Prime Minister Imran Khan increases loan limit for Naya Pakistan Housing by 100%

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Photo showing newly built apartments under the PTI government’s Naya Pakistan housing program. Photo: File.

Prime Minister Imran Khan has decided to increase the loan limit for the Naya Pakistan Housing Project – a government project where people can buy land and build houses – by 100%.

To make the announcement, Prime Minister Imran Khan’s assistant Senator Faisal Javed Khan took to Twitter and said the government has also decided to reduce the discounted loan increase rate to 3% and 5% .

As reported by Geo.tv, under the program, people will be able to buy houses, apartments and plots of 5 and 10 marla, while those who already own properties will be able to build homes on these plots as part of the program, wrote the assistant to the prime minister.

He further added that the loan limit has been increased to Rs10 million.

Providing further information, Senator Faisal Javed Khan wrote that Prime Minister Imran Khan himself was overseeing the project.

“The dreams come true; the distribution of houses has begun,” the PTI senator wrote, adding that people would no longer be forced to pay loans because they can become homeowners by paying off the loan in very small installments.

“It is a revolutionary decision. You can now own a house. Contact the banks for more information on loans,” wrote the assistant to the Prime Minister.

Earlier this month, the prime minister said the government had launched the Naya Pakistan housing project with a new mindset to help these segments of society own a home.

Under this program, houses will be split between widows and the disabled, in addition to laborers over property rights to those earning less than Rs 0.5 million.

“The government has introduced legislation under which banks will grant loans at an interest rate of 5% for the construction of houses,” the prime minister said, adding that the banks had pledged to set aside 380 billion rupees for this end.

“There is a boom in the construction industry due to the incentives given by the current government,” Prime Minister Imran Khan said. “This will not only lead to wealth creation, but will also provide employment opportunities for young people.”

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