What could be described as a big relief for the people living on rent, the federal government has announced that it will give loans up to Rs 10 million to those living in rented houses so that they could buy or build a house of their own on easy installments, reported 24NewsHD TV channel on Thursday.
The announcement is being termed an important development in the way of solving housing problems in the country.
Patron-in-Chief of Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has said that in the first phase, loans will be given for 50,000 homes,” he has said, adding that citizens will be able to borrow loans ranging between Rs 2 million and Rs10 million, and they will have to repay the amounts in the next 10 to 20 years on easy installments.
The government has ordered banks to process applications within 15 days.
“There is a need to build 10 million houses in Pakistan,” Sheikhani said.
Reporter: Bilal Niazi