The down payment for Naya Pakistan Housing Scheme has been decided
The government has made public for Prime Minister Imran Khan’s ambitious Naya Pakistan Housing Scheme.
On Monday it was revealed by the government that applicants will have to pay 20% of the total cost of their dream house as down payment. The remaining 80% can be paid later.
A joint conference was held with a task force on Housing chairman Zaigham Rizvi and Punjab Minister for Housing, Urban Development Mehmoodur Rashid.
During the conference, the Pakistan Tehreek-e-Insaf (PTI) leader Syed Firdous ShamanNaqvi said:
“Every person will pay 20% of the cost of the house. The remaining 80% can be paid later.”
An official told:
“According to a survey, 300,000 to 350,000 houses are being built every year in the country. We have to increase that number to 1m.”
Naya Pakistan Housing Scheme is based on the mortgage housing system. The government had prepared a comprehensive strategy for providing people with their own shelter.
He also said that the government will also give some relaxation in taxes to the applicants. People will be able to pay the installment of their houses more easily.
Speaking to the occasion, a provincial minister said that in the first phase, the project will be implemented in Punjab.
No such announcement had been made by any government. It is for the first time that the government revealed that applicants have to pay 20% cost as down payment.
Zaigham Rizvi said that former Prime Ministers had also announced housing schemes during their governments but it didn’t start.
“The Prime Minister Imran Khan has presided over 10 meetings on the housing scheme in 60 days,” he said.
Not only in the urban areas, but the houses will be constructed in rural areas also. Prime Minister Imran Khan will inaugurate the first phase of the program on 1st January 2019.