PM tells SBP, NBP to ease housing loan process

Imran Khan virtually addresses Naya Pakistan Housing Project telethon

ISLAMABAD:

Prime Minister Imran Khan on Sunday instructed the State Bank and the National Bank of Pakistan to facilitate those applying for a low-cost loan under the Naya Pakistan Housing Programme.

The directives came as the premier took notice of the difficulties being faced by the applicants while virtually addressing the National Bank of Pakistan’s telethon on low-cost housing.

The premier asked the State Bank to direct commercial banks to ease the housing loan process for the applicants.

PM Imran reiterated that the construction of new homes under his government’s flagship project would bring a revolution in the country.

“If people start building their homes, there will be a revolution in the entire country which will also boost the businesses of 30 construction-allied industries,” he added.

“Consequently, the wealth would create and increase revenue for the country besides creating jobs for the people.”

The premier admitted that people were facing difficulties in availing mortgage financing and directed the central bank and the state-owned bank to ease the procedure to facilitate citizens.

He also said disabled persons, widows and other weaker segments of society would be given preference in the subsidised housing loan scheme.

Simultaneously aired on Pakistan Television and different private channels, the telethon was attended by Information Minister Senator Shibli Faraz, Naya Pakistan Housing and Development Authority (NPHDA) Chairman Lt-Gen (retd) Anwar Ali Hyder, State Bank Governor Raza Baqir, NBP President Arif Usmani and State Bank Executive Director Samar Hasnain.

Live Stream: Prime Minister of Pakistan @ImranKhanPTI's Live Telethon regarding Naya Pakistan Housing Scheme (28.03.2021)#PrimeMinisterImranKhan https://t.co/6asJaVDs1J

— Prime Minister's Office, Pakistan (@PakPMO) March 28, 2021

 

PM Imran said the NBP should also instruct its staff to facilitate the loan applicants.

He observed that bank employees were not in the habit of extending such easy loans to the needy.

He said there was no such concept of housing loan for the poor people in the country, that was why the people were facing difficulties in the beginning.

“This is for the first time in the country that the salaried class or the people with no cash are getting an opportunity to own a house,” the premier noted.

PM Imran said the programme had been designed in such a way that the beneficiaries, currently giving their house rent, would use the same money to pay the instalments.

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The beneficiaries of the housing loans would have to pay a monthly instalment of Rs6,600 for a loan of Rs1 million, Rs13,199 for Rs2 million, Rs19,799 for Rs3 million, Rs26,398 for Rs4 million, and Rs32,998 for Rs5 million.

The prime minister said people across the world including those in Europe and the US had bought their houses through bank loans but was not being practised in Pakistan.

Those aspiring to own a house under the prime minister’s pro-poor housing programme joined the transmission by calling at 0519215595 and the panelists responded to their complaints.

SBP Governor Raza Baqir said banks had eased out the loaning conditions. “To facilitate the applicants, the SBP has standardised the list of documents required for the loan,” he added.

The applicants would require to provide a copy of their CNIC, two passport-sized photos, a salary slip in case they are employed or a copy of rent agreement of shop or house to make the banks assess their income and fix an installment.

The SBP has also established 16 offices to register complaints and guide the applicants about the housing loan.

NPHDA Chairman Lt-Gen (retd) Anwar Ali Hyder said the government had announced it will extend a Rs300,000 subsidy for the construction of each first 100,000 houses to be constructed under the programme.

NBP President Arif Usmani said people could directly approach him at his number, 03025567776, in case of any glitch in their loan process.

Shibli said this was the beginning of fulfillment of a dream to develop Pakistan as a welfare state.

“The previous notions of Roti, Kapra and Makan remained confined to words but this government has taken practical measures to realise them,” he added. (With input from APP)