Minister for Housing and Works Tariq Bashir Cheema informed National Assembly that the government is planning on facilitating 50 % funding on the building of affordable housing for low-income employees with substantial grants from Italy and Japan.
The government managed to bring down the interest rates on housing mortgages up to 9%. In this reference, discussions were in progress with the Federal Board of Revenue and State Bank of Pakistan.
Loan installments are kept approximately equal to the standard monthly rent for the convenient and timely payment of the debt.
“Naya Pakistan Housing Authority would undertake efforts to build five million houses”, said Tariq Bashir.
Presently, 29,000 federal government employees are using government residences and the same number of employees were still on the waiting list.