ECC Approves Markup Subsidy Scheme for Affordable Housing Finance

A meeting of the Economic Coordination Committee (ECC) of the Cabinet was held today under the chairmanship of Federal Minister for Finance Senator Muhammad Aurangzeb to deliberate on a range of important agenda items concerning industrial growth, environmental policy, skill development, housing finance, and telecommunications. In the housing sector, the ECC approved a markup subsidy and risk-sharing scheme for affordable housing finance, with the objective of expanding access to low-cost housing. The committee also urged the Ministry to develop a comprehensive, integrated database of the housing sector in coordination with relevant federal and provincial stakeholders, in order to ensure better targeting and effective implementation of the scheme. Unver the Rs. 72 billion housing subsidy, the government will provide fixed-rate loans to low- and middle-income families. Borrowers can receive up to Rs. 3.5 million at interest rates between 5 percent and 8 percent.