PM highlights significance of ‘Naya Pakistan Housing Program’

On Sunday, the Prime Minister addressed a live telethon on Pakistan Television Network for the low-cost housing scheme.

The Prime Minister said that those who do not have money are given the opportunity to buy their own houses. It is a regular practice in European countries and for the first time in Pakistan's history, salaried individuals are being given a chance to own a house.

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

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

Imran Khan hoped that this initiative would lead to a revolution and also provide employment to the people. Under this scheme, an easy instalment loan facility will be provided.

Federal Minister for Information and Broadcasting Shibli Faraz, Governor State Bank Reza Baqir and NPHDA Chairman also attended the broadcast.

Shibli Faraz said that the Prime Minister was committed to making Pakistan a welfare state. The government has given a clear policy for providing loans to banks.

SBP Governor said that the Prime Minister's vision is to provide loans on easy terms. One per cent less of the economy is the banking financial system. Removing barriers to housing. Banks are playing a role in providing easy instalment loans.

Naya Pakistan Housing & Development Authority (NPHDA) Chairman said that it provided a conducive environment for low-cost houses and the Prime Minister was overseeing the project himself.  The government further aims to provide subsidies for the construction of low-cost houses.

It may be recalled that Prime Minister Imran Khan had started online registration for the 'Naya Pakistan Housing Scheme' in July 2019.

He said that through online registration, salaried and middle-class people across the country would be able to get information on housing resources and demand for houses, after which the schemes would be launched.

Addressing the inaugural ceremony of online registration under the Naya Pakistan Housing and Development Authority in Islamabad, Prime Minister Imran Khan had said that most people in Pakistan could not afford to build a house while for various reasons, Pakistan’s banking system was not financing to build a house.

He had said that in this situation only those who had cash could build houses, however, they are bringing a new ordinance in this regard which will be approved by the cabinet on Tuesday.

Back in October 2020, the State Bank of Pakistan (SBP) announced that the government will be providing a facility for the construction and purchase of new houses to the people of Pakistan.

"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," a statement from the SBP said.

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.