ISLAMABAD: The incumbent government is negotiating with the banking sector and other financial institutions to provide interest-free loans for construction of houses under the Naya Pakistan Housing Programme.
The duration for payment of loan would be 15-20 years and Rs5,000 to Rs6,000 would be received as an instalment on monthly basis, the sources told APP on Thursday.
He said that the committee constituted by the prime minister had worked a lot on this project with a special focus on the finance model, legal framework and land book.
A task force, he said, had been formed and the national and international investors showed great interest in the project.
The committee would gather information in these cities about living standard of people and their interest in such housing project, the source added.
As many as 41 bidders and companies have applied and offered land for plots, apartments and houses in major cities.
“An encouraging response has been received from the bidders and companies towards Naya Pakistan Housing Programme and 41 bidders and companies have applied and offered land for plots, apartments and houses in major cities,” he maintained.
The complete framework would be finalised during the ongoing month and construction of houses in three districts of Punjab under “Naya Pakistan Housing Programme” will start from January 1, 2019.
The layout plan has been completed and formal work will commence after the inauguration by the Prime Minister Imran Khan himself, he added.
The source said that Faisalabad was identified for the pilot project of the program but it has been now extended to Bahawalnagar (Chishitan) and Muzaffargarh.
He said that the conditions to apply for a house under this project are to have no ownership of a house and financial ability to pay monthly installment.
He said that money is not a major challenge for this project as there will be market-based funding.
He said that the government is also considering over the option to pay installment through Provident Fund of employees applying under this programme.