Islamabad: Prime Minister (PM) Imran Khan vowed that as the income of the government will increase, more funding for the housing sector will be available, according to news sources. The premiere affirmed these sentiments while addressing the interest-free loan (worth PKR 5 billion) cheque distribution ceremony for the construction of low-cost houses under PM’s Naya Pakistan Housing Programme (NPHP).
Khan said the year 2020 will be a year of provision of jobs and housing facilities to deserving people. He reiterated that it was the government’s mission to develop houses for society’s low-income segment.
He explained that the non-existence of the foreclosure laws is one of the major hurdles hindering housing finance by banks. The PM said that the government is awaiting court’s decision in this regard and expressed hope that legal formalities to enforce foreclosure laws will soon reach their logical end.
Furthermore, the PM issued instructions for the Ministry of Housing and Works to fast-track the development work on the low-cost housing scheme.
Under NPHP, Akhuwat Microfinance distributes the interest-free loan to the need-based programme applicants – who own up to 250 sq ft plots. The successful applicants can utilise up to PKR 1 million to develop, renovate or add rooms to the house.