Housing telethon: PM directs banks to simplify loan process

ISLAMABAD: In a bid to facilitate the low and middle-income groups, Prime Minister Imran Khan on Sunday directed the banks to simplify the process for housing finance, ARY News reported.

Virtually addressing the housing telethon, PM Imran Khan instructed the banks to facilitate those applying for low-cost housing loans under the Naya Pakistan Housing Program.

 

He maintained that for the first time in the country’s history, the poor were being given an opportunity to own a house. PM Imran said that once the people will start constructing their houses under the scheme it will boost the construction industry and 30 other industries associated with it, which in turn will create wealth in the country.

He said that Pakistan is burdened with debts and wealth creation in the economy will help Pakistan repay its debts.

The prime minister said that banks have an important role to play in providing mortgage financing to people for construction or purchase of their houses, therefore banks should facilitate people in this regard.

He directed the State Bank of Pakistan and the National Bank of Pakistan (NBP) to ensure that the banks facilitate people. Widows and differently-abled people would be given preference in the housing project, he added.

Citizens are participating live in the telethone via telephone and asking questions regarding the process of applying for the loan in Naya Pakistan Housing Scheme.

Speaking in the telethone Senator Shibli Faraz said that Prime Minister Imran Khan is committed to make Pakistan a welfare state. He said that Prime Minister’s scheme for low cost housing is aimed at provide housing facilities to the common people. He said that the success of the scheme depends on the role of the banks. The government is ensuring that banks facilitate the people without any difficulties.

Speaking on the occasion, Naya Pakistan Housing Authority Chairman Lieutenant General (retd) Anwar Ali Haider said that process of providing loans to the people under the Prime Minister’s low cost housing scheme has begun.

State Bank of Pakistan Governor Raza Baqir said that the bank has an important role in the low cost housing scheme as it ensures that the banks provide loans to the people as directed by the government. He said earlier in Pakistan the contribution of commercial banks in provision of loans for housing sector was less than one percent of the economy.