THOUGH the government took a time of two and a half years to move forward on its election manifesto of providing homes to the homeless, yet it is the first time in the country’s history that a really conducive environment has been created which will enable the people especially the fixed income groups to turn their dreams of owning or building the houses into reality.
The mortgage financing facility introduced by the government is really first of its kind under which loans are being provided to the people on low interest rates.
PTI leader Senator Faisal Javed shared a good news regarding it that the loan limit under Naya Pakistan Housing Program (NPHP) has been enhanced by one hundred percent to Rs 10 million whilst mark up rate has also been reduced to three and five percent.
This has made the mortgage facility further attractive and we are confident that this will especially push the salaried class to turn to the banks to apply for the loans.
Increasing the limit of the loan was imperative in the sense that the earlier limit of Rs 5 million was not adequate given the prices of plots or houses in major cities.
There were also public complaints that the amount is not sufficient and it must be revised upward.
The current limit indeed is very much in accordance with the market rates and we have no doubt in saying that the banks will receive loan applications in abundance now in the days ahead.
It must be ensured that the banks fulfill their commitment of setting aside Rs 380 billion rupees for the housing program and if the need arises, this amount should also be further enhanced. Constructing a house is a big deal.
People even in the developed countries including those in the United States avail the mortgage facility for this purpose. Our people are still not fully aware of this easy to pay loan facility.
An awareness campaign should be launched both on the print and electronic media to educate the people about this revolutionary program.
The success of this program will undoubtedly trigger immense economic activity which will not only provide job opportunities to the youth but also lift the sectors allied with the construction sector.
