PM directs banks to ease housing loan procedure

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People can pay back loan in easy installments


Staff Reporter
Islamabad

Prime Minister Imran Khan on Sunday said that the government’s Naya Pakistan Housing Scheme is “the most important project for the country’s future” and instructed banks to make it easier for people to obtain loans.

The prime minister was addressing a live telethon on Pakistan Television Network for the scheme.

He said that although it is a regular practice in European countries, it is for the first time in Pakistan’s history that salaried individuals are being given a chance to own a house.

The prime minister said he acknowledges that there have been difficulties for people seeking to obtain loans and instructed all banks to simplify the process.

Imran Khan said that once people start building homes, there will a boom in the construction industry which will bring about a revolutionary change in Pakistan.

He said that the construction of homes, besides revenue generation, will lead to job creation.

“Our country is in deep debt. We have to look for ways to add to our nation’s wealth,” the premier added.

Meanwhile, State Bank of Pakistan Governor Raza Baqir on Sunday said that conditions for obtaining loans under the Naya Pakistan Housing scheme have been relaxed further.

Speaking in the housing telethon, Raza Baqir said that people can pay back their loan in easy installments under the scheme.

Responding to a question about the monthly installments of Rs1 million loan, the SBP governor said that the citizens can pay back
the amount in monthly installments worth Rs6,600.

Raza Baqir said that the State Bank has an important role in the low-cost housing scheme as it ensures that the banks provide loans to the people as directed by the govt.

He said earlier in Pakistan the contribution of commercial banks in the provision of loans for the housing sector was less than one per cent of the economy.

Raza Baqir said that the State Bank will determine the issues due to which the banks were not providing loans to the people for the construction of houses and resolve those issues.