ECC increases the loan ceiling and authorizes modifications to the affordable housing program.

Important changes to the government’s affordable housing program have been authorized by the Economic Coordination Committee (ECC).

Muhammad Aurangzeb presided over the meeting, which approved raising the loan cap under the Mera Ghar Mera Aashiana Scheme to Rs. 10 million.

The ECC resolved to set a consistent markup rate of five percent for affordable housing, according to the official statement. Additionally, four-year housing finance improved targets were authorized. The committee decided to apply the same five percent markup rate to loans that have already been given under the scheme and permitted the State Bank of Pakistan to continue implementing it.

Subsidy payments would be made in accordance with the annual fiscal space, the statement noted. It is anticipated that the supply of cheap houses will stimulate the building industry and generate job opportunities.

The ECC also approved a technical supplementary grant of Rs7.2 million to enhance agricultural productivity in rain-fed areas, as well as an Rs6.5 billion grant for the Thar Coal Rail Connectivity Project.

The communiqué claims that better local coal transportation will boost the energy industry and support the plan to lessen dependency on foreign fuel.