The Economic Coordination Committee of the Cabinet has approved low-cost housing scheme and key infrastructure grants.
The ECC, which met in Islamabad today with Finance Minister Muhammad Aurangzeb in the chair, approved revised features of the “Mera Ghar Mera Aashiana,” Mortgage Financing for Low-Cost Housing scheme. The Committee was informed that since its launch, the scheme has generated strong public response, with over 10,594 loan applications received and disbursements underway.
The committee also allowed enhancement of the loan limit up to 10 million rupees, expansion of eligible housing size parameters, and introduction of a uniform five percent end-user pricing. Besides, scaling targets for housing finance over a four-year horizon, continuation of implementation through the State Bank of Pakistan mechanism and adjustment of already disbursed loans to the revised five percent rate to ensure uniformity also got ECC’s nod.
The revised framework is aimed at expanding access to affordable housing finance, stimulating construction activity, generating employment and promoting sustainable home ownership through a balanced risk-sharing and mark-up subsidy model.
The ECC also approved 7.289 million rupees for the ICT component of the project titled “National Program for Enhancing Command Areas in Barani Areas of Pakistan.” The project is aimed at strengthening agricultural productivity in rain-fed regions.
The forum also nodded 6.61 billion rupees for the Thar Coal Rail Connectivity Project as budgetary cover. The project is intended to facilitate transportation of indigenous coal to power plants and industrial sectors, thereby supporting energy security and reducing reliance on imported fuels.
