Lahore: The Naya Pakistan Housing Authority (NPHA) has re-shared the details on the incentives and subsidies offered by the federal government (through its recent construction industry relief package) on the construction of low-cost housing units under the Naya Pakistan Housing Programme (NPHP), according to a news source.
The authority further claimed that the package announced by Prime Minister Imran Khan to revive the real estate industry had managed to kick start construction activities across the country.
The government had previously announced a PKR 30 billion subsidy in order to supplement the market for low-cost housing projects. In this regard, the government is offering subsidies worth PKR 300,000 each to the first 100,000 people constructing low-cost houses in the country, along with a 90% concession on due taxes.
At the same time, a special loan package was released, which was aimed at facilitating the people interested in constructing a home for themselves. In this regard, the home loan markup rate on the construction of a 5-marla house is set at 5%, with a rate of 7% applicable on the development of a 10-marla unit. The loans are available for a time period ranging between 5 to 10 years.
For individuals seeking to get a home loan worth PKR 1 million, the monthly instalments have been set at PKR 6,600. On loans amounting to PKR 2 million, the monthly instalment is PKR 13,199, while loans amounting to PKR 4 million and 5 million will have installments worth PKR 31,012 and PKR 38,765 respectively.