PM asks SBP and NBP to ease housing loan process
Prime Minister Imran Khan on Sunday called on the State Bank and the National Bank of Pakistan to facilitate low-cost loan applications under the Naya Pakistan housing program.
The guidelines came as the prime minister took note of the hardships candidates faced while virtually addressing the National Bank of Pakistan’s low-cost housing telethon.
The prime minister called on the State Bank to order commercial banks to facilitate the home loan process for applicants.
Prime Minister Imran reiterated that the construction of new houses as part of his government’s flagship project will bring a revolution to the country.
“If people start building their homes, there will be a revolution across the country that will also boost businesses in 30 construction-related industries,” he added.
“Therefore, wealth would create and increase the country’s income in addition to creating jobs for the people.”
The prime minister admitted that people are having difficulty obtaining mortgage financing and called on the central bank and the state bank to relax the process to make life easier for citizens.
He also said people with disabilities, widows and other weaker segments of society would be privileged in the subsidized home loan program.
Broadcast simultaneously on Pakistani television and on various private channels, the telethon brought together the Minister of Information, Senator Shibli Faraz, the chairman of the Naya Pakistan Housing and Development Authority (NPHDA) Lieutenant-General (ret) Anwar Ali Hyder, State Bank Governor Raza Baqir, NBP Chairman Arif Usmani and State Bank Executive Director Samar Hasnain.
Prime Minister Imran said the NBP should also ask its staff to facilitate loan seekers.
He observed that bank workers were not used to granting loans so easy to the needy.
He said that there was no such concept of housing loan for the poor in the country, which is why people were facing difficulties at the beginning.
“It is for the first time in the country that the working class or people without money have the possibility of owning a house”, noted the Prime Minister.
Prime Minister Imran said the program was designed in such a way that beneficiaries, who are currently renting out their homes, would use the same money to pay the installments.
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Recipients of housing loans are expected to pay a monthly installment of Rs 6,600 for a loan of Rs 1 million, Rs 13,199 for Rs 2 million, Rs 19,799 for Rs 3 million, Rs 26,398 for Rs 4 million and 32,998 Rs for 5 million rupees.
The prime minister said people all over the world, including those in Europe and the United States, had bought their homes through bank loans, but this was not practiced in Pakistan.
Those aspiring to own a home under the Prime Minister’s pro-poor housing program have joined the transmission by calling 0519215595 and panelists have responded to their complaints.
SBP governor Raza Baqir said banks have relaxed lending conditions. “To facilitate applicants, the SBP has standardized the list of documents required for the loan,” he added.
Applicants will need to provide a copy of their CNIC, two passport-sized photos, a pay slip if employed, or a copy of the store or house rental agreement for banks to assess their income and set a down payment.
The SBP has also set up 16 offices to register complaints and guide applicants about the home loan.
NPHDA Chairman Lt. Gen. (ret’d) Anwar Ali Hyder said the government had announced it would extend a grant of Rs300,000 for the construction of every 100,000 first houses to be built under the program. .
NBP chairman Arif Usmani said people can contact him directly on his number, 03025567776, if there is a problem with their loan process.
Shibli said it was the start of realizing a dream of developing Pakistan as a welfare state.
“The old notions of Roti, Kapra and Makan remained confined to words but this government has taken practical steps to achieve them,” he added. (With APP input)