The federal government on Friday approved revisions to certain features of the “Markup Subsidy and Risk Sharing Scheme for Affordable Housing Finance” aimed at promoting affordable housing across the country.
According to a notification issued by the Ministry of Housing and Works, the revisions were made following a decision by the Economic Coordination Committee (ECC) and its subsequent ratification by the federal cabinet.
Under the revised framework, the eligibility criteria for the scheme will remain unchanged. The facility will continue to be available to first-time homeowners who are Pakistani citizens holding valid CNICs and do not own any housing unit in their name.
The scheme covers financing for the purchase of a house or flat, construction of a house on an already owned plot, as well as the purchase of a plot followed by construction.
The approved housing unit sizes include houses of up to 5 marla and flats or apartments of up to 1,500 square feet, as agreed under the ECC decision.
Financial institutions, including commercial banks, Islamic banks, microfinance banks and the House Building Finance Company Limited (HBFCL), will participate in the scheme.
