ISLAMABAD: Prime Minister Imran Khan urged the State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) to relax the terms of housing loans so people can get the most out of the flagship program government Naya Pakistan Housing (NPHP) to build their houses.
“I ask the Governor of the State Bank Reza Baqir and the President of the National Bank Arif Usmani… that the banks facilitate the applicants for real estate loans,” the prime minister said during a virtual participation in the NAB telethon on low-cost home loans Sunday. The PM is in home quarantine after testing positive for Covid-19 on March 21.
Khan promised the government would give preference to widows and people with disabilities when implementing the housing program.
Several callers during the telethon complained about the lengthy and complicated process of applying for and obtaining home loans under the government’s mortgage financing program.
Several callers complain about a complicated process to obtain a facility
During the telethon, which was second on housing, the prime minister spoke directly to loan seekers after their phone calls were received by the program manager. Simultaneously broadcast on the state channel Pakistani television and various private channels, the telethon brought together Senator Shibli Faraz, retired NPHA Chairman, Lieutenant General Anwar Ali Hyder, SBP Governor Reza Baqir, NBP Chairman Arif Usmani and Executive Director of SBP Samar Hasnain.
Mr Khan said it was the first time in Pakistan that the working class or people without money were given the opportunity to have their own homes, as the NPHP was designed in such a way that beneficiaries who currently pay a rent would use the rent amount to pay the mortgage loan installments.
According to details shared by SBP officials, home loan recipients are expected to pay a monthly payment of Rs 6,600 for a loan of Rs 1 million, Rs 13,199 for a loan of Rs 2 million, Rs 19,799 for a loan of Rs 3 million, Rs 26,398 for Rs 4 million loan and Rs32,998 for the loan of Rs5m.
The prime minister said that people all over the world, like in Europe or the United States, got their homes through the system of bank mortgages, but it had not been a practice in Pakistan, because according to the governor of the SBP, only 1% of the country’s inhabitants have built their homes through banks. ready.
Prime Minister Khan said that due to the NPHP, the national economy would also be boosted. “The country is under the weight of debt. The creation of wealth is an urgent need to increase income. Therefore, in all respects, this is an important project for the country, ”he added.
Those aspiring to own a home under the Prime Minister’s pro-poor housing program joined the transmission by calling 0519215595 and panelists responded to their complaints.
Speaking on the occasion, Senator Faraz said it was the start of realizing the dream of developing Pakistan as a welfare state.
The SBP governor said banks have relaxed lending terms and to facilitate applicants, the SBP has standardized the list of documents required for a home loan.
He said applicants were required to provide a copy of the CNIC, two passport-sized photos, a pay slip if employed, or a copy of the rental agreement for a store or house to allow banks to assess their income and set a down payment.
In addition, the SBP had set up 16 offices to register complaints and guide applicants for housing loans, he said.
The NPHA chairman said the government had announced the extension of the grant of 300,000 rupees for the construction of each first 100,000 houses to be built under the NPHP.
The NBP chairman said people could approach him directly by phone. 03025567776 if there is a problem with their loan process.
The SBP executive director said the federal cabinet approved a plan on March 25 to make the mortgage lending process even easier. Under the new rules, the amount of loans has been increased and people can now also get a loan for the purchase of a built house.
Prime Minister Khan has been told he may return to work and develop his work routine over the next few days, the Prime Minister’s Special Assistant for Health Services, Dr Faisal Sultan tweeted on Sunday.
He wrote in a tweet: “Prime Minister Imran Khan has recovered steadily from Covid and his lab parameters have remained stable.”
Previously, the Prime Minister had wished “a very happy holiday” to the Hindu community as they celebrate the festival across Pakistan. He said the occasion was a “festival of colors”.
Posted in Dawn, le 29 March 2021