Islamabad: Prime Minister (PM) Imran Khan has stated that the government is geared to prevent the expansion of cities to save agricultural land, a news source reported. He also launched a low-cost finance scheme for the government’s flagship project aimed at constructing five million housing units in the country. To facilitate the realisation of this project, the State Bank of Pakistan (SBP) launched a financing policy.
Attending the SBP policy-launching ceremony, the PM said that this project will also create jobs, and boost the productivity of 40 associated industries. He expressed his appreciation for the SBP regarding the launch of its low interest rate financing policy.
PM Khan stated that the housing units’ mega project was part of the government’s goals to alleviate poverty in the country.
During the ceremony, Finance Minister Asad Umar stressed that it is the government’s objective to facilitate the underprivileged segments of Pakistan. He added that the government will also launch housing schemes for federal employees in 12 cities.
Under the said SBP financing policy, a house costing below PKR 3 million will be funded. Banks will offer loans up to PKR 2.7 million for this purpose. The policy will prioritise widows, the transgender community, orphans, families of martyrs, and terrorism affectees. The mark-up rate will be 5% for 12.5 years.
