ISLAMABAD: Boom in construction sector would bring economic stability in the country by generating employment opportunities as 30 industries would benefit from strengthening construction sector, Prime Minister Imran Khan said Sunday.
“The boost being given to construction sector by our government would remarkably uplift the socio-economic conditions of under privileged masses,” the PM said, telephonically addressing a Telethon regarding Naya Pakistan Housing Scheme.
He said government's housing scheme for underprivileged and low-income people will boost the construction sector and 30 industries linked to construction sector will benefit.
“This is first-ever project of its kind in Pakistan that low-income people are being provided mortgage financing to own their houses by paying instalments in place of monthly rent. We are aware of the challenges,” he said.
The PM said the government is trying its best to give preference to the widows and special persons in the housing scheme.
“Once people start constructing their houses under the scheme, it will boost the construction industry, which in turn will create wealth in the country. Pakistan is burdened with the debts and wealth creation in the economy will help Pakistan repay its debts,” he said.
The PM said banks have an important role to play in providing mortgage financing to people for construction or purchase of their houses. He asked the commercial banks to provide maximum facilitation to people in this regard.
The PM directed Governor State Bank of Pakistan (SBP) Reza Baqir and President National Bank of Pakistan (NBP) Arif Usmani to ensure that the banks facilitate people as much as possible.
The telethon was attended by Senator Shibli Faraz, Chairman Naya Pakistan Housing and Development Authority Lieutenant General (retd) Anwar Ali Hyder, governor SBP, President NBP and Executive Director SBP Samar Hasnain.
The PM joined the telethon telephonically for being in quarantine after having tested positive for Covid-19 last week.
He said Naya Pakistan Housing Scheme has been designed in such a way that the beneficiaries currently giving money to pay house rent would be using the same to pay housing loan instalments.
The beneficiaries of the housing scheme would have to pay monthly instalments of Rs6,600 for one million loan, Rs13,199 for two million, Rs19,799 for three million, Rs26,398 for four million, and Rs32,998 for five million loan.
Governor SBP Reza Baqir said the banks had eased out the loaning conditions. In order to facilitate the applicants, the SBP has standardised the list of documents required for housing loans.
Chairman Naya Pakistan Housing and Development Authority Anwar Ali Hyder said the government has announced to extend subsidy for the construction of houses under the Naya Pakistan Housing Programme.
President NBP Arif Usmani said the people could directly approach him on mobile number 0302-5567776 in case of any glitch in their loan process.
Senator Shibli Faraz said this is the beginning of fulfilment of a dream to develop Pakistan as welfare state. The government has taken multiple steps which were never taken in the country in the past, he said.