Housing project: Allottees can avail soft loan facility

PESHAWAR: The allottees of the Residencia Project in Surizai can avail soft bank loan facility for which Pakistan Housing Authority Foundation would provide all the required documents.

A meeting chaired by Khyber Pakhtunkhwa Minister for Housing Dr Amjad Ali was told that if allottees were unable to pay the down payment or installment they could avail the bank soft loan facility.

The meeting was told that PHA Foundation would provide all the documents for obtaining the loan.

The meeting was told that the interested allottees could contact Assistant Director Peshawar project in the Bank Home Finance facility at 051-9244173, 9201543, 0334-8980010,11 or visit the PHA foundation, in Islamabad.

The officials told the meeting that PHA Foundation was the execution partner of the Peshawar Residencia project while the provincial housing authority was only responsible for acquisition of land, construction of road, main gate, boundary wall and checkposts. The provincial government would build a road from Zangali checkpost at a cost of Rs3.47 billion.

The officials apprised the minister housing that the department was aware of public concerns regarding installment plans for their housing units in the Residencia. However, the federal PHA Foundation calculated the cost of the housing units on the basis of actual land cost, developmental charges and construction cost.

They added the payment schedule was issued keeping in view the project completion period i.e. three years, that’s why the installment seemed to be higher.

The minister was told that if a relaxed schedule was adopted the amounts of installments would also reduce, but that would extend the project’s completion period.

They added that per square feet cost for the construction of a house in Bahria Town and DHA was assessed around Rs 3,200 to Rs 4,200 without including the cost of land and developmental charges.

On the other hand, the Peshawar Residencia offered per square feet of house Rs2800 including land and developmental charges on three year installment.