Prime Minister (PM) Imran Khan has asked the State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) to relax the terms and conditions for housing loans to allow the public to build their houses under the Naya Pakistan Housing Program (NPHP).
While speaking at the National Accountability Bureau’s (NAB) virtual telethon on low-cost housing loans, PM Khan directed the Governor SBP, Reza Baqir, and the President NBP, Arif Usmani, to provide housing loans on flexible conditions.
The Minister for Information, Senator Shibli Faraz; the Chairman NPHA, Lt.-Gen. (R) Anwar Ali Hyder; the Governor SBP; the President NBP; and the Executive Director SBP, Samar Hasnain, also attended the telethon.
During the telethon, the PM talked directly to the callers, several of whom complained about the rigmaroles of obtaining loans under the government’s mortgage financing scheme.
He remarked that this is the first time in Pakistan that the salaried class and people with no cash have the opportunity to have their own houses as the NPHP has been designed to enable the beneficiaries who are currently paying house rent to use the rent amount to pay the installments of their housing loans.
Under the government’s mortgage financing scheme, the beneficiaries of the housing loans are required to pay a monthly installment of Rs. 6,600 for a loan of Rs. 1 million, Rs. 13,199 for a loan of Rs. 2 million, Rs. 19,799 for a loan of Rs. 3 million, Rs. 26,398 for a loan of Rs. 4 million, and Rs. 32,998 for a loan of Rs. 5 million.
Governor SBP pledged to ease the terms and conditions of the housing loans to facilitate the applicants under the NPHP. He stated that the SBP had established 16 offices to register complaints and guide the applicants of the housing loan, and added that a loan seeker is required to furnish a copy of their CNIC, two passport-sized photographs, a salary slip in case of a job, or a copy of the rent agreement of a shop or a house to assess their income and fix an installment.
Chairman NPHA said that the government had announced the extension of a subsidy of Rs. 300,000 for the construction of the first 100,000 houses to be built under the NPHP.
President NBP announced that the public could contact him directly on his mobile phone at 03025567776 in case of a glitch in their loan process.
Executive Director SBP said that the federal Cabinet had approved a plan on 25 March to further ease the process of house loaning. Under the new rules, the amount of loans has been increased, and people can now get loans to purchase a constructed house as well.