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Naya Pakistan housing: construction starts in Islamabad

Government has started construction of low cost housing units in Islamabad under the prime minister’s vision of providing accommodation to the homeless low earning citizens.

The government has arranged financing for the project by involving some non-profit organizations who would extend loans to the desiring persons.

The NGOs have already started the loaning process as in the first tranche, of Rs-7.35 million has been disbursed so far among 31 applicants to help them bear the cost of the unit.

The federal government in cooperation with the State Bank of Pakistan is also in the process of formulating laws to enable the banks extend housing loans to the poor who were so far deprived of a shelter of their own. Currently, the house financing facility in Pakistan is just 0.2 per cent while it is 10 per cent in India, 30 per cent in Malaysia and 80 per cent in the United Kingdom and the United States.

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