Pakistan's population has increased rapidly in the last two decades. It is now over 200 million people. 

But Pakistan also has a problem with not enough houses for everyone. This is because more people are poor, and they cannot afford to buy a house. Prime Minister of Pakistan Imran Khan recently Launched PM Housing Scheme to fix this situation.

The Naya Pakistan Housing Plan (NPHP) faces some serious challenges, but it is still a chance to make improvements on an important issue. First and foremost will be the need for price stability in construction costs.

Developers control the price, which beneficiaries pay for monthly installments. Developers also make sure they don't lose their commercial viability with inflationary pressures like construction materials that can be costly to produce and buy.

The government has announced the NPHP as an initiative to help address housing affordability. This new program will primarily focus on helping people who are looking for houses in Pakistan. 

The government will need to provide a subsidy for the pilot project that is currently being run by the Punjab Housing and Town Planning Agency (PHATA) in six locations.

The price for 3 and 5 marla houses is from Rs1.8 million to Rs4.11 million. There are also three installment plans: in the lowest category, people will pay Rs5,000-Rs10,000 per month after giving 10% as a down payment; in the middle category, it is between Rs10,001 Rs15,000, and in the highest category, it is between 15001-20,000 per month. This means the applicants will need to take out a mortgage. Without one, their repayment plan would last between 6 and 15 years.

Will developers wait for their money for that long? It seems unlikely. The only affordable product is the fixed-rate mortgage that the House Building Finance Company (HBFC) provides through Ghar Pakistan Schemes. 

This scheme is only available for homes that are Rs4.5 million. It has a fixed rate that is 12%, and it lasts 20 years. So you will not need to worry about the interest rates, which might go up. But most homes under this scheme cost more than Rs20,000 per month (the highest installment category).

The government subsidy will help us fill this gap. But it may be hard to guess what the actual house-price distribution of homes will be, including how many people are chosen for monthly payments.

The government will need to spend 1.5 billion rupees per year for 20 years because the average home price is Rs1,000,000, and people would pay an average of Rs15,000 per month under the NPHP.

In total, the government will pay people Rs80 billion every year if they only build 10% of the 5 million homes. When more houses are built, it adds up.

Main Aim of Naya Pakistan Housing Scheme 

This program will provide 50 lac houses for the next five years. The basic aim behind this new initiative is to ensure underprivileged classes have access to safe housing so that their needs can be met in any way possible during hard economic times. 

The Prime Minister says that if this program is successful, it will help boost the economy and create jobs. The government will provide land for the project. In addition, the government will work as a facilitator to address any problems that occur as part of the process. 

Size of Housing Unit

This table shows the size of houses for better understanding.

Eligibility for Naya Pakistan Housing Scheme 

Naya Pakistan Housing Scheme is only for people who meet the following criteria. It includes:

• All people with a valid CNIC (including Non-Residents).
• In this scheme, one person can get a house loan once.
• Pakistani residents have to have PKR 25,000. They should also have other residents with them that are PKR 20,000.
• First-time homeowners, only one unit per household.
• Non-residents of Pakistan who work in Gulf countries need to make about $5,000 DHS. Those who work in countries like the USA, Canada, the UK, and those where BAHL has branches need to make around $3,000 USD.
• You need to have 3 years of business experience for a business owner and 2 years for a self-employed professional.

Based on the data collected from the forms, they will decide on other housing specifications.

Documents Required for Non-Salaried 

• Bank statement for the last 12 months
• Loan application form
• Account maintenance certificate 
• CNIC of applicant and co-applicant
• 3 photographs of applicant and co-applicant
• NTN certificate or any valid business proof
• 3 years of business experience for a business owner and 2 years as a self-employed professional.

Documents Required for Salaried Individual 

• 3 photographs of applicant and co-applicant
• Employee letter by mentioning all details
• Loan application form
• Salary slip of last 3 months

• CNIC of applicant and co-applicant

• Accountancy maintenance certificate  

Benefits of Naya Pakistan Housing Scheme

Here are some benefits of the Naya Pakistan Housing Scheme.  

• A low-cost housing project is a way to provide housing for people who cannot afford homes.
• Mortgage facility available
• Wealth creation of the country.
• The construction of this project will also help 30 other industries.
• Developing new communities with good infrastructure

In an effort to reduce the number of people living in poverty, Prime Minister Modi announced plans for turning slums into developed areas with modern facilities like sanitation and sewerage systems.

Cities Have Been Added to The Naya Pakistan Housing Scheme 

The list of cities keeps growing, with more being included every day. The cities being considered for future projects are Multan, Rahim Yar Khan, Layyah, and Bahawalpur. These places all have a lot of potentials to become even more prosperous than they already are.

Apply for the Naya Pakistan Housing Scheme now and get a house at affordable rates.