Banks Agreed To Provide Soft Loans To LDA Employees In LDA Project

A consortium of seven commercial banks has been set up for providing resources for constructing more than 4,000 residential units for employees of Lahore Development Authority, in the first phase of LDA City Naya Pakistan Apartments project

LAHORE, (UrduPoint / Pakistan Point News - 2nd Dec, 2020 ):A consortium of seven commercial banks has been set up for providing resources for constructing more than 4,000 residential units for employees of Lahore Development Authority, in the first phase of LDA City Naya Pakistan Apartments project.

Senior officials of the banks called on Vice Chairman Lahore Development Authority SM Imran and Director General Ahmad Aziz Tarar on Wednesday for deliberating modalities for this purpose.

The banks have offered to provide 80 percent cost of these apartments as soft loans in the form of mortgage financing facility to the employees interested in purchasing these apartments.

On the orders of the Prime Minister, the national banks have decided to extend loans to the prospective buyers at lower rate.

The borrowers would have to pay only five per cent mark up on these loans. The employees would have to return these loans on long term easy installments.

The meeting was attended by representatives of Habib Bank, Bank of Punjab, Faisal Bank, Bank Al-Falah, UBL, Meezan Bank and National Bank. Representatives of some banks from Karachi attended the meeting through video link.

The meeting was also attended by member of LDA's Governing Body Engineer Amir Riaz Qureshi, Additional Director Generals Farqaleet Mir, Rana Taka Khan and other officers concerned.