Prime Minister Imran Khan on Thursday has said that banks have allocated Rs 380 billion to provide loans for houses.

Addressing a ceremony in connection with allotment of houses and flats to working-class under Naya Pakistan Housing Program.

The Prime Minister said it is very difficult for the salaried class, workers, and laborers to construct or purchase a house in the cities due to soaring prices of land. He said the government has started Naya Pakistan Housing Program with a new mindset to provide support to these segments of the society to own a house.

He pointed out that the government has introduced legislation under which the banks will provide loans at a five percent interest rate for the construction of houses. He directed the State Bank of Pakistan to ensure that these loans are easily available to the people. He said these loans can be repaid over a period of twenty years.

The government will provide a subsidy of Rs 300,000 for each household, he said.

The Prime Minister assured to allocate more funds for the housing program with the increase in the revenue of the government so that the working and the salaried class could build their houses.

Imran Khan said there is a boom in the construction industry due to the incentives given by the present government. He said this will not only lead to wealth creation but also provide job opportunities to the youth.

In his remarks, Special Assistant on Overseas Pakistanis Zulfikar Bukhari said in the first phase of this project completed by Workers Welfare Fund, 1008 flats and 500 houses have been constructed.

These are being given to the workers on the basis of proprietary rights. He said in the next phase 1504 more units will be constructed. He said this project is the beginning of providing low cost and affordable houses to the weak segments of the society.