Last Updated on August 6, 2021 by Galaxy World
Applications for Residential Apartments for employees under PM Vision of 50 Lac Houses are invited for the 1st phase of 4000 apartments. It is the fulfillment of the promise of the prime minister of Pakistan and another milestone of the Government of Punjab.
Applications for Residential Apartments for employees
Under the supervision of the Chief Minister of Punjab, with the cooperation of the Lahore Development Authority and Naya Pakistan Housing and Development Authority. In the first phase under LDA City Naya Pakistan Appartments, construction of 35000 residential apartments. Applications are invited for 2000 apartments (650 square feet, 2-bed rooms).
Conditions for Allotment of Appartments
- Employees of the Government of Pakistan, the Govt of Punjab, the Lahore Development Authority, WASA, and NAPA who are residents of the Punjab province and not getting more than 50000 net salaries.
How to Deposit Application?
- For the application, the employees can visit the Bank of Punjab website. Fill the form at the portal. Get the print of the application form and deposit in any branch of Bank of Punjab with Rs. 500/- processing fee.
- The Government will allow the allotments on the basis of a computerized draw. The successful employees will get a letter of confirmation from the Bank of Punjab.
Total Price of Apartment and Down Payment
- The total price of an apartment is 27 lacs (2.7 million).
- The eligible applicants can get a subsidy of 3 lacs rupees from Naya Pakistan Housing and Development Authority.
- The employees, who get subsidies from Naya Pakistan Housing and Development Authority, have to deposit only a 10% down payment.
- Other applicants whom the Bank of Punjab will issue a letter of comfort will pay a 21% down payment.
- The remaining amount, the employees will pay in monthly installments after the occupation of the apartment.
- For the public, 2 thousand apartments the Govt will allot to the nominated persons of Naya Pakistan Housing and Development Authority.
Last date to Apply
The Applications, the bank will receive with effect from 24th March 2021. The last date to apply for these apartments is 8th April 2021. Deposit the application and join in a draw.