Islamabad: The Task Force formed regarding the construction of 5 million affordable houses launched under Prime Minister Imran Khan’s Naya Pakistan Housing Programme (NPHP) has identified the income bracket of people who can avail this programme, reported a news source. Families having household income of PKR 50,000 per month will be facilitated under this programme.
Eight percent of the financing for the PKR 16 trillion project will be arranged from the banks, while the remaining 20% will be paid by the respective applicant/owner. These banks will provide home loans of PKR 2 million at an interest rate of 10%, making the monthly instalment stand at PKR 18,564, which is equivalent to existing rental rates.
Task Force member Firdous Shamim Naqvi said that the set targets for the programme can be met if 6,200 affordable houses are constructed in each district. The government is planning to construct 1 million affordable houses each year for the next five years to deliver the project. In this regard, the institutional framework will be finalised in the next 90 days.
In the first year, one million houses will be constructed in rural, urban and semi urban areas at an estimated cost of PKR 3.2 trillion. In this regard, land measuring 50,000 kanals with clear entitlement has also been identified.
