Banks To Start Loans For PM's Naya Pakistan Housing Scheme From Next Week

Chairman, Naya Pakistan Housing and Development Authority (NAPHDA) Lt. General (Retd) Anwar Ali Hyder Friday said that six commercial banks making consortium for financing PM's Naya Pakistan Housing Progrogamme would start giving loans from next week under the guidelines devised by State Bank of Pakistan

KARACHI, (UrduPoint / Pakistan Point News - 25th Sep, 2020 ):Chairman, Naya Pakistan Housing and Development Authority (NAPHDA) Lt. General (Retd) Anwar Ali Hyder Friday said that six commercial banks making consortium for financing PM's Naya Pakistan Housing Progrogamme would start giving loans from next week under the guidelines devised by State Bank of Pakistan.

Prime Minister Imran Khan and his team were making possible effort to boost housing and construction sector in the country with ensuring easy availability of very soft financing and land required for low cost houses fulfilling dream of the common man to have own shelter, he said while addressing a seminar on "Opportunities in Naya Pakistan Housing Scheme for Members of ABAD" here at ABAD House,the Central Secretariat of Association of Builders and Developers of Pakistan (ABAD) via Video Link from Islamabad.

Lt- General (Retd) Anwar Ali Hyder said that for making Naya Pakistan Housing Scheme a big success, the Federal Government had taken various important decisions which included fixed tax regime for builders and developers, 90 percent tax relief and incentives to private banks for financing this revolutionary housing scheme.

The banks were facing problems in providing house financing on low interest rate but the government had taken drastic step to provide house financing at 5 to 7 percent interest rates. For this, the banks would get a number of incentives and hoped that banks designated for this housing programme would start introducing their products next week, he added.

Chairman ABAD, Mohsin Sheikhani said Pakistan was facing shortage of more than 12 million houses and ABAD was working on low cost affordable houses for last seven years.

ABAD had provided information of low cost housing schemes to Prime Minister Imran Khan and he had taken this initiative as part of his his election manifesto. Now, he is taking serious steps to fulfill his promise to provide five million low cost houses to the masses of the country.

He informed that Sindh Chief Minister Syed Murad Ali Shah, during a meeting with builders here , promised to grant project approval within fifteen days after submission of complete documents.

He also promised to provide land for starting low cost housing in the province ; like being done in Punjab and Khyber Pakhtoonkhwa.

Chairman,Naya Pakistan Housing Task Force , Ziagham Rizvi said after taking in-depth presentation on housing and construction sector , and 72 allied industries, the prime minister had firmly decided to boost construction industry as this was the only industry which had potential of providing a big number of jobs to skilled and unskilled workforce along with shelter to the people.

He said that Pakistan's banks had provided only Rs 106 billion housing loans over last seventy years which is 0.23 percent of Gross Domestic Product. Now, the government had carved out 10-year housing plan.

Former chairman Federal Board of Revenue, Shabbar Zaidi said the construction of low cost house was possible only when housing financing was available at very nominal interest rates. It would be practical and yielding to provide house financing and land free of cost for the success of Naya Pakistan Housing Programme.

Director General, Karachi Development Authority Asif Ikram said that KDA was ready for joint venture with builders and developers for low cost housing schemes.

" We are trying to provide free land for Naya Pakistan Housing scheme in Sindh," he said.

Head of Islamic Finance, Habib Bank Limited, Salimullah Shaikh and General Manager Meezan Bank Tanveer Hussain said that banks were ready to provide 80 percent financing for low cost housing schemes on low interest rates.

Director General, Sindh Building Control Authority, Ashkar Dawar said he would provide approvals of building plans within 10 days on submission of complete documents and formalities and assured all possible cooperation in executing the projects.