Rs32b Okayed for Prime Minister’s low cost housing Scheme
Moin Khan
Commercial banks have approved loans amounting to Rs 30 billion for Prime Minister (PM) low cost housing Scheme.
The government plans to give affordable units to 100,000 people in first phase under Prime Minister (PM) Housing scheme and banks are providing loan for this purpose.
Governor SBP informed during a meeting. Prime Minister Imran Khan chaired it.
He said that in a short period, commercial banks have so far received loan applications worth Rs 89 billion for Prime Minister low-cost housing schemes, out of which banks have approved loans worth Rs 30 billion.
Therefore, loan approvals are increasing by 30% per month. Commercial banks will complete the targets and provide services to the customers as soon as possible for Prime Minister low cost housing scheme. In addition, the form for obtaining loans for low-cost housing has been shortened to one page only.
The Chairman CDA informed the meeting that they had launched the online portal. In addition, CDA is also setting up a one-window facilitation center, which will provide land transfer, fee payment, and guidance to the citizens.
It is also computerizing Revenue records of rural areas of Islamabad for which CDA set up a Land Record Management Information System.
So far, CDA had received Rs. 32 billion through the sale of commercial land in New Blue Air, and estimated the economic activity worth Rs. 100 billion from the construction.
Earlier, the Economic Coordination Committee (ECC) had approved the eligibility criteria and payment mechanism of subsidy against 100,000 low cost units under Prime Minister low cost housing scheme to be constructed during phase-I by the end of the year.
Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet held.
Chairman, Naya Pakistan Housing and Development Authority–NAPHDA–presented revised eligibility criteria for selection of applicants, modalities for payment of cost subsidy, and mechanism for release of funds with reference to the special incentive package for the Housing and Construction sector, announced by the Prime Minister in July 2020.
https://newztodays.com/govt-to-spend-rs-830-billion-on-housing-units/
After due deliberation, the Committee approved the eligibility criteria and payment mechanism for cost subsidy against 100,000 housing units for construction during phase-I by the end of the year.
The Committee urged NAPHDA to facilitate access to housing finance at affordable rates for expanding housing ownership in accordance with the vision of the Prime Minister, enabling low-to-middle income groups to avail low-cost housing facility according to their affordability.
The ECC considered and approved another summary by the Naya Pakistan Housing and Development Authority (NAPHDA) seeking permission to enter into negotiated procurement agreements for the construction of low-cost housing through public-private partnerships (PPPs).
Similarly, the Committee also approved a summary by NAPHDA about revision in key parameters of the Mark up Subsidy Scheme for housing finance, as recommended by the State Bank of Pakistan, to ensure maximum participation for access to quality housing at an affordable price by fulfilling relatively relaxed eligibility criteria.
