ISLAMABAD: Prime Minister is set to formally launch the nationwide “Mera Ghar Mera Aashiana” housing finance scheme aimed at expanding access to affordable home ownership across Pakistan after its recent approval by the Economic Coordination Committee of the Cabinet.
The Economic Coordination Committee had approved revised features of the mortgage financing scheme during a meeting held at the Finance Division under the chairmanship of Finance Minister Senator Muhammad Aurangzeb. The programme is designed to facilitate low and middle income families in securing affordable housing loans.
Officials informed the committee that the scheme has already received strong public interest since its introduction, with more than 10,594 loan applications submitted while disbursements have started through the banking system.
Under the revised framework approved by the ECC, the maximum housing loan limit has been increased to Rs10 million while the eligible housing size parameters have also been expanded to enable more families to benefit from the facility.
The government has also introduced a uniform five percent end user markup rate for borrowers. To ensure fairness and consistency, loans already disbursed under the programme will also be adjusted to the new five percent rate.
The scheme will continue to operate through the State Bank of Pakistan’s financing mechanism with housing finance targets to be expanded over the next four years. Officials say the initiative is expected to boost construction activity, generate employment and promote sustainable home ownership across the country.
