An important meeting on affordable housing finance schemes was held under the chairmanship of Federal Minister for Planning Ahsan Iqbal,
in which Secretary Planning Owais Manzoor Samra, Vice Chancellor PYD Dr. Nadeem Javed, Governor State Bank, CEOs of private banks and representatives of other relevant institutions participated.
The meeting reviewed the mortgage models of Singapore, South Africa, Turkey, Bangladesh, Brazil and India in detail, while a briefing was also given on the launch of the housing rollout program by the Punjab government.
Ahsan Iqbal said that our biggest problem is the unavailability of long-term housing financing. He said that significant progress was made in 2017-18, but due to the change of government, these projects were stalled.
The Federal Minister said that if auto leasing is possible, why not housing leasing? People spend their entire lives on rent and the dream of a house is not fulfilled. No employed person can build a house worth two to three crore rupees in one go, so it is the responsibility of the government to provide facilities through mortgages.
Ahsan Iqbal suggested that a housing financing framework be created on the lines of auto leasing, and Federal Law Minister Azam Nazir Tarar will also be approached for legal assistance in this regard.
He said that the government can provide subsidy for three marla houses, while private banks can create their own models for larger houses.
Ahsan Iqbal said that I myself have been living in a rented house for 25 years, if this facility was available, I would have owned a private house today.
The government is ready to give a 100 percent guarantee to banks that their funds will be safe. The private banks participating in the meeting agreed with Ahsan Iqbal’s suggestions and assured full cooperation in the formation of the framework.
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