Banks grant Rs 38 billion loans to 12,000 applicants: NAPHDA – Business & Finance
ISLAMABAD: Commercial and microfinance banks have disbursed 38 billion rupees to 12,000 eligible applicants to build 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 on Wednesday.
He said a total of 70,000 applications had gone through the vetting process and eligible applicants disbursed 38 billion rupees and 30 billion rupees would also be available for home loans.
Responding to a question regarding reimbursement of the fee of Rs 250 per request charged by the National Database and Registration Authority (Nadra) in October 2018 for a housing application under the first phase of the housing program Naya Pakistan (NPHP) initiated by Pakistan’s Tehreek-e-Government of Insaf, the spokesperson said it was a processing fee from NADRA.
He added that 20,000 houses have been built under NAPHDA and the target of 60,000 additional houses will be built.
He said the federal government is providing a subsidy of Rs35 billion to keep the margin lower in addition to the subsidy given to the private developer.
Private developers would build 300,000 low cost and affordable houses.
He said that modalities and a transparent mechanism have been developed to disburse the loan to zero and first tier of people on a margin of two to three percent.
Master plans, including the Islamabad Capital Territory (TIC), would be revised to accommodate federal government housing programs in various cities across the country, he added.
In addition to engaging the provincial revenue council, the federal government also engaged private developers with 100 kanal land properties with clear land title and accessible land were also 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.
Commercial copyright recorder, 2022