ISLAMABAD: Pakistan’s government has approved a major new housing scheme aimed at constructing 5 million affordable homes nationwide, Finance Minister Muhammad Aurangzeb announced during a recent Economic Coordination Committee (ECC) meeting.
The initiative seeks to address the country’s growing housing shortage and enable low- and middle-income families to own homes. To support this, the government will implement the Markup Subsidy Risk Sharing Scheme, which reduces borrowing costs by sharing interest subsidies between the government and financial institutions.
Under the plan, eligible homebuyers will be offered loans between 20 lakh and 35 lakh rupees, repayable over 20 years to keep monthly installments affordable. The Ministry of Housing has been tasked with developing a detailed database of potential beneficiaries to ensure smooth and transparent implementation.
Besides housing, the ECC discussed rising prices of essential cooking items like ghee and cooking oil. Despite global price drops, consumers have yet to benefit fully, prompting calls for protective measures.
The committee also approved officially recognizing ship-breaking and recycling as a formal industry in Pakistan. This move aims to regulate the sector, generate employment, and boost economic activity while maintaining environmental safety.
The new housing plan marks a significant step toward addressing Pakistan’s housing crisis and promoting economic growth.
