7 Commercial Banks Agreed To Provide Soft Loans To LDA Employees In LDA Project

LAHORE: A consortium of seven commercial banks has been constituted to finance the construction of more than 4,000 residential units for employees of the Lahore Development Authority under phase-I of the LDA City Naya Pakistan Apartments project.

According to a spokesperson, senior officials of the banks called on LDA Vice Chairman SM Imran and Director General Ahmad Aziz Tarar on Wednesday to discuss modalities. The banks offered to provide 80 percent of the cost of these apartments as soft loans in the form of mortgage financing facility to the employees interested in purchasing these apartments.

Following directions of the government, banks have decided to extend loans to the prospective buyers at lower rates. Borrowers will have to pay only five per cent mark up on these loans. The employees will pay loans on long term easy installments.

The meeting was attended by the representatives of the Habib Bank, Bank of Punjab, Faisal Bank, Bank Al-Falah, UBL, Meezan Bank and National Bank.

Published in Dawn, December 3rd, 2020

Ref: https://www.dawn.com/news/1593720/banks-consortium-to-fund-lda-scheme

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