ISLAMABAD-Federal Government Employees Housing Authority and House Building Finance Corp signed a MoU on Wednesday enabling public servants to get financial help at the rate of 11 percent.
A ceremony in this regard was held here at Islamabad, which was presided over by the Federal Minister for Housing and Works Tariq Bashir Cheema and it was attended by the Secretary Housing and Works Dr Imran Zaib, MD HBFC Syed Basit Ali, Chief Executive Officer Waseem Hayat Bajwa, Lt General (R) Anwar Ali Haider, Chairman NPHDA Major General Aamir Aslam Khan, Deputy Chairman NPHDA and Additional Accountant General Pakistan Revenue (AGPR) Batool. The MoU was signed by the CEO, FGEHA and the MD HBFC.
Director Finance FGEHA Saima Sabah explained the salient features of the MoU. She said that purpose of the MoU was to overcome financing difficulties of the federal government employees in the wake of high interest rates on mortgage financing prevailing in the market.
“Keeping in view the difficulties being faced by the Federal Government Employees, CEO, FGEHA made all out efforts and successfully secured an attractive fixed interest rate of 11% from HBFC, which will be offered up to 85% of the market value of property to all Federal Government Employees across the board from Grade 1-22”, she added.
According to the MoU, if market interest rate drops below 11%, both organisations will revisit this MoU. This facility will help federal government employees to actualise their dream of having a house.
While talking to the media persons on this occasion Federal Minister for Housing and Works said that Naya Pakistan Housing Authority has been set up to build houses for the needy.
“Prime Minister is personally looking into the affairs of these housing projects”, he said, adding: “Every effort will be made to provide the best house to class-IV Employees.”
He said that we would make all out efforts to fulfil mission of the Prime Minister. He said that meetings were being held regularly with the Prime Minister on this subject. The minister was of the view that by establishing the Federal Government Employees Housing Authority, many issues would be resolved and more joint ventures will be launched under this project and the authority will function like one window operation.
Expressing his views on the MoU, he said that this facility of the House Building Finance Corporation would be beneficial for the low paid employees while housing schemes will be launched wherever a good number of Federal Government Employees are serving.
The Federal Minister for Housing and Works thanked MD, HBFC and emphasized that more incentives may be offered to low paid and Class-IV employees.