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Lucky draw to be conducted of 1.6 million loan requests: Naya Pakistan housing scheme chief

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"Those who cannot reveal the sources of their money have been given an opportunity to invest until December 31," Naya Pakistan housing scheme Chairperson Lt Gen (r) Anwar Ali Hyder said. The News/via Geo.tv/Files

ISLAMABAD: A lucky draw would be conducted of the 1.6 million finalised loans applications received for the Naya Pakistan housing scheme, the project's chairperson, Lt Gen (r) Anwar Ali Hyder, said Sunday.

Speaking of the construction sector, Lt Gen Hyder explained that people in that industry were facing three major issues, including taxes, financing, and required approvals. However, the incumbent PTI-led government intended to provide convenience to the common person.

"Those who cannot reveal the sources of their money have been given an opportunity to invest until December 31," he said.

He reiterated what Prime Minister Imran Khan had said Friday during his Naya Pakistan housing scheme speech, when he had announced a subsidy worth Rs30 billion, saying loans would be offered at concessionary rates.

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"Loans would be given at 5% interest rate to those who build 5-marla houses and at 7% to those who build 10-marla houses," Hyder explained. Everyone, he added, would also be given the option of a loan under the Islamic banking system.

The Naya Pakistan housing scheme chief said those with lower incomes would be given a sum of Rs300,000. "The private sector would have to take the lead in building homes in this industry," he added.

Speaking of the requests for the Naya Pakistan housing scheme, he said a total of two million applications had been submitted so far and 1.6 of those had gone to the second stage after the National Database and Registration Authority (NADRA) employed certain filters.

"We will conduct a lucky draw of the requests," he added.


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