ISLAMABAD, Nov 8 (APP): The second balloting of Naya Pakistan Housing and Development Authority (NAPHDA) for 383 applicants under Lahore Development Authority (LDA) city held here on Monday.
Around 4,000 low cost apartments were being constructed in the Naya Pakistan Apartments phase 1 Lahore project.
Out of these 2,000 apartments would be allocated to the NAPHDA registered applicants. The remaining 2,000 apartments have been reserved for LDA registered applicants.
The Government of Pakistan will pay Rs. 3,00,000 as Cost Subsidy for each apartment while the applicant will deposit 10 per cent of the value of the apartment (Rs. 27,00,000) as down payment.
The remaining amount of Rs 21, 30,000 would be paid as mortgage finance through banks. Re-payment will be made by the applicant to the banks in the form of easy installments over a period of 5 to 20 years.
The important factor was that the repayment of installments will start when the applicant has been handed over the possession of apartment.
The ceremony was attended by Chairman (NAPHDA) Lieutenant General Anwar Ali Hyder, HI(M) (Retd) and Deputy Chairman (NAPHDA) Major General Amer Aslam Khan, HI(M), T Bt (Retd) among other officials of NAPHDA.