AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: The Economic Coordination Committee of the Cabinet has given its approval for a low-cost housing scheme along with key infrastructure grants. The ECC meeting, chaired by Finance Minister Muhammad Aurangzeb, took place in Islamabad.
According to Radio Pakistan, the committee approved revised features of the “Mera Ghar Mera Aashiana,” a Mortgage Financing for Low-Cost Housing scheme. The scheme has received strong public interest since its inception, with over 10,594 loan applications received and disbursements currently in progress.
The ECC has also sanctioned an enhancement of the loan limit up to 10 million rupees, expanded eligibility for housing size parameters, and introduced a uniform five percent end-user pricing. Additionally, the plan includes scaling targets for housing finance over a four-year duration, continued implementation via the State Bank of Pakistan, and adjustment of previously disbursed loans to the new five percent rate for consistency.
The revised framework aims to broaden access to affordable housing finance, stimulate construction activity, generate employment, and promote sustainable home ownership through a balanced risk-sharing and mark-up subsidy model.
In addition to the housing scheme, the ECC approved 7.289 million rupees for the ICT component of a project titled “National Program for Enhancing Command Areas in Barani Areas of Pakistan,” which aims to strengthen agricultural productivity in rain-fed regions.
Furthermore, the committee allocated 6.61 billion rupees for the Thar Coal Rail Connectivity Project to provide budgetary support. This project is expected to facilitate the transportation of indigenous coal to power plants and industrial sectors, thus supporting energy security and reducing reliance on imported fuels.