Mera Pakistan Mera Ghar

Summary

Mera Pakistan Mera Ghar introduced by GOP and State Bank of Pakistan (SBP) is a “Government’s Markup Subsidy Scheme for Housing Finance”. This house financing is especially offered for salaried class, however business owners and overseas Pakistanis can also apply. The lender can apply for a plot for construction thereon, construction on pre-owned plot or a constructed house or apartment. The financing limit is upto Rs.10 million and tenure for loan is upto 20 years. 

Detail of Scheme

Eligibility criteria:

• All men/women holding CNIC
• First time house owner
• One individual can have subsidized house loan facility under this scheme only once
• One individual and co- applicant can apply

Eligibility criteria for salaried person:

Job Experience for:   Permanent/ contractual employees Minimum 3 years job experience

Minimum gross salary per month:

1. Permanent employee PKR 40,000/-
2. Contractual employee PKR 50,000/-

Eligibility criteria for Self Employed Professionals/ Businessmen (SEP/SEB):

Age: 25-65 Years

Minimum years in current business/ profession:  3 years

Minimum monthly income Rs.50, 000/-

Eligibility criteria for Non Resident of Pakistan (NRPs):

Age: 25-65 Years

Have valid documentary proof of at least 1 year of SI or 3 years for SEB/ SEP

Minimum monthly verify income Rs. 300,000/- 

Have valid work visa

Areas of Financing: 

Mera Pakistan Mera Ghar scheme is applicable for the following categories in LDA approved areas

• Purchase of constructed residential house/ apartment
• Purchase of plot & construction thereon
• Construction of house on self-owned plot
• Renovation of self-owned house

Terms & Conditions of the loan:

• The plot or housing unit should be in LDA approved areas societies
• Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 under Tier 2 and Tier 3.
• Processing Fees , varies for every bank starting from Rs. 5000

*Processing fee is payable for approved cases at the time of disbursement.

• Loan tenor is Minimum 5 years and maximum 20 years, depending upon choice of customers.
• One individual can avail the subsidized house financing facility under this scheme only one time
• Applicant should be first time house owner

Security Requirements:  As per banks ‘credit policy and prudential regulations for housing finance, the housing unit financed will be mortgaged in favor of financing bank.

Executing Agency: All commercial banks including Islamic banks, microfinance banks and House Building Finance Company Limited (HBFCL)

Tiers of Scheme:
The house financing is categorized under three (3) categories as follows

• Tier 1: NAPHDA projects
• Tier 2: non-NAPHDA projects
• Tier 3: non-NAPHDA projects

For loan tenors exceeding 10 years, market rate i.e. bank pricing will be applicable for the period exceeding 10 years.

References:

Following forms can be downloaded from Bank of Punjab website

https://www.bop.com.pk/

• List of Required Documents
• Low Cost Housing Calculator
• Low Cost Housing Branches
• Low Cost Housing Application Forms

Abbreviation Directory:

NAPHDA:      Naya Pakistan Housing & Development Authority

SI:                  Salaried individual

SEP:               Self Employed Professional

SEB:               Self Employed Businessman

NRPs:            Non Resident of Pakistan

KIBOR:          The Karachi Interbank Offered Rate

BPS:               Basis points – refers to a common unit of measure for interest rates and other

                       percentages in finance