PM directs banks to simplify loan process under Naya Pakistan Housing Scheme
On Sunday, Prime Minister Imran Khan directed banks to simplify the housing finance process in order to support low and middle-income families, according to news resources.
PM Imran Khan, who was practically speaking at the housing telethon, told banks to make it easier for people applying for low-cost housing loans through the Naya Pakistan Housing Scheme.
For the first time in Pakistan’s history, he said, the poor were being given the opportunity to own a home. PM Imran Khan said that once people begin building their homes under the scheme, it will boost the construction industry as well as 30 other industries related to it, resulting in increased wealth in the country.
He said that Pakistan is in debt and that increasing resources in the economy would assist Pakistan in repaying its debts.
The Prime Minister said that banks play an important role in providing mortgage financing to people who are building or buying homes, and banks should help in this regard. He has directed the State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) to ensure that people are helped by the banks. Widows and people with disabilities will be given priority in the housing project, he said.
Governor of the State Bank of Pakistan Raza Baqir said the bank plays an important role in the low-cost housing scheme because it ensures that banks provide loans to citizens in compliance with government directives. He previously stated that commercial banks’ contribution to the provision of loans for the housing sector in Pakistan was less than 1 percent of the economy.