Naya Pakistan Housing Programme: Down payment and monthly installments revealed
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ISLAMABAD - Naya Pakistan Housing Scheme down payment and installments have been revealed.
Customers will have to pay 20 percent of the total cost of the house upfront.
Firdaus Shamim Naqvi, the Opposition Leader in Sindh Assembly and a member of the Task Force on 50 million houses’ project revealed this on Monday.
Shamim, in a joint press conference with other members, said the owners would contribute 20pc of the total cost as down payment; remaining 80pc payment will be provided by bank borrowing under the proposed financing model. ------------------------------
Naqvi proposed the repayment plan saying that the owners would return the bank loans of Rs 2 million (with 10pc mark-up) in 20 years’ time – the monthly installment has been set at Rs 18,564 which is equivalent to existing rental levels.
Naqvi revealed that the government would require financing of Rs 16 trillion to build five million houses in five years.
“If the cost of the lowest category house/apartment is Rs 3 million, the applicant will have to pay Rs 600,000 as down-payment,” said Mr Naqvi. ------------------------------
Shamim Naqvi added that the government was going to adopt rent equalization model 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,” Firdous Shamim Naqvi said.
