Naya Pakistan Housing Scheme

As an economy observer I would like to record my appreciation of Naya Pakistan Housing Scheme launched by the government of Tehreek e Insaf which is aimed at strengthening the economically weaker segment of society by giving opportunity to financially underserved people who don’t own house to buy homes at affordable prices provided they are employed and capable of repaying housing loans. This scheme will boost country’s economy because millions of houses will be constructed under this scheme when successfully implemented. The Naya Pakistan Housing Scheme consists of two broad initiatives taken by the government of Pakistan .The first initiative is establishing Naya Pakistan Housing and Development Authority ( NAPDHA ) at federal government level which will build 5 millions homes in concert with provincial governments ( Sindh, Punjab, Khyber Pakhtunkhwa , Gigit Bultistan ) . I believe it will take long time to build 5 millions houses because things do not move very quickly in government offices as compared to kprivate companies offices. However, I have good wishes for the NAPDHA and pray for it’s success . The second very important initiative of Naya Pakistan Housing Scheme is Government‘s Mark Up Subsidy Scheme ( GMSS) . Under GMSS , the Government of Pakistan will give subsidy on mark up to home buyers on housing loans and I believe this will work quicker and bring positive results . The homes buyers under this Government’s Mark Up Subsidy Scheme will take loans from commercial banks including Islamic banks , micro finance banks and House Building Finance Company and buy homes from the open housing market beside homes to be built by NAPDHA. I believe Naya Pakistan Housing Scheme has a great economic potential for both the weaker segment of our society and for the country as whole . I am confident that all my countrymen/ countrywomen who are working in different organisations which are entrusted to implement Naya Pakistan Housing Scheme will leave no stone unturned to make it a great success because it is very good deed to help weaker segment of our to buy a home and thus strengthen our country . I must write here that anybody who holds a National Identity Card , does not own a house , is employed and can repay the housing loan to taken can benefit from Government’s Mark Up Subsidy Scheme and realise his/ her dream to own a house in Pakistan. There are millions of construction labourers, domestic helpers, drivers, guarded, gardeners, technicians, clerks and many others can get housing loans under Government’s Mark Up Subsidy Scheme. I have following two suggestions for the improvement of Naya Pakistan Housing Scheme which may be looked into by the honourable Prime Minister of Pakistan and respectable governor of State Bank of Pakistan : (1) As per the above mentioned Mark Up Subsidy Scheme ( Reference : State Bank of Pakistan’s Circular No. IH&SMEFD 03 of 2021 dated 25th March 2021 ) all home buyers will take loans from commercial banks including Islamic banks , micro finance banks and House Building Finance Company. But I am afraid Micro Finance Banks have not started working on this scheme yet . I have spoken to at least three Miscro Finance Banks in Lahore on 27th April 2021 and was told they have not started working on it. Micro Finance Banks have more expertise of managing smaller loans . They can play a very important part in making Naya Pakistan Housing Scheme a great success. (2) As per above mentioned Circular No. IH&SMEFD 03 of 2021 , State Bank will issue quarterly data of total loans approved under Mark Up Subsidy Scheme . I believe this data should be monthly published so that whatever improvement is needed may be done on monthly basis rather than quarterly basis.

Ejaz Ahmad Magoon

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