ISLAMABAD: Prime Minister Imran Khan Friday said the government’s scheme of subsidised loans for house construction would not only help the low-income people to own a house but also boost the national economy through enhanced construction activity.
The prime minister, while addressing an event marking the approval of over Rs100 billion loans by private banks under “Mera Pakistan Mera Ghar Scheme”, said the previous governments never thought of extending such a facility to the common man.
“This is a great moment for Pakistan because we are heading on the path which we should have opted way earlier,” the prime minister said.
Appreciating the Finance Advisor Shaukat Tarin, State Bank Governor Reza Baqir and Naya Pakistan Housing Chairman Lt Gen (r) Anwar Ali Hyder for their efforts, the prime minister particularly lauded the banks for mending their attitude towards the common man, who otherwise used to consider himself an alien in a westernised atmosphere of the banks.
He said the salaried class never had the resources to buy a house but no one ever thought to find out the ways to support them to have the facility.
Recalling his interactions with the overseas Pakistanis during his cricketing career, Imran Khan said they spent years away from their families with the greatest desire of making money to build a house back in Pakistan.
He told the gathering that contrary to Pakistan, it is very easy for the salaried class in the West to buy a house through mortgage finance with a very low and easily affordable interest rate.
He said the elite-centric decision-making is the real problem in Pakistan. Only rich people used to avail banks loans and English medium education for their children.
The prime minister said the elitist mindset has greatly hurt the country as previous governments never formulated inclusive policies.
He said the incumbent government is not only extending housing loan facilities to the low-income people but has also introduced single national curriculum to provide equal quality education to their children.
Earlier, the prime minister also distributed home keys among the beneficiaries of the loan scheme as well as shields among three private banks, who showed impressive performance during the process.
Finance Advisor Shaukat Tarin spoke high for the prime minister’s relentless efforts.
He said in the past, the banks never extended such loans to the low-income group.
Hyder appreciated the approval and disbursement rate of the housing loans.
He said six months ago, there was no concept of providing housing loans to the low-income group as no one ever paid attention to the segment.
He also appreciated the SBP and private banks for facilitating the common man by easing the form and loan approval process, adding that now the microfinance banks could also participate in the programme.
Baqir told the gathering that loans worth Rs109 billion have been approved while the banks have received applications, requesting loans worth Rs260 billion.
He said the banks have so far disbursed Rs32 billion in terms of housing loans among the applicants.
He said on average, the banks are approving Rs4.2 billion and disbursing Rs1.7 billion a week.
