The Federal Government, SBP (State Bank of Pakistan), and Naya Pakistan Housing and Development Authority (NAPHDA) have announced the payment plan and details of the ultimate installment breakdown announced for the ‘Mera Ghar – Mera Pakistan’ initiative.
Read: Credit Trust agreement to boost low-cost housing
According to the disclosed details, the government is providing real estate loans of up to 5 million Pakistani rupees for 10 to 20 years – with a subsidized interest rate of 5% (for NAPHDA projects under 5 marla and not related to NAPHDA (Tier 1 and 2 housing projects) and 7% (For Tier 3, non-NAPHDA housing projects).
The monthly payment for the first five years under the 20-year facility of loan is set ranging Rs 6,600 and Rs 38,765 per month. The image below will give you a better idea of the housing finance the government is offering:
Those, who want to benefit from this facility of installments are requested to officially visit a commercial bank branch or the office of the House Building Finance Company (HBFCL).
Read: Naya Pakistan Housing Project’ Starting Soon in Lahore
The government reportedly allocated over 33 billion Pakistani rupees to the institution. There will also be financial support of Rs 300,000 for the first 100,000 housing units (through NAPHDA projects). In addition, there is a 90% construction tax exemption for these units and a tax exemption for many construction materials. Not to mention, the government has also lowered import duties on machinery and industries.
