Islamabad: The government plans to simplify the application forms regarding its Naya Pakistan Housing Programme (NPHP), a news source reported. It has also decided to scale up housing finance and revive housing finance companies.
According to a National Financial Inclusion Strategy, which will cover the next five years, the government plants to create three million jobs and give loans to 700,000 small and medium enterprises.
Construction work on at least 12,000 low-cost residential units will begin in Lodhran, Chishtian and Renala Khurd next month, according to Punjab Minister for Housing, Urban Development and Public Health Engineering Mian Mehmood-ur-Rasheed.
The government plans to construct five million affordable residential units in five years under NPHP. Another 10,000 residential units will be completed by June 2019. Akhuwat Foundation has collaborated with the government on the project.
Together with Akhuwat, the Ministry of Housing and Works will finance the construction of residential units for those who own a piece of land but have no funds to back the construction work. Applicants will be provided interest-free loans worth PKR 500,000 under the scheme.
