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PM Imran directs banks to facilitate housing loan applicants

ISLAMABAD: Prime Minister Imran Khan has directed the State Bank and National Bank of Pakistan to facilitate those applying for low-cost housing loans under the Naya Pakistan Housing Program.

Addressing the National Bank of Pakistan’s telethon on low-cost housing loan on Saturday, the prime minister instructed the State Bank to instruct commercial banks to ease the loaning process for the applicants.

Simultaneously aired on Pakistan Television and different TV channels, the telethon was attended by Senator Shibli Faraz, Chairman of Naya Pakistan Housing and Development Authority Lt. General (Retd) Anwar Ali Hyder, State Bank Governor Raza Baqir, President of National Bank of Pakistan Arif Usmani and Executive Director SBP Samar Hasnain.

The prime minister joined the telethon telephonically for being in quarantine after testing positive for COVID-19 a week ago. He said that the NBP, being the premier bank of the country, should also instruct its staffers, to facilitate the loan applicants, observing that the bank employees were also not in habit of extending such easy loans to the cashless people.

PM Imran said there was no such concept of housing loan for the poor people in the country that was why the people were facing difficulties in the beginning. However, he said,  “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.

Once people start building homes, PM Imran Khan said there will a boom in the construction industry which will bring about a revolutionary change in Pakistan. Imran Khan said that the construction of homes, besides revenue generation, will also lead to job creation.

Earlier, PM Imran Khan decided to increase the scheme’s loan limit by 100%. The decision was announced by PTI Senator Faisal Javed Khan, who wrote on Twitter that the premier has not only decided to increase the loan limit for the scheme by 100% but the discounted markup rate has also been reduced to 3% and 5%.

Under the scheme, people will be able to purchase 5 and 10 marla houses, flats, and plots, while those who already own properties will be able to construct houses on those plots under the scheme, the premier’s aide tweeted.

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