Low Cost Housing Scheme Approved with 5% Markup, Loan Limit Raised
The government has approved key changes to the Low Cost Housing Scheme. These steps aim to help more families own homes. As a result, housing finance will now become more accessible. The decision came during a meeting of the Economic Coordination Committee. Finance Minister Muhammad Aurangzeb chaired the session. Officials reviewed proposals linked to the “Mera Ghar Mera Aashiana” program.
Loan Limit Increased, Markup Fixed at 5%
The committee raised the loan limit to Rs10 million. This move will support middle and lower income families. Therefore, more people can now apply for larger home loans. In addition, the committee fixed a uniform 5% markup for low cost houses. This rate will apply across the board. Previously approved loans will also shift to the same 5% rate. Officials believe this step will ease the financial burden. It will also encourage new applicants to step forward.
State Bank to Continue Implementation
The committee approved continued implementation through the State Bank of Pakistan. The central bank will oversee smooth execution. Subsidy payments will match the annual fiscal space. Moreover, the government approved four year extended targets for housing finance. These targets will guide banks and financial institutions. As a result, the housing sector may see steady growth. Experts expect this initiative to boost construction activity. It could also create new jobs nationwide. Consequently, allied industries may benefit as well.
Grants for Agriculture and Energy Projects
The committee also approved other development funds. It sanctioned a Rs7.2 million technical supplementary grant for rain fed agricultural areas. This funding aims to increase crop productivity. Furthermore, officials cleared Rs6.5 billion for the Thar coal rail connectivity project. Better transport links will improve local coal supply. Therefore, the energy sector may reduce reliance on imported fuel. The government hopes these measures will strengthen economic stability. Together, housing, agriculture, and energy reforms can drive inclusive growth.
