A grant Of Rs 3 lakh per house given to 5 marla house construction
PTI government is continuously working on its housing project schemes and announcing government subsidy.
Here is a new development in the naya Pakistan housing project and low cost house loans from banks under Mera Pakistan, Mera Ghar scheme.
Announcing the construction package Prime Minister Imran Khan said that subsidy will be given to construction of new houses. An interest rate for house loans from banks will be 5% for next five years for 5 marla and 7 marla houses.
Almost all Pakistani banks have announced low cost house financing under prime minister mera Pakistan mera ghar scheme.
Click to know the low cost house loan detail from banks
Also Prime Minister told that subsidy will be given to construction sector. The subsidy amount announced by Prime Minister for construction sector is Rs 186 billion. The federal board of revenue FBR have registered on the portal, with 116 projects in draft form. The process of approval of 116 billion in Punjab is under process.
'We believe the economic activity that will start from Punjab will generate about 1500 billion activity following 2 lakhs jobs.' Prime Minister said.
He said that similar projects have been started in khyberpkhtukhaw, Baluchistan and Karachi.
Low cost houses under Naya Pakistan for salaried person is biggest achievement. Banks are giving low cost loans for house construction.
' Banks have assured government and State Bank that they have set aside 378 billion for construction activities by December 2021. A subsidy of Rs 30 billion to low cost houses. Here for first 1 lakh houses, a grant of Rs 3 lakh would be given to reduce the construction expenditure. Automated approval regim is great development. CDA and LDA has done a lot of work on automated approval of loan. With automated approval regim the work of years and months will be done in weeks,' he continued.
The exemption period to disclose the source of income, for construction sector is extended till June 30, 2021. Asides giving many exemptions to construction industry, government will remove any possible obstacles.