Islamabad: The Cabinet on Thursday approved the mortgage policy for home loans that can be procured for financing the affordable housing units to be offered under the Naya Pakistan Housing Programme (NPHP), according to a news report. Following the sanction, the federal government has decided to implement the policy with immediate effect – via a presidential ordinance.
Under the new policy, commercial banks will provide home loans on easy instalment terms and conditions. The policy also has set rules in place to deal with cases in which applicants fail to submit three consecutive monthly instalments after the receipt of their respective banks’ reminders. In such instances, the policy allows the banks to take hold of the properties concerned.
The mortgage policy can also be availed by people looking to acquire loans for the construction of their homes.
Commenting on the features of the policy, Federal Minister for Housing and Works Tariq Bashir Cheema said that the monthly instalment of a house offered under NPHP would be kept as low as the monthly rent of a similar-sized house elsewhere in the same locality.
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