LAHORE, Dec 18: A foreign and two Pakistani banks have shown interest in advancing loans to the government employees for purchase of plots and construction of houses in the LDA Avenue-1 housing scheme.

The banks’ high-ups showed interest during meetings with the LDA director-general at an international seminar on housing and house finance held at Karachi recently.

He apprised them of the details of the scheme and told them that the scheme provided a good investment opportunity to their banks.

The representative of the foreign banks offered to build model houses in the LDA Avenue-1 and provide a list of builders to the government employees to build their houses. The employees would have to submit applications along with the letters of allotment of plots.

The First Women Bank offered to advance loans equal to 50 per cent price of the plots to the female employees. They would have to pay back the loan in easy instalments.

An LDA spokesman said details about the loans would be announced after detailed negotiations with their high-ups.

He said LDA Avenue-1 had received an overwhelming response from the government employees. Over 10,000 brochures had been sold for 3,000 plots. The bank receiving the applications for the plots had been supplied another 5,000 brochures.

He said ballot for the allotment of plots was expected to be held within three months. The development of scheme was expected to be completed in two to three years. Employees of the federal and Punjab governments were entitled to allotment of plots in the scheme.