My house scheme
According to the New Pakistan Housing Authority, the government has allocated Rs 30 billion as a subsidy for the New Pakistan Housing Program. The government is providing a subsidy of Rs 300,000 per household for the first one lakh houses built for the low-income sections. Similarly, for low-cost houses, a further 90 percent rebate in the tax rate, five percent on a five-marla house, and seven percent on a ten-marla house have been given the facility of lending.
In this regard, loans are being provided by various banks while the banks have provided my Pakistan. Under the My Home scheme, special desks have also been set up to facilitate consumers in availing of loans where people are informed about loan acquisition information, required documents, and loan repayment schedule. All Pakistanis can apply under this scheme. For the first five years of the loan, a monthly instalment of Rs. 10 lakhs will be paid at Rs. 6600, Rs. 20 lakhs at Rs. 13199, Rs. 30 lakhs at Rs. 19799, Rs. 40 lakhs at Rs.
There are three categories under this scheme, the first of which is for New Pakistan Housing and Documentation Authority projects, which include five-marla houses or apartments covering an area of 850 square feet. The second category includes houses other than the New Pakistan Housing and Documentation Authority projects that will consist of five-marla houses or apartments covering an area of 850 square feet. Similarly, the third category will include houses of more than 125 square yards up to 10 marlas with a cord area of 850 square feet to 1100 square feet.
My house scheme
The maximum value of first and second-category houses or apartments has been fixed at Rs. 35 lakhs while the price of third category houses or apartments has been fixed at Rs. 60 lakhs. Under this scheme, a loan of up to Rs. 27 lakh for the first category, a maximum of Rs. 30 lakh for the second category, and up to Rs. 50 lakh for the third category will be provided. Banks have allocated Rs 378 billion for this purpose.
Processing of NOCs is being done through One Window Portal for approval of projects in a short time by all concerned Duplicate Authorities. The federal cabinet has also passed an ordinance to provide tax incentives to the construction industry through amendments to the Income Tax Ordinance 2001 and the Finance Act 1989 and also provided many incentives to the housing project for the low-income sections and employees in the construction sector.
These include a fixed tax system and other benefits, including the provision of low-interest loans. These measures have also brought down the prices of construction materials and the wheel of growth has once again turned. All this is due to the enthusiastic leadership of Prime Minister Imran Khan. Thanks to these initiatives of the government, poor people can now live in their own house and fulfil their dream of a house by paying a house instalment instead of rent.
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Qualification criteria
- All men/women with active computerized National Identity Card
- First-time homeownership, one unit per home
- Under this scheme, any individual can get a subsidized house loan only once
- Minimum monthly income: Minimum Rs. 25,000 / - for applicant and Rs. 20,000 / - for co-applicants
- At least 3 years business proof for business people and 2 years proof for SEP (Self Employed Professionals)
Term of employment for salaried minimum 2 years
- Product types
- Home buying
- House building
- Plot purchase + construction
- Age (applicant and co-applicant)
- 60 years for salaried and
- 65 years for Self Employed Businessmen / Professionals