Banks provide loans of 38 billion rupees to 12,000 applicants: NAPHDA – Business & Finance

ISLAMABAD: Commercial and micro-finance banks have disbursed 38 billion rupees of loans among 12,000 eligible applicants for the construction of houses with a margin as low as 2%. Asim Shaukat Ali, spokesperson for the Naya Pakistan Housing and Development Authority (NAPHDA) revealed this during a press conference held on Wednesday.

He said a total of 70,000 applications came for the verification process and eligible applicants were disbursed Rs 38 billion and the remaining Rs 30 billion would also be available for home loans.

Responding to a question regarding the reimbursement of the Rs250 per application fee charged by the National Database and Registration Authority (Nadra) in October 2018 for the application of a house under the first phase of the scheme housing Naya Pakistan (NPHP) launched by Pakistan Tehreek-e -Insaf government, the spokesman said that it was processing fee from NADRA.

He further said that 20,000 houses have been built under NAPHDA and the target of 60,000 more houses will be built.

He said the federal government was giving a subsidy of Rs 35 billion to keep the margin lower in addition to the subsidy given to the private developer.

Private developers would build 300,000 low-cost, affordable homes.

He said the modalities and the transparent mechanism have been worked out to disburse the loan to zero and first tier people with a mark-up of two to three percent.

The master plans, including the Islamabad Capital Territory (ICT), will be revised to take into account the federal government’s housing programs in various cities across the country, he added.

Apart from the engagement of the provincial revenue board, the federal government has also engaged private developers with 100 kanal land properties with clear land title and accessible land have also been incentivized to build low-cost housing, he said. he adds.

He said 22 districts have been identified in Punjab, KP, Balochistan and Jammu-Kashmir for construction of low cost housing on state owned land.

Copyright Business Recorder, 2022

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