ISLAMABAD – Naya Pakistan Housing Scheme down payment and installments havebeen revealed.
Customers will have to pay 20 percent of the total cost of the houseupfront.
Firdaus Shamim Naqvi, the Opposition Leader in Sindh Assembly and a memberof the Task Force on 50 million houses’ project revealed this on Monday.
Shamim, in a joint press conference with other members, said the ownerswould contribute 20pc of the total cost as down payment; remaining 80pcpayment will be provided by bank borrowing under the proposed financingmodel.——————————
Naqvi proposed the repayment plan saying that the owners would return thebank loans of Rs 2 million (with 10pc mark-up) in 20 years’ time – themonthly installment has been set at Rs 18,564 which is equivalent toexisting rental levels.
Naqvi revealed that the government would require financing of Rs 16trillion to build five million houses in five years.
Read Top Stories
“If the cost of the lowest category house/apartment is Rs 3 million, theapplicant will have to pay Rs 600,000 as down-payment,” said Mr Naqvi.——————————
Shamim Naqvi added that the government was going to adopt rent equalizationmodel to keep the project low-cost and within people’s range.
“Total housing requirement in the country stands at more than 10 million,but we intend to construct 5 million in the next five years,” FirdousShamim Naqvi said.
