Loan Process, Forms Naya Pakistan Housing Scheme Simplified

Even a rickshaw driver can qualify for Rs3 million loan

The government is easing the procedure for loans on houses in ‘Naya Pakistan Housing Scheme’ while the application forms are also being simplified, SAMAA Digital learnt on good authority on Monday.

Now, people who were previously unable to benefit from the scheme because of tough loan conditions or the complexity of the application forms would now be able to secure their own homes through this scheme, an officer associated with the public sector housing scheme told SAMAA Digital.

The government, he said, was essentially targeting people from the low-income groups, but these same people were finding it difficult to fulfill bank loan requirements relating to proof of income.

According to him, the process for the scheme had been eased to facilitate people without adequate banking documentation.

The new application form, he said, was very simple, adding that it only required the applicants to provide simple details such as name, father’s name, CNIC number and residential address. He said that after the forms were received, banks officials would assess and approve loan applications after evaluating applicants’ power utility bills and rent of properties in which the applicants lived.

“An applicant can qualify for a house building loan amounting to Rs3 million even if he is a rickshaw driver, but is able to demonstrate that he can save as much as Rs15,000 a month,” the official said.