real estate

What Is Naya Pakistan Housing Programme Loan Scheme?

Naya Pakistan Housing Programme (NPHP) is a governmental plot project where the Prime Minister, Imran Khan announced to construct five million homes across the country during the current tenure. Looking at the pace of the development work, the housing programme has become more commonly popular among the lower and middle-income group of the society. This project’s aim is to provide quality homes to those who can not afford their own homes due to the soaring prices of real estate properties in Pakistan. 

The premier announced that the banks will provide home loans on easy terms and conditions in order to facilitate the society. More interestingly, the loan amount you take can be cleared in up to 20 years. What it means is that if you fall under the eligibility criteria, all you need to do is gather 20 percent of the total amount of the house as the down payment and the rest of the 80 percent will be provided by the bank through the home financing facility. 

To read more, check the link mentioned below.

Easy Home – Low Cost Housing Finance Scheme

What is the Housing Loan Scheme for Naya Pakistan Housing Programme?

In October 2020, the State Bank of Pakistan announced that the government is offering a facility for the construction and purchase of new houses to the people living in Pakistan. According to an official statement released by SPB (The State Bank of Pakistan), “This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail the bank’s financing at subsidized and affordable mark-up rates.” 

The entire administrative support is being provided by the State Bank of Pakistan as it is the executing partner of the Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA). The government liberalized features of this scheme in light of feedback of stakeholders to benefit the large strata in March 2021. 

Naya Pakistan Housing Programme Considered As The Most Important Developmental Project 

NPHP is termed as the most important project for the country’s future as it aims at providing millions of homes to the individuals who are unable to purchase a property due to financial issues. The premier has observed that many people have been facing difficulties in obtaining loans under Naya Pakistan Housing Scheme. Therefore, it has instructed all the banks of Pakistan to make the loan obtaining process easier and more accessible to the citizens. 

According to the premier, this residential property project is going to be a landmark project in the history of Pakistan’s real estate industry and when people will start constructing their homes, there will be a boom in the construction industry as well for sure. It will result in more job opportunities for people of Pakistan. In light of this, the construction industry as well as the ancillary industries will aid in bringing a revolutionary change in Pakistan and contribute more to the country’s wealth. 

Prime Minister Imran Khan Increases Loan Limit For Naya Pakistan Housing Programme By 100%

About two weeks ago, in a bid to facilitate the citizens of Pakistan, Prime Minister Imran Khan announced an increase in the loan limit of the Naya Pakistan Housing Scheme by 100 percent. In the light of recent events, PTI senator Faisal Javed Khan said that the premier has not only decided to increase the loan limit of this project but the markup rate has also been reduced to 3 and 5 percent. 

Under this residential project, people will be able to purchase 5 and 10 marla houses, flats, and plots while the ones who already own the property will be able to construct houses on those plots under the scheme. 

Eligibility Criteria For Candidates 

  • All Pakistani citizens with valid CNIC and NICOP are eligible for this housing scheme.
  • This programme is only offered to people who are buying a house for the first time.
  • An individual can have a subsidized house loan facility under this housing scheme for one time only.
  • For Naya Pakistan Housing and Development Authority (NPHDA) projects, NPHDA will shortlist the eligible candidates and then forward their profiles to banks for financing. 

For more updates, keep following us at www.mashriq99.com

Leave a Reply

Your email address will not be published.

Translate »