Banks to provide loans under Naya Pakistan Housing Scheme from this week. Here’s all that you need to know
"Banks are willing to provide 80% financing for low-cost housing schemes on cheap interest rates"
Banks have started offering loans under the Naya Pakistan Housing Schemes from this week.
Speaking at a seminar on “Opportunities in Naya Pakistan Housing Scheme” organized by the Association of Builders and Developers (Abad) on Friday, the NAPHDA Chairman, Lt Gen (retd) Anwar Ali Haider, said the federal government had taken significant steps for the Naya Pakistan housing scheme. It includes a Fixed Tax System for contractors and developers, 90% tax relief, and incentives to private banks for funding the housing project.”
He added, “All these actions would expand the construction industry for rendering low-cost houses and to initiate new employment opportunities.”
The Naya Pakistan Housing Task Force Chairman, Zaigham Rizvi, said banks had provided only PKR 106 billion worth of home mortgages during the last seventy years, which is 0.23% of the GDP.
The Former Chairman of the Federal Board of Revenue, Shabbar Zaidi, said construction of low-cost houses is possible with financing on very low-interest rates. The government will have to grant free land and funding for the success of the Naya Pakistan Housing schemes.
Meanwhile, The HBL Head of Islamic Finance, Salimullah Shaikh, and The Meezan Bank General Manager, Syed Tanvir Hussain, said banks are willing to provide 80% financing for low-cost housing schemes on cheap interest rates.
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