Naya Pakistan Housing Program; Negotiations Underway For Interest Free Loans

ISLAMABAD, (Muzaffargarh.City – 29th Nov, 2018 ) :The incumbent government is negotiating with the banking sector and other financial institutions to provide interest free loans for construction of houses under Naya Pakistan Housing Program.

The duration for payment of loan would be 15-20 years and Rs 5000 to Rs 6000 would be received as installment on monthly basis, the sources told APP on Thursday.

He said that committee constituted by the Prime Minister had worked a lot on this project with special focus on finance model, legal framework and land book.

A task force, he said, had been formed and the national and international investors showed great interest in the project.

The committee would gather information in these cities about living standard of people and their interest towards such housing project, the source added.

As many as 41 bidders and companies have applied and offered land for plots, apartments and houses in major cities.

“An encouraging response has been received from the bidders and companies towards Naya Pakistan Housing Program and 41 bidders and companies have applied and offered land for plots, apartments and houses in major cities,” he maintained.

The complete framework would be finalized during the ongoing month and construction of houses in three districts of Punjab under “Naya Pakistan Housing Program” will start from January 1, 2019.

The layout plan has been completed and formal work will commence after the inauguration by the Prime Minister Imran Khan himself, he added.

The source said that Faisalabad was identified for the pilot project of the program but it has been now extended to Bahawalnagar (Chishitan) and Muzaffargarh.

He said that conditions to apply for house under this project is to have no ownership of house and financial ability to pay monthly installment.

He said that money is not a major challenge for this project as there will be market basedfunding.

He said that government is also considering over the option to pay installment through Provident Fund of employees applying under this program.