Prime Minister allocates subsidy worth Rs30bn to NPHP

ISLAMABAD: While chairing a meeting of the National Coordination Committee on Housing, Construction, and Development, PM Imran Khan allocated Rs30 billion to the Naya Pakistan Housing Scheme.

The Naya Pakistan Housing Scheme is aimed at helping the underprivileged class build their own homes.

“Despite a lot of hurdles, we were successful in passing the law for Pakistan, which is now implemented around the world,” Khan added.

To supervise the working and progress of the committee regarding the NPHS, the prime minister announced to chair the meeting every week.

In addition, the NCC has strategized on formulating policies for the revival of the construction sector.

The decision was taken to create employment and kick-start the economy.

The construction industry will be provided incentives till December 31, he further added.

Under the announced subsidy, Rs300, 000 have been allocated for each of the 100,000 households during the first phase of the programme.

Furthermore, an interest of 5% is levied on a five-Marla house and 7% for a 10-Marla house, he added.

“The State Bank of Pakistan (SBP) has been directed to keep 5% of the portfolio for the construction industry, which is calculated to be Rs330 billion,” he said.

Khan further added that in coordination with all the four provinces, a one-window operation has also been set up to facilitate the people in regard to obtaining the no-objection certificates (NOCs). Adding, that there will be a time limit for the approvals of houses maps.

The provincial taxes have also been reduced so that people can benefit more and more with the subsidies,” he added.

“We are hoping that these incentives will create employment opportunities for people in these hard times of pandemic,” he said. “Around the world, banks provide loans for construction but banks in Pakistan only provide 0.3% loans — which is quite less.”

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