ECC approves markup subsidy for housing finance under NPHDA

ECC approves markup subsidy for housing finance under NPHDA

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Islamabad: The Cabinet Economic Coordination Committee (ECC) on Wednesday approved the housing financing increase proposed by the Naya Pakistan Housing and Development Authority (NPHDA).

The Prime Minister announced special incentives for the housing and construction industry on July 10 to restore economic development during the Covid-19 pandemic.

According to the press statement issued by the Ministry of Finance here, a 10-year markup subsidy will be provided for bank financing. Accordingly, correspondingly, the end-user markup rate for housing (no more than 5 horses) in the first five years is 5% and 7%. The next five years.

For a housing unit measuring 10 marla, the end user’s markup rate for the first five years will be 7% and 9% for the next five years.

If the house price does not exceed 3.5 million rupees in 3-5 Marla and does not exceed 6 million rupees in 10 Marla House, subsidies will be given.

As much as 330 billion rupees are allocated for the 10-year loan period, of which 4.77 billion rupees will be allocated this year to pay for the increase in loans this year.

ECC decided to allocate 150,000 tons of wheat from PASSCO resources to the Pakistan Army from 2020 to 2021, and allocate it according to the payment method.

The committee also approved the tobacco price recommended by the Price and Grade Revision Committee in accordance with Article 8(1) of the PTB Regulations 1968, and instructed the Ministry of Food Safety and Research (MNFSR) to introduce the price determination mechanism in detail, and pointed out that the system difference.

The committee also approved the distribution of rupee. Provided US$41.8 million to the Ministry of Information Technology and Telecommunications/NITB for the deployment of systems, data analysis, modelling and mobile applications for NCOC stakeholders and government departments, and indicated that where possible, the financial department should be negotiated To rationalize/minimize the budget.

ECC also approved the establishment of Baluchstan Mining Exploration Co., Ltd. (BMEC) with the support of the federal government.

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