ISLAMABAD: Prime Minister Imran Khan on Thursday instructed the commercial banks to simplify the process to apply for house building loan to facilitate the low or middle income groups.

Chairing the weekly meeting of National Coordination Committee on Housing, Construction and Development, the prime minister said the government had addressed all the reservations of the banks. The State Bank had been empowered for timely disbursement of the subsidy to the banks on house building loans announced by the government. Moreover, the matter of foreclosure was also being pursued effectively, he added.

The meeting was attended by Information Minister Senator Shibli Faraz, special assistants Malik Amin Aslam, Lt Gen Asim Saleem Bajwa (retd), Syed Zulfiqar Bukhari and Dr Shahbaz Gill, State Bank Governor Dr Raza Baqir, Naya Pakistan Housing Authority Chairman Lt Gen Anwar Ali Haider (retd) and senior officers.

The presidents of all major banks and representatives of Association of Builders and Developers also attended the weekly meeting.

The prime minister expressed satisfaction over the vibrant role being played by banks and said the construction industry could guarantee a strong economy. Moreover, the banks would also get numerous business opportunities consequent to the uplift of construction sector.

The president of Pakistan Banks Association viewed that the effective policies and facilitation process for the banks had encouraged the private sector. All the banks were resolved to play their role to help provide housing facility to the low and middle income people.

Presidents of Bank of Punjab and Bank Al Falah briefed the prime minister about the products launched by their respective organisations under the housing programme. The heads of other banks also assured the prime minister of early launch of their house building products.