PM Imran launches low-cost housing finance policy

PM Imran launches low-cost housing finance policy

Islamabad (Staff Report/Agencies): Prime Minister Imran Khan on Monday said that poverty alleviation and social welfare of the people was top most priority of the government.

Addressing a ceremony in connection with the launching of low-cost housing finance policy in Islamabad, the prime minister said low cost housing is a component of Pakistan Tehreek-e-Insaf (PTI) government for poverty alleviation.

He said a huge population of Pakistan cannot afford its own house that is why the government is going to finance the cash starved people to build their own houses.

The PM said it is a beginning, which will not only provide roof to the downtrodden, but its multiplier effect will also give boost to 40 other industries and provide jobs to the youth.

PM Khan also announced to bring an ambitious program for shanty towns for which developers will be encouraged for construction of flats with all facilities.

He said we have to stop spread of cities, which are engulfing cultivated land and creating climate issues. He said Islamabad will be made model city with vertical buildings. He said construction of high-rise buildings will be encouraged to protect green areas.

Imran Khan said people living in katchi abadis will be given ownership rights with civic facilities.

On this occasion, highlighting salient features of the low cost housing project, Governor State Bank Tariq Bajwa said a housing unit costing below than three million rupees will be funded under this programme.

Bajwa said banks will provide loan up to 2.7 million rupees under this scheme. He said banks and other financial institutions are being incentivized to extend loans for the scheme.

The State Bank governor said special segments, including widows, transgenders, martyrs, people living in war against terror hit areas, and orphans will be given priority under this scheme, which will be available on new houses. He said these units can neither be rented nor sold.

He said reduced cost financing will be made available for 100,000 housing units with the mark up ratio of five percent for 12.5 years.