70,000 apply for Naya Pakistan housing loans

Loans will be available at 5% interest in the first five years and 7% in the second five years

ISLAMABAD:

More than 70,000 applications had applied for house loans worth Rs125 billion so far, out of which Rs38 billion had been distributed among 12,000 people, a spokesperson for the Naya Pakistan Housing Authority (NPHA) said on Wednesday.

During an informal conversation with the media in Islamabad, Spokesperson Asim Shaukat said that so far 20,000 houses had been built and distributed. He added that houses were being built in Alipur Farash, while the project in Sangjani was about to start.

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The spokesman said that the idea of the NPHA was to build affordable housing. “Efforts have been made to reduce the amount of the loan instalment so that it did not exceed the normal rent amount, he said. “We are trying to ensure that banks do not charge any processing fees.”

According to the spokesman loans would be available at 5% interest in the first five years and 7% in the second five years. “Now we will do free of charge registration,” the spokesperson Asim Shaukat said, adding that from now on the registration would be made online.