Gujranwala: The Bank of Punjab (BOP) Chief Executive Officer (CEO) and President Zafar Masud, on Monday, inaugurated a low-cost housing project Eminabad town of Gujranwala, the bank shared through a press release.
Entitled the Economy Housing Scheme – Garden Squares, this is a first-of-its-kind private sector collaboration that aims to provide state-of-the-art housing to low-income segment through home financing options.
Speaking on the occasion, Masud stated that it is a revolutionary project through which The Bank of Punjab is making practical efforts to fulfil Prime Minister Imran Khan’s dream of affordable housing.
Providing the details of the program, he added that for the project, the Bank of Punjab has reduced the mark-up rate under a special package to facilitate the low-income segment. The markup will be similar to what is provided under Naya Pakistan Housing Programme where for a five-marla house, the mark-up rate for the first five years will be 5%; for the next five years it will be 7%; and after ten years it will be according to the market rate.
The project will have underground electrification, sewerage system, commercial area, school, health facilities, green areas and international standard infrastructure and the houses will be delivered by August 2021.