PM directs banks to ease loan procedure for people under Naya Pakistan Housing Scheme

Prime Minister (PM) Imran Khan virtually directed the National Bank of Pakistan (NBP) to simplify loan procedures so that the masses can get loans to own a house under Naya Pakistan Housing Programme.

PM Imran’s telethon was attended by Senator Shibli Faraz, chairman of Naya Pakistan Housing and Development Authority, Lt. General (r) Anwar Ali Hyder, Governor of State Bank of Pakistan (SBP) Raza Baqir, NBP President Arif Usmani, and SBP Executive Director Samar Hasnain.

PM also said that NBP should direct its staffers to facilitate the loan applicants now as bankers have never been helpful towards cashless people in Pakistan.

He further added that the European countries have facilitated their people to own a home. However, it will be a new practice for our country.

“Once people start building homes, there will a boom in the construction industry which will bring about a revolutionary change in Pakistan. The construction of homes, besides revenue generation, will lead to job creation,” he said.

The PM further added that the rent that the buyers would pay will be considered as instalments of the total cost of the flat as per the new model of this mortgage system, and the markup rates have been reduced to a maximum of five per cent.

So far, 3,000 labourers have registered while 1,500 got housing based on open balloting. The project aims at providing accommodation to people with an annual income of less than Rs500,000.