Govt sets house loan limit at Rs10m

LAHORE, Mar 14 (APP):  The Punjab government has approved changes to the affordable housing loan scheme.

The maximum loan amount under the scheme will be up to Rs 10 million, while the target of financing 5 lakh houses in 4 years has been set. Under the housing finance scheme, loans will be given to buy or build a house.
The interest rate for consumers on loans for houses has been set at 5 percent, while the maximum loan tenure will be set at 20 years.
Loans will be provided for 50,000 houses in the first year of the scheme.
The government will have to provide a subsidy of about Rs 321 billion for the loan scheme.
The home loan scheme will also include commercial and Islamic banks, while the scheme will be implemented by the State Bank and the Ministry of Housing.