Islamabad: In a first-of-its-kind project, Pakistan on Thursday started giving out apartments and houses to low-wage workers on easy mortgage terms.
The affordable housing project offering 1,008 apartments and 500 houses on low mortgage rate would make homeownership accessible to financially vulnerable families, said Prime Minister Imran Khan who allotted the houses to their owners on Thursday. The project called ‘Labour Complex’, spread over an area of 2,560 kanals, is located in Islamabad’s Zone V.
Terming it a first-of-its-kind project for the vulnerable people, PM Imran Khan said his government approached banks and offered them incentives to allocate Rs380 billion (US$2.4 billion) for housing finance. “The government is offering a subsidy of Rs300,000 ($1,922) for each housing unit” under the chain of projects comprising of over 100,000 homes. At the same time, he also initiated the second phase of another 1,504-home project.
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