Loan applications worth Rs 7bn being received weekly under housing scheme: PM
Pakistan
Loan applications worth Rs 7bn being received weekly under housing scheme
ISLAMABAD (Dunya News) – Prime Minister Imran Khan said on Thursday that applications of Rs 7 billion are being received weekly under housing scheme and more than 70,000 housing projects worth Rs 1.4 trillion have been approved, which will have an impact of Rs 7.3 trillion on the construction industry and create 1.2 million jobs.
A meeting of the National Coordinating Committee for Housing was held under the chairmanship of PM Imran Khan. The meeting was also attended by Federal Ministers Shaukat Tarin, Fawad Chaudhry, Minister of State Farrukh Habib, Special Assistant Dr Shahbaz Gill, Governor SBP, Lt Gen (r) Anwar Ali Haider, Ravi Urban Development Authority (RUDA) CEO Imran Amin and Chief Secretaries.
It was informed during the briefing that for the first time in the history of Pakistan, a sustainable ecosystem has been developed for low cost housing, while long-term loans (up to 20 years) with subsidized markup, subsidy of up to Rs 300,000 for low-income housing schemes and 90% tax exemption have encouraged private sector.
A total of 161,924 low cost housing units were approved, out of which 45,191 units are under construction and 20,898 units have been completed, which is significant bearing in mind that before the subsidies by the government, foreclosure law and low cost housing schemes by the PTI’s government, the sector was in shambles.
A breakup of the government financed low cost housing projects was also given according to which 4,000 units in Farash Town, 4000 units in LDA City, 1320 units in Jalozai, 245 units in Raiwind, 324 units in Sargodha and Chiniot and 1800 units at Angoori road are being constructed with completion deadlines before the end of 2022.
The meeting was also told that a total of 2,507 projects worth Rs 627 billion have been registered on FBR Portal under the Fixed Tax Regime which have an impact of Rs 3.135 trillion on the economy.
