Naya Pakistan Housing Scheme: Govt to increase loan limit by 100%

In a bid to facilitate the masses and enable them to become homeowners, Prime Minister Imran Khan has decided to increase the loan limit of the Naya Pakistan Housing Scheme by 100%.

Taking to Twitter, PTI Senator Faisal Javed Khan wrote 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 wrote.

He further added that the loan limit has been increased to Rs10 million.

Providing further information, Senator Faisal Javed Khan wrote that Prime Minister Imran Khan is supervising the scheme himself.

"The realisation of dreams has begun; the distribution of houses has begun," the PTI Senator wrote, adding that people wouldn't be required to pay loans anymore as they can become homeowners by paying off the loan in very small installments.

"It's a revolutionary move. You can now own a home. Contact banks for further information regarding the loans," the PM's aide wrote.

What is the Naya Pakistan Housing loan scheme?

Back in October 2020, the State Bank of Pakistan (SBP)announced that the government will be providing a markup subsidy facility for the construction and purchase of new houses to the people of Pakistan.

"This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail the bank’s financing at subsidised and affordable markup rates," a statement from the SBP said.

This facility will be provided with the administrative support of the State Bank of Pakistan as the executing partner of the Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA), the statement added. 

More information about the Naya Pakistan Housing Scheme can be found here.