Prime Minister Imran Khan addressed the National Bank of Pakistan’s telethon on low cost housing loan on Sunday. Prime Minister Imran Khan took account of the complexities being faced by the applicants and instructed the State Bank and National Bank of Pakistan to facilitate those applying for low-cost housing loan under Naya Pakistan Housing Program. The Prime Minister said that there was no such concept of housing loan for the poor people in the country, therefore people were facing difficulties in the beginning. He further underscored that once the people started building their own houses, the construction industry along with 30 other industries would boom in the coming days. This activity would generate revenue and jobs for the people across the country. The Prime Minister had rightly observed that there was no such housing concept at least in Pakistan to provide an enabling environment to the masses to help construct their houses by acquiring loan from the banks on affordable installments. The PTI government introduced the mortgage system worked to facilitate the desirous people, banks, and builders to fulfill their requirements under the terms and conditions set by the government. Presently, the government is extending Rs 300,000 subsidy for the construction of first 100,000 houses under the Naya Pakistan Housing program and the monthly installments has been set as low as the monthly rent of a family. According to government’s statistics, the beneficiaries of the housing loans would have to pay monthly installment of Rs 6,600 for 1 million loan, Rs 13,199 for two million, Rs 19,799 for three million, Rs 26,398 for four million, and Rs 32,998 for five million loan. The government has undertaken a game changer initiative both for the public and economy of the country, however, there is a need to make it more transparent, open, and easily accessible to the public. The government must established a monitoring mechanism to supervise the service providing agencies to stall corrupt practices. After successful launch Naya Pakistan Housing Scheme and mortgage system in the country, the government must put all efforts to extend it’s dividends to the disadvantage segments of the society.
