Prime Minister Muhammad Nawaz Sharif has said that his government is giving priority to solving the housing problem in the country by ensuring affordable and cost-effective housing units to the ordinary citizens and that allocation of Rs. 3.5 billion in 2013-14 has been made in the Federal budget initially. The Prime Minister expressed these views while chairing a high-level meeting on low-income housing schemes at the Prime Minister’s House today.
The Prime Minister emphasized that the objective is to provide subsidized financing to first-time house owners and the committee recommended that the Participating Financial Institutions (PFIs), which are Banks and HBFCL, will give financing from PKR 1.5 million to PKR 5 million to the eligible people.
The committee apprised the Prime Minister that eligibility criteria for the housing scheme included first-time house owner for self occupancy, regular cash flows and being in line with SBP Prudential Regulations on Housing Finance and credit policy of Participating Financial Institutions (PFIs).
The Prime Minister was further apprised that under the proposed policy, there will be a 25% - 40% growth in available housing units over the coming five years.
Minister for Finance Mr. Muhammad Ishaq Dar, Minister Information Senator Pervez Rashid, MoS for Housing & Works Mr. Usman Ibrahim, Special Assistant to the Prime Minister Dr. Mussadaq Malik, Member Cabinet Committee on Energy Mr. Shaukat Fayyaz A Tarin and senior officials of the Prime Minister’s Office, Ministry of Finance and Housing & Works also attended the meeting.