Govt, banks to work on low-cost housing

The government is finalising a plan to introduce a subsidised housing scheme for the lower-income class and mortgage facilities for the middle class with the involvement of commercial banks, starting with government-sponsored 200,000 low-cost housing units. Prime Minister Shehbaz Sharif is expected to formally announce the scheme to revive the housing and construction sector, which is passing through challenging times along with purportedly 72 associated industries, an informed source told Dawn. The sources said the government would initially provide about 200,000 low-cost 3-5 marla housing units after their construction in the public sector at 50pc subsidy on financing and then expand it. A draft plan was shared with the State Bank of Pakistan (SBP) and commercial banks on Monday.