PM performs groundbreaking of housing project in Lahore for underprivileged citizens

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LAHORE – Prime Minister Imran Khan on Friday performed groundbreaking of LDA City Naya Pakistan Apartments in Lahore to provide shelter to underprivileged segment of society.

Addressing the ceremony, the premier reiterated his commitment to make Pakistan a welfare state in line with the principles of the State of Madina.

Punjab Chief Minister Usman Buzdar earlier announced that 35,000 apartments will be constructed under the project, adding that 4,000 will be built in the first phase. He said that half of the apartments will be distributed among governments employees drawing per month salary less than 50,000 while the remaining 2,000 apartments will be handed to those who have applied through Naya Pakistan Housing program.

PM Imran Khan highlighted that the Pakistan is currently at a defining moment as a war has been launched against mafias. He noted that rule of law is must for the development of any country.

The premier said that the mortgage facility has been introduced to ensure low cost housing for the poor and fixed income groups.

He also expressed satisfaction over the growth of the construction industry, adding that cement sector witnessed a record surge last month.

Talking about Ehsaas project, the premier said that the network of Panagahs and that of ‘Koi Bhooka Na Soi’ scheme will be expanded to the whole country.

Farash Town’s Groundbreaking

On Thursday, Imran Khan laid foundation stone of Farash Town apartments in Islamabad under Naya Pakistan Housing program to provide shelter to labourers and workers.

Speaking on the occasion, the premier highlighted that 2,000 flats will be constructed under this project to facilitate the underprivileged segment of society.

He also announced a plan to launch a housing society for the farmers and uplift of the slums. He said that the slum dwellers will be provided houses on proprietary rights.

The government has introduced mortgage facility to ensure provision of loans to the citizens on easy installments for setting up their house, he said, adding that negotiations with the banks are underway to remove obstacles.

Read more: https://pakobserver.net/historic-as-pm-distributes-affordable-houses-under-naya-pakistan-housing-programme-tomorrow/

In the past, such loans in the past caused burden on the country instead of wealth creation, the premier said, adding that the banks were also not in habit of issuing loans to people without influence.

He said that the projects launched under the Naya Pakistan Housing program will prove beneficial for the thirty industries linked to the construction sector.

The premier vowed to roll out policies for the development of the small and medium enterprises.

What is the Naya Pakistan Housing loan scheme?

In October 2020, the State Bank of Pakistan (SBP) announced that the government will provide finacnail facility to people of the country for the construction and purchase of new houses.

“This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail the bank’s financing at subsidised and affordable markup rates,” the central bank said in a statement.

This facility will be provided with the administrative support of the State Bank of Pakistan as the executing partner of the Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA), the statement added.

Loan Limit Increased

Last month, the premier had decided to increase the loan limit of the Naya Pakistan Housing Project  by 100 per cent.

PTI Senator Faisal Javed Khan announced the decision on his twitter handle, adding that the discounted markup rate for the loan will also be reduced to 3% and 5%

Javed further added that the loan limit has been increased to Rs10 million.

Under the scheme, people will be able to purchase 5 and 10 marla houses, flats, and plots, while those who already own plots will be able to get financial support to construct houses.

Read more: https://pakobserver.net/pm-imran-inaugurates-new-university-block-3-tunnels-in-swat/

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