Loan scheme for affordable housing

The federal government has introduced a subsidised housing financing scheme aimed at helping Pakistanis from middle and lower-income groups build or purchase affordable homes. The initiative, named “Mera Ghar — Mera Ashiana,” was outlined in a circular sent by the State Bank to banks, Housing Building Finance Corporation (HBFCL), and microfinance banks (MFBs) on Wednesday. The scheme seeks to address the growing housing affordability crisis, which has worsened over the last five years due to escalating property prices. A small house in Karachi, for example, now costs no less than Rs10 million, making homeownership increasingly out of reach for most Pakistanis.