon on Pakistani television network for the project, said it was âthe most important project for the future of the country.â
He said that although it is a common practice in European countries, it is for the first time in Pakistanâs history that employees have the option of owning a house.
The prime minister said he recognizes there are difficulties for people seeking loans and called on all banks to streamline the process.
Prime Minister Imran Khan said that once people start building houses, there will be a boom in the construction industry which will bring about revolutionary change in Pakistan.
He said that building houses, in addition to generating income, will also lead to job creation.
âOur country is deeply in debt. We must look for ways to increase the wealth of our country,â added the Prime Minister.
Loan limit increased by 100%
Two days ago, Prime Minister Imran Khan decided to increase the programâs loan limit by 100%.
The move was announced by PTI Senator Faisal Javed Khan, who wrote on Twitter that the PM not only decided to increase the loan limit for the program by 100%, but the reduced mark-up rate also been reduced to 3% and 5%.
Under this Bridge program, people will be able to buy houses, apartments and plots of 5 and 10 marla, while those who already own properties will be able to build houses on these plots under the program, wrote the assistant to the prime minister.
He said the loan limit has been increased to 10 million rupees.
The senator said Prime Minister Imran Khan was overseeing the project himself.
âThe realization of dreams has begun; distribution of houses has begun,â Senator PTI wrote, adding that people would no longer be forced to repay huge loans as they can become homeowners by paying off the loan in very small installments. .
âThis is a revolutionary decision. You can now own a house. Contact the banks for more information on loans,â added the prime ministerâs assistant, urging people to take the opportunity.
What is the Naya Pakistan Home Loan Program?
In October 2020, the State Bank of Pakistan (SBP) announced that the government will provide a facility for the construction and purchase of new houses to the Pakistani people.
âThis facility will allow all individuals, who will build or buy a new home for the first time, to benefit from the bankâs financing at subsidized and affordable mark-up rates,â said a press release from the SBP.
This facility will be provided with the administrative support of the State Bank of Pakistan as an implementing partner of the Government of Pakistan and the Naya Pakistan Housing and Development Authority (NAPHDA), the statement added.