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Housing loans for govt workers proposed

ISLAMABAD: The government is planning to arrange credit for lower cadre non-gazetted employees so they can benefit from the Naya Pakistan Housing Programme (NPHP) and to also allow overseas Pakistanis to avail loans under Kamyab Pakistan Programme (KPP), which is expected to be formally launched across the country on March 1 by Prime Minister Imran Khan.

The two proposals were discussed at two separate but related meetings on NPHP and KPP presided over by Finance Minister Shaukat Tarin on Monday. During the meeting on the housing programme, the finance minister asked State Bank of Pakistan Governor Reza Baqir to work out a mechanism — consultation with banks and insurance companies — for including non-gazetted employees of the government and its various departments in NPHP so that low-income employees could also benefit from the scheme.

Also read: Bank Alfalah Islamic and Grand City sign a Memorandum of Understanding to Promote Housing Finance in Pakistan

According to a statement issued by the Ministry of Finance, Naya Pakistan Housing Development Authority (NAPHDA) Chairman Anwar Ali Hyder had pointed out that some operational and functional constraints impeding the smooth implementation of the government’s agenda to provide houses to the low-income segment of society — especially government employees and private salaried class.

PM wants overseas Pakistanis to benefit from Kamyab Pakistan Programme

Informed sources said the government wanted to extend the financing facility to the low-income government employees. However, various departments were unable to facilitate their employees because financial institutions had reservations over the recovery of their loans and there were questions as to who should provide credit guarantees in case of early retirement of these employees or limited repayment capacity.

The finance ministry statement said the NAPHDA chief also briefed the meeting on the progress and achievements of Naya Pakistan Housing Authority.

The finance minister explained to the participants representing various government departments and the SBP governor that the housing sector had been the priority sector of the government that would take every possible measure to provide houses to the low and middle-income groups at affordable prices.

Loans for overseas Pakistani

The sources said the finance minister also asked the relevant authorities to examine how Pakistanis going abroad or those already overseas could be provided opportunities to benefit from the multibillion-rupee KPP. The meeting was told that the prime minister was expected to launch the extension of the KPP throughout the country on March 1 subject to confirmation of his schedule.

The meeting was told that representative bodies of overseas Pakistanis had also demanded at various levels of the government that workers going abroad or already working overseas should also be incentivised to participate in various schemes of the KPP so that they could also have their assets and businesses at home by the time they return from abroad.

Also read: Naya Pakistan Housing Authority has produced 250,000 employment: Prime Minister Imran Khan

The meeting of the Steering Committee of KPP was also attended by Adviser to the Prime Minister on Overseas Pakistanis and Human Resources Development Ayub Afridi who had vacated his Senate seat for the finance minister. Secretaries of Finance, Overseas Pakistanis & HRD, President Bank of Punjab, Chairman SECP and CEO Akhuwat Foundation were also present.

A detailed presentation was given to the meeting on the progress of KPP.

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