Islamabad: BALLOTING FOR LOW COST HOUSING PROJECT AT FARASH TOWN, ISLAMABAD
Capital Development Authority (CDA) in collaboration with NAPHDA is constructing 4,400 low cost housing units at Farash Town, Islamabad. Out of it 2,000 low cost apartments are under construction for NAPHDA applicants. Balloting was held today by Prime Minister Imran Khan to draw the names of 2,000 successful NAPHDA applicants to be given low cost apartments. The covered area of each apartment is 779 square feet. The apartment will consist of two rooms, TV lounge, kitchen and bathroom.
The price of a unit is Rs 32 lac. An amount of Rs.3 lac is being given as cost subsidy by the Govt. of Pakistan. Thus, the cost of the house for a low-income citizen is reduced to Rs. 29 lacs. Down payment at the rate of 10 percent will be deposited by the applicant and balance amount of Rs. 25 lac 80 thousand will be financed by the bank at a very low mark up rate.
The monthly installment of a 20 years bank loan of Rs 25,80,000/- uder GMSS Tier 1 will be Rs.13,052. In comparison, the monthly payable installment at market rate amounts to Rs.38,350. The mortgage mechanism introduced as per the vision of PM, has therefore reduced the monthly installment to one third. Successful applicants will be sent Intimation letters by NAPHDA shortly so that they can sign loan agreement with the respective banks.