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Minister of Finance and Revenue, Senator Muhammad Aurangzeb. Photo: APP
ISLAMABAD:
The Cabinet’s Economic Coordination Committee (CEC) on Friday approved the revised ‘Mera Ghar Mera Aashiana’ (MGMA) – mortgage financing for low-cost housing scheme and approved key grants for infrastructure.
The cabinet committee meeting was chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, according to a press release issued by the Ministry of Finance.
According to the press release, the ECC considered a summary submitted by the Ministry of Housing and Works seeking approval of the revised features of the scheme “Mera Ghar Mera Aashiana (MGMA)” – Mortgage Financing for Low Cost Housing.
The committee was informed that since its launch, the scheme has generated a strong public response, with more than 10,594 loan applications received and disbursements underway.
After due consideration, the ECC approved the revised features of the plan. These include enhancing the loan limit up to Rs 10 crore, widening the size parameters of eligible housing units, introducing a uniform 5% end-user price, widening the targets for housing finance over a four-year horizon, continuing implementation through the State Bank of Pakistan (SBP) mechanism and adjusting the already disbursed loans to the revised rate of 5% to ensure uniformity.
The committee emphasized that subsidy payments will be aligned with actual disbursements and accommodated within annual fiscal allocations.
The revised framework aims to expand access to affordable housing finance, stimulate construction activity, generate employment and promote sustainable homeownership through a balanced risk-sharing and subsidy model.
The ECC also considered and approved a summary submitted by the Ministry of Home Affairs and Narcotics Control on the transfer of Rs 7,289 million as technical supplementary grant (TSG) for the ICT component of the project titled “National Program for Upgrading Command Areas in Barani Areas of Pakistan”, aimed at strengthening agricultural productivity in rainfed regions.
Additionally, the ECC approved a summary submitted by the Railway Division for provision of Technical Supplementary Grant (TSG) worth Rs 6.61 billion for Thar Coal Railway Connectivity Project as budget cover.
The project aims to facilitate the transportation of indigenous coal to power plants and industrial sectors, thereby supporting energy security and reducing dependence on imported fuels.
The meeting was attended by Federal Minister for Investment, Qaiser Ahmed Sheikh, who participated virtually, along with federal secretaries and senior officials of concerned ministries, divisions and regulatory bodies.
