Prime Minister Imran Khan said on Sunday that the government’s ‘Naya Pakistan Housing Scheme’ is ‘the country’s most important future project’ and instructed the banks to make it easier for people to get loans.
The prime minister was addressing a live telethon on Pakistan Television Network for the scheme.
He said that although it is a regular practice in European countries, it is for the first time in Pakistan’s history that salaried individuals are being given a chance to own a house.
The prime minister said he acknowledges that there have been difficulties for people seeking to obtain loans and instructed all banks to simplify the process.
PM Imran Khan said that once people start building homes, there will a boom in the construction industry which will bring about a revolutionary change in Pakistan.
He said that in addition to generating income, housing construction will also generate employment.
“Our country is in deep debt. We have to look for ways to add to our nation’s wealth,” the premier added.
Two days ago, Prime Minister Imran Khan decided to increase the program’s loan limit by 100%.
PTI Senator Faisal Javed Khan announced the decision, writing on Twitter that the prime minister decided not only to increase the plan’s borrowing limit by 100%, but also that the discount margin has been reduced to 3% and 5%.
The Prime Minister’s assistants wrote that under the plan, people can buy 5 and 10 Marla houses, condos and lots, and those who already own real estate can build houses on those lands according to the plan.
He said the loan limit has been raised to 10 million rupees.
The senator said Prime Minister Imran Khan personally supervised the plan.
“The realisation of dreams has begun; the distribution of houses has begun,” the PTI Senator wrote, adding that people wouldn’t be required to pay off huge loans anymore as they can become homeowners by paying off the loan in very small instalments.
“It’s a revolutionary move. You can now own a home. Contact banks for further information regarding the loans,” the PM’s aide added, urging people to jump on the opportunity.