Prime Minister Imran Khan increases loan limit for Naya Pakistan Housing by 100%

Prime Minister Imran Khan has decided to increase the loan limit of the Naya Pakistan Housing Project —a governmental project under which people will be able to purchase plots and construct houses — by 100 per cent.

To make the announcement, Prime Minister Imran Khan's aide Senator Faisal Javed Khan took to Twitter and said that the government has also decided to reduce the discounted markup rate for the loan to 3% and 5%.

As reported by Geo.tv, under the scheme, people will be able to purchase 5 and 10 marla houses, flats, and plots, while those who already own properties will be able to construct houses on those plots under the scheme, the premier's aide wrote.

He further added that the loan limit has been increased to Rs10 million.

Providing further information, Senator Faisal Javed Khan wrote that Prime Minister Imran Khan is supervising the scheme himself.

"The realisation of dreams has begun; the distribution of houses has begun," the PTI Senator wrote, adding that people wouldn't be required to pay loans anymore as they can become homeowners by paying off the loan in very small instalments.

"It's a revolutionary move. You can now own a home. Contact banks for further information regarding the loans," the PM's aide wrote.

Earlier this month, the premier has said the government started the Naya Pakistan Housing project with a new mindset to provide support to these segments of society to own a house.

Under this scheme, houses will be distributed among widows and disabled, besides labourers on ownership rights to those who are earning less than Rs 0.5 million.

"The government has introduced legislation under which banks will provide loans on 5% interest rate for the construction of houses, the premier said, adding that banks have promised to set aside Rs380 billion for this purpose.

"There is a boom in the construction industry due to the incentives given by the present government," PM Imran Khan said. "This will not only lead to wealth creation but also provide job opportunities to the youth."