Prime Minister Imran Khan on Monday announced that federal cabinet will approve today (Tuesday) an ordinance aimed at making bank financing easier for housing sector as the ''foreclosure law'' was struck down by the courts. Speaking at the inaugural ceremony for registration of applicants aspiring houses under the Naya Pakistan Housing Scheme here on Monday, Imran Khan said that as ''foreclosure law'' was struck down in the court, the government is bringing an ordinance to facilitate financing to housing sector by the banks.
The Prime Minister said that constructing five million houses is a very big challenge for the government given the fact that housing sector in Pakistan is far behind as opposed to other countries primary because bank financing is not available to the sector. He said that in India 10 percent houses are financed through mortgage system whereas this percentage in western countries is 80 to 90 percent.
The Prime minister said that there is only 0.2 percent financing available for construction of houses from banks for one reason or the other and resultantly low-income group people can not construct their own houses. The government is bringing an ordinance to address the financing for housing sector to ensure that low-income group and civil government employees could have their own houses, he said. The registration process of applicants aspiring houses under the Naya Pakistan Housing Scheme would continue for three months. Five million housing units to be constructed during five years will bridge demand of houses in the country, which at present stands over 10 million.
The Prime Minister said the government also wants to facilitate small companies in the housing sector and students, especially of engineering, would be helped set up their own business and take part in the opportunities being offered by the construction activities in Naya Pakistan Housing scheme. The Prime Minster said that 10,000 houses would be provided through ballot draw to the very low-income group at Angori sector within a period of one-and-a-half years. Similar initiatives would also be launched in Quetta, Gwadar and other parts of the country as well. He said that data of government land has also been gathered for the scheme while investment would be made by the private sector.