In a live TV address on Friday, Prime Minister Imran Khan has said a total amount of Rs30 billion was allocated as subsidy to Naya Pakistan housing scheme to help the poorer class build their houses.
Speaking to the nation after chairing a meeting of the NCC, PM Imran said it was intended for the working class, the welder, and the small shop owner, who don’t have much money to create their own homes. “The scheme is planned to help a” job class.
“The housing scheme for Naya Pakistan aimed to build houses for these sections of society that have no cash.
‘The implementation of the scheme was subject to various challenges due to current laws, such as the mortgage rule, requiring banks do not lend money without a repayment confirmation.
“Although we were able to pass Pakistan ‘s law, a law which has now been implemented around the World, despite several hurdles,” he said.
The Premier also spoke about the building sector and said that it faced several challenges but that the NCC has been focusing on the policymaking of its regeneration.
“The residential and construction sector is the decision we have made to revitalize our economy and provide jobs and produce income in times of global recession and pandemics,” he said.
“Every week I will chair this meeting to oversee the Naya Pakistan housing project committee’s work and progress.
“We just have time for the building industry to deliver incentives by December 31,” he said.
Subsidy given to the Naya Pakistan Housing Scheme
PM Imran clarified that Rs30 billion had been allocated for the first stage of the scheme, as a subsidy, under the Naya Pakistan housing framework, which would be Rs300,000 for the first stage of each of 100,000 families.
A five-marla house receives a 5 percent interest and a 10-marla mortgage of 7 percent, he said. “We also directed the SBP to hold 5% of the Rs330 billion construction industry portfolio,” he said.
He said that there would be a time limit for the authorization of maps of houses to organize the government. It will be with all the regions for a one-windows project so that they wouldn’t worry about receiving no-objection certificates.
“We have lowered provincial taxes to allow more and more people to benefit from subsidies,” he added.
PM Imran said that it will not only be asked during the current year due to coronavirus recession. He said that in terms of concerns regarding investment sources.
‘We have sought these subsidies from the global financial institutions. Because the bulk of our economy is unregulated, and I want people to benefit most from these opportunities.
“We hope that in these difficult times of pandemic these benefits will build jobs for people,” he said. “The banks around the world provide building loans, but in Pakistan banks only supply 0.3% – even less.”
What is Naya Pakistan Housing Program?
PM Imran Khan initiated this flagship project of Pakistan’s government. The Naya Pakistan Housing Program will provide accommodation for the homeless. Speed up the country’s economic activities, and provide youth with job opportunities.
Eligibility Criteria for Naya Pakistan Housing Program
This scheme allows only one person per family (husband, wife, and children).
Applicants who do not own a separate residential unit in Pakistan will be given preference.
The homes are for the ordinary man who earns Rs 10,000-25,000 a month.
Including this registration form, PKR 250 by form should be registered.
The applicants will be determined based on data obtained from these sources, including the design, prices, and pages.