Naya Pakistan Housing Project
Buying a house was a dream for lower middle and even for a middle-class family as well due high price of property in the market. Keeping that in mind as per PM promised during the election, finally announced an affordable housing scheme for lower middle & middle-class family who has no house or living on rent.
Under the initiative of “Naya Pakistan” 5 million affordable houses are to be constructed, details and criteria are given below:
Who & How can apply for Naya Pakistan?
In the registration form that’s available for download on National Database and Registration Authority (NADRA) website, the applicant is required to mention if his family’s total gross income per month falls within these ranges;
- Less than PKR 20,000
- Between PKR 20,001 and PKR 40,000
- Between PKR 40,001 and 60,000
- Between 60,001 and 100,000
- More than PKR 100,000
According to Khan, the government will construct five million houses in five years for people who earn between PKR 10,000 and PKR 25,000 per month.
As announced earlier, the homes will be built in three categories i.e. labor class, lower middle class, and middle class. These will be offered on a 10% to 25% down payment.
Price and payments
Details on the price of the units built under the program haven’t been revealed yet, but we do know that banks are to provide home loan facilities on appropriate terms and conditions where the payment could be cleared in up to 20 years.
Among its fellow countries in the region, the number of people opting for home loans in Pakistan is startlingly low.
According to a news report, the price of 2-marla and 4-marla units which the government plans to construct will fall in the range of PKR 800,000 to PKR 1,200,000.
Details on the pilot project:
The pilot project will commence from October 12 in Islamabad and it will be for the employees of Federal Government of Pakistan from Basic Scale (BS)-1 to BS-16.
The project will be a joint venture between the private sector and the Federal Government Employees Housing Foundation.
Further, to construct houses under the first phase of Naya Pakistan Housing Programme, seven districts have been chosen; Islamabad, Faisalabad, Quetta, Muzaffarabad, Swat, and Sukkur.
The process has begun for registering the home seekers and forms are now available on NADRA’s official website for download.
The registration forms are to be duly filled and submitted in the designated offices in the respective cities along with a certain amount to be charged as a processing fee.
For complete details on how to apply for Naya Pakistan Housing Programme, stay tuned for our upcoming blog.
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