MOU Signed Between LDA and Bank of Punjab to Construct 4000 Apartments in Lahore for Home Less People under PM's NAYA PAKISTAN APARTMENT SCHEME

 A Good News for homeless people in Lahore Punjab,  Chief Minister of Punjab  Sardar Usman Buzdar Chair a ceremony in Which  a MOU signed between Lahore Development Authority and Bank of Punjab  in  Chief Minister Punjab Office to construct a 4000 Apartments under New Pakistan Apartments Schemes in Lahore. 

CM Punjab on these occasion stated today the vision of Prime Minister of Pakistan providing shelter to the homeless has been put into the practice. This is first time in Pakistan, Both  Government Department and National Bank are  working with mutual understanding to provide the homes to common People.This MOU will be consider First Step to Introduce a new culture in Pakistan to provide Homes to Common people. 

Director General  Ahmad Aziz Tarar on behalf of  LDA and President Bank of Punjab Zaffar Masood singed the MOU. 

LDA will insure transparency in this process and look after these apartments.

Government of Punjab allocated 10 billion for this project, One Apartment cost is  2.7 Million. Apartment booking will be on 10% down payment.

Buyers of apartment will be facilitated under PM NAYA PAKISTAN  Housing Authority with 0.3 million subsidy and loan will be given under Islamic Banking (Takafal) on easy installments. 

On these occasion CM Punjab Usman Buzdar  appreciate the Vice Chairman LDA S.M.Imran who plays vital role to minimize apartment cost. In Staring estimated cost of apartment was 4.5 millions and now Government of Punjab will construct a apartment in just 2.7 millions for low income families to put practical the Vision of PM Imran Khan.

For this Purpose Mortgage Financing facility established by connecting 7 Banks including  Bank of Punjab, Habib Bank, Faisal Bank, UBL Bank, Bank Al Falah , National Bank and Mezan Bank.These Banks Provide loan for 5 to 10 and till 20 Years installments.

CM Also told on these moments a directorate has been eastablished  to complete work fast and in time limits.125 Block will be construct consist on 4 floor apartments. One Block will be consist on 32 Family Units.In these apartments 60% land cover Roads, Green belts Parks and Foot paths. Every Apartment area will be 650 feet and consist of 2 bedrooms with one bath attached and second detached. These apartment will be handed over to owner in record time line one and a half year.Bank of Punjab will take applications and also issue letter of comfort after Lucky Draw. 

Bank of punjab Provide Loan Under Islamic Mortgage Financing.The loan of this scheme could be never use for other purpose.These Apartments will be construct on 800 Kanal land with cost of 10 billions. According to MOU Bank of Punjab will provide the financial Assistance.