Lahore: The Lahore Development Authority (LDA) and private banks have finalised matters regarding the mortgage policy on purchase of low-cost apartment units being developed in LDA City for the development authority’s employees, according to news shared in a newspaper today (January 8). The apartments are part of the government’s flagship Naya Pakistan Housing Programme (NPHP).
Under first phase of this project, a total of 4,000 apartments will be developed for LDA employees. Reportedly, the financial model for the mortgage policy has already been finalised. As per this model, banks will provide financial assistance of up to 80% of the unit’s total price. The news source further reported that home loan under this agreement will be offered at 5% markup.
Reportedly, the process to acquire land for development of these low-cost apartment has already begun.