Naya Pakistan: Low-Cost Home Loans and Construction Subsidies to Boost Economy
Pakistani Prime Minister Imran Khan has recently announced a new housing construction incentives package that includes down payment assistance and expansion of home loans portfolios by commercial banks at discounted rates for affordable housing for the poor. Shariah compliant financing is also included in it. Pakistan’s mortgage finance to GDP ratio is just 0.25%, among the lowest in the world, according to the World Bank . The average for South Asia 3.4%. New housing drives a large number of sectors of the economy from banking and building materials to construction and manufacturing of furniture and home appliances . These incentives are designed to stimulate the economy, boost employment and deal with the growing shortage of affordable housing in the country. Naya Pakistan Housing: Pakistan government's Naya Pakistan housing program offers Rs. 33 billion in direct subsidies for down payments for...