On Sunday, Chairman of Naya Pakistan Housing Scheme, Rt. Lt. General Anwar Ali Hyder, revealed that a lucky draw will be conducted to shortlist 1.6 million applicants for construction loans.
Lt. Gen. (R) Hyder explained that people in the construction industry face three major issues including taxes, financing and required approvals. However, he stressed that the PTI government is working around these issues to guarantee accommodation for the general public.
Those who cannot reveal the sources of their money have been given an opportunity to invest until December 31.
He mentioned that Imran Khan in his speech on the Naya Pakistan Housing scheme had already said that the loans will be provided at special rates.
PM also announced a Rs. 30b subsidy for this project.
Loans would be given at 5% interest rate to those who build 5-marla houses and at 7% to those who build 10-marla houses.
The option to avail loans under the Islamic Banking system will also be made available to everyone.
Lt. Gen. (R) Hyder said that people with lower incomes will qualify for a loan of Rs. 300,000 and added that the private sector would have to take the lead in building homes as this is a golden opportunity for the investors.
A total of more than 2 million requests for loans were submitted out of which 1.6 Million were finalized through the NADRA database check. To further shortlist the candidates, a lucky draw will be conducted.
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