SBP Receives Over 8000 Applications Under Housing Construction and Development Scheme

Prime Minister Imran Khan today chaired a meeting of the National Coordination Committee on Housing, Construction, and Development.

The meeting reviewed progress on construction activities underway across the country. The meeting also reviewed progress regarding the provision of loans by the banks to builders, developers, and especially the low-income groups.

Governor State Bank informed the Prime Minister that within few weeks, over 8,000 applications have been received in the mark-up subsidy scheme. 1,820 applications have been approved with an outlay of Rs. 5 billion and the pending applications are being processed expeditiously.

Senior Minister Punjab conveyed the sentiments of builders and developers about the proactive role being played by the banks in extending loan facilities for the development and construction activities.

The meeting was informed that for the first time in the history of the country a standard application form was being used by all banks for extending credit facility to the low-income groups. This has been made possible by efforts of the State Bank and cooperation extended by commercial banks of the country.

Secretary Housing informed the Prime Minister that an MoU has been signed with two banks through which loans with no ceiling limit would be provided for construction and purchase of new houses to the segments which are not covered under the government’s mark-up scheme.

The Prime Minister expressed satisfaction over the cooperation being extended by commercial banks towards promoting construction activities.

The Prime Minister directed Governor State Bank and Chairman Naya Pakistan Housing and Development Authority to continuously follow the process of access to easy loans by low-income groups and remove all difficulties on a priority basis.

Earlier, the Prime Minister also chaired a meeting to review progress on the Ravi Urban Development project and Central Business District in Lahore.

The Prime Minister was informed that 05 investors have submitted Request for Proposals during the recently held investors’ conference. Two more investors have also shown their interest in the project.

The Prime Minister was also briefed about the progress into priority areas of the project.

He observed that Ravi Urban Development Project would address issues of the provincial capital and will serve to promote massive economic activities in the area.