Govt working on developing ‘mortgage finance’ ecosystem for housing, PM told

Work on legal reforms within the housing sector is in “full swing”, including developing an ecosystem for mortgage finance in the country, Prime Minister Shehbaz Sharif was told on Thursday.

On March 18, PM Shehbaz urged authorities to prioritise making housing finance accessible to ordinary citizens during a meeting, emphasising the provision of homes for low-income groups and promoting affordable housing projects. During the meeting, discussions were also held on draft reforms concerning housing mortgages.

In a meeting called to review measures to promote the housing sector, the premier was briefed on the progress of implementation of the measures, the Prime Minister’s Office said in a statement.

“On the directions of the prime minister, special measures are being taken for investment in the construction and housing sector by foreign investors and overseas Pakistanis,” the meeting was told.

The measures aim to increase housing projects, promote economic activities and create employment opportunities in the sector, the meeting was told.

The premier was also briefed that the legal reforms in the housing sector were in their “final stages”. The PM was informed that a “low-cost loan system” had been implemented for a low-cost housing project and that “banks will be given targets in the next phase”.

The meeting was briefed that work was in “full swing” on developing an ecosystem for mortgage financing in the country.

PM Shehbaz was also informed that a system based on developer-led financing was being formed.

The prime minister issued directions to finalise the measures and ensure implementation, with consultation of all stakeholders.

During the meeting, the premier held that it remained the government’s “top priority” to provide loans for housing.

“A home is the right of every citizen,” the PM was quoted as saying.

He noted the “vast investment potential” the sector held, vowing to remove obstacles to investment.

PM Shehbaz added that the government will ensure the “protection of foreign investment in the sector”.

“Promoting investment in the construction sector will not only boost the economy but will also create millions of job opportunities,” the premier was quoted as saying.

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