Bank loan for 5 marla house to be given at 5pc interest rate: Shibli

By: News Desk      Published: 01:55 AM, 13 Jul, 2020
Bank loan for 5 marla house to be given at 5pc interest rate: Shibli
Minister for Information and Broadcasting Shibli Faraz.–File photo

Minister for Information and Broadcasting Senator Shibli Faraz has urged the construction industry to take advantage of the government’s new construction policy by December 31.

Addressing a news conference along with Naya Pakistan Housing Authority Chairman Lieutenant General (R) Anwar Ali Haider in Islamabad on Sunday, he said people availing this facility will not be asked about their source of investment.

He said government is making all out efforts to remove the hurdles faced by the construction industry. He said a committee has been formed to resolve issues related to the construction industry.  The minister said the government has devised a one-window operation to reduce the process time required for clearance of documents. He said that people, who want to construct their homes by borrowing money from banks, will be given loans at a subsidized interest rate.

Shibli Faraz said the interest rate of five marla houses will be five percent whereas for ten marla houses it will be seven percent. He said the government has asked the banks to dedicate about Rs330 billion of their lending for construction industry. The minister said that 100,000 houses will be constructed in the first phase.

Speaking on the occasion, Naya Pakistan Housing Authority Chairman Anwar Ali Haider said the government was committed to starting construction activity at a large scale. He said government had eased the procedures for obtaining NoCs and maps to facilitate investors in the construction industry. He said that a fixed tax regime had been introduced for builders and land developers and tax has been reduced by 90 per cent.