ISLAMABAD: Prime Minister Imran Khan Thursday performed the balloting of 2,000 LDA City Apartments.

The prime minister as chief guest performed balloting from Islamabad, and the Prime Minister Office stated that the LDA City Apartments project is part of the New Pakistan Housing Project that targeted construction of five million houses in line with the Prime Minister's vision.

The LDA City Apartments Project is a joint effort of to build 4,000 flats by the LDA.

Of the total, 2,000 apartments have already been allotted to persons registered under the New Pakistan Housing and Development Authority, while the remaining 2,000 have been allotted to persons registered in the LDA.

Balloting of two thousand flats allotted for LDA has already been done, while two thousand flats allotted for New Pakistan Housing and Development Authority was done on Thursday.

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The government is providing a subsidy of Rs300,000 for each apartment.

The total value of the apartment is Rs2.7 million and applicants would be required to pay only 10 percent (270,000) as down payment, while the rest will be paid through banks in easy instalments of five to 20 years.

The repayment of the loan will begin when the applicant has been handed over his apartment.

The applications submitted for houses in Lahore, 3890 persons were declared eligible for mortgage finance by the State Bank and out of them 2483 applications were received for LDA City Apartments.

Balloting was held on 2483 applications for 2,000 flats. The New Pakistan Housing Authority is working to implement Prime Minister Imran Khan's vision of providing private homes to low-income people, added the Prime Minister Office.

Copyright Business Recorder, 2021