Mera Pakistan Mera Ghar | New House Loan Scheme| State Bank Of Pakistan

 Mera Ghar Mera Pakistan | New House Loan Scheme

 

State Bank of Pakistan has revised Government’s Markup Subsidy Scheme for Housing Finance (Mera Pakistan Mera Ghar), vide IH&SMEFD Circular No. 03 of 2021 dated March 25, 2021 with   relaxed criteria to increase the opportunity for common person to avail the facility and to promote economic development, employment generation and social wellbeing in the country. Mera Pakistan Mera Ghar shall be available with access to institutionalized housing finance to meet the housing needs. In order to facilitate availability of long-term funding for housing Bank is offering Housing Finance for house up to 125 Sq. Yards (5 Marla) and up to 250 Sq. Yards (10 Marla), flat/apartment with maximum covered area of 1,250 Sq. ft. and 2,000 Sq. ft.  on markup rate as low as 3%, 5% or 7% per annum whereby one individual can have subsidized house loan facility under this scheme only once.

 

List of Banks Giving Home Loans in Naya Pakistan housing scheme

1.       Bank Al Habib

2.     Meezan Bank

3.     Bank Of Punjab ( BOP )

4.     Habib Bank Limited ( HBL )

5.     National Bank Of Pakistan ( NBP )

6.     Askari Bank

7.     Al baraka Bank

8.     Standard Chartered Bank

9.     Allied Bank Limited ( ABL )

10.  United bank Limited ( UBL )

11.    Bank Alfalah

12.  Soneri Bank Limited

13.   Bank of Khyber

14.  JS Bank

15.  Habib Metro Bank

16.  Bank Islami

17.  Samba bank

18.  house building finance company ( HBFC )

19.  Dubai islamic bank

20.      faysal bank bank

21.  Akhuwat Foundation

22.Khushali Microfinance Bank

23.Summit Bank

 

Size of Housing Units

 

House up to 125 sq yds (5 Marla) with maximum covered area of up to 850 sq ft. Flat/apartment with maximum covered area of 850 sq ft.( TIER 1 (NAPHDA)

 

House up to 125 sq yds (5 Marla)
b) Flat/apartment with maximum covered area of 1,250 sq ft (TIER 2 (NON-NAPHDA)

 

House up to 250 sq yds (10 Marla
b) Flat/apartment with maximum covered area of 2,000 sq ft (TIER 3 (NON-NAPHDA)

 

Maximum Price of Housing Units

 

Rs 3.5 million (TIER 1 (NAPHDA)

No Cap (TIER 2 (NAPHDA)

 

Maximum Financing

Rs 2.7 million .( TIER 1 (NAPHDA)

Rs 6.0 million (TIER 2 (NON-NAPHDA)

Rs 10.0 million (TIER 3 (NON-NAPHDA)

 

Pricing

3% for first 5 years &
5% for next 5 years
KIBOR+250 BPS for period exceeding 10 years .( TIER 1 (NAPHDA)

 

5% for first 5 years &
7% for next 5 years
KIBOR+400 BPS for period exceeding 10 years (TIER 2 (NON-NAPHDA)

 

7% for first 5 years &
9% for next 5 years
KIBOR+400 BPS for period exceeding 10 years (TIER 3 (NON-NAPHDA)

 

Financing tenor

Minimum 5 years and maximum 20 years

Application Eligibility

All men/women holding CNIC.

First time home owner.

One individual can have subsidized house finance facility under this scheme only once.

 

1.       House/Apartment Purchase

This type of financing is meant for the first purchase of a housing unit constructed during last one year from the date of application*.

2.     Construction of House

This type of financing is extended to individuals who intend to construct a housing unit on the plot they already own. Further, financing can be both for purchase of land and construction though it should not breach the prescribed tier’s limit

3.     Purchase of Land and Construction of House thereon

This type of financing is extended to individuals who need financing for purchase of land and construction of house on this land provided other terms and conditions of financing are not breached.

4.     Expansion / Extension

This type of financing is extended to individuals who need funds for expansion / extension of their existing housing unit provided the housing unit after expansion/extension falls within the criteria specified under the facility.   *The requirement of newly constructed housing units during last one year from the date of application will not be applicable till March 31^st, 2023 under Tier 2 & Tier 3.

 

Basic Eligibility Criteria	All Citizens Holding CNIC
	First time owner
	One individual can have subsidized house loan facility under this scheme only once
Products Offered	Purchase of a complete residential property (Apartment/Flat/House)
	Purchase of plot & construction thereon
	Construction on owned plot
	Extension/Expansion of self-owned residential property
Categories & Size of Unit	Tier 1	Tier 2		Tier 3
	(NAPHDA Projects)	(Non-NAPHDA)		(Non-NAPHDA)
	a). House upto 125 square yards (5 Marla) with maximum covered area of up to 850 square feet b). Flat/apartment with maximum covered area of 850 square feet	a). House upto 125 square yards (5 Marla). b). Flat / apartment with maximum covered area of 1,250 square feet		a). House upto 250 square yards (10 Marla) b). Flat/apartment with maximum covered area of 2,000 square feet
Maximum Price of Units	PKR 3.5 million Above is the Market Value of a single housing unit/Flat or Apartment at the time of approval of financing	No Cap		No Cap
Maximum Financing/Debt to Equity (LTV)	LTV up to 90% or Rs. 2.7 million  whichever is Less	LTV up to 90% or Rs. 6.0 million  whichever is Less		LTV up to 85% or Rs. 10.0 million  whichever is Less
Subsidized Mark-up/ Profit Rate	First 5 years = 3%	First 5 years = 5%		First 5 years = 7%
	Next 5 years = 5%	Next 5 years = 7%		Next 5 years = 9%
	After 10 years Bank's Normal Housing Finance rate would apply
Collateral Security Requirement	NAPHDA Projects		NON – NAPHDA Projects
	Trust will be responsible for the title documents		Mortgage of Residential Property in Bank’s Favor Banks charge through Registered/Equitable Mortgage
Loan Tenor	Minimum: 5 years Maximum: 20 years (depending upon choice of customers)
Debt Burden Ratio (DBR)	Maximum up to 45%

 

 

Required Documents

List of Required Documents
Documentation Requirement (Salaried Segment)		Original / Copy
Loan Application Form (LAF) along with CF Undertaking		Original
Product Disclosure Sheet		Original
Valid CNIC of applicant & Co-partner (where applicable)		Copy
2 passport size color Photographs of applicant & Co-partner (where applicable)		Original
Undertaking for first time homeowner		Original
Title Document of the property to be mortgaged		Copy
Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)		Original
Formal Sector Employees	Proof of Employment (along with length of employment) for example: - Employment letter or - Employment Certificate or - Any valid documentary evidence from employer	Original / Copy
	Income Proof document (salary breakup and deductions to be clearly mentioned) for example: - Current Salary Slip or - Salary Certificate  Note: -Maximum of 60 days old salary slip may be accepted -Online / e-salary slips are acceptable with positive verification -Original salary slip / e-slip does not require stamp or sign.	Original / Copy
Informal Sector Employees	In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:
	- Rent Agreement or	Copy
	- Rent Payment declaration or	Original
	- Utility Bills or	Copy
	-School Fee Challan or	Copy
	- Any other valid expense document (as per defined Income proxy)	Copy

 

Documentation Requirement (Self Employed)		Original / Copy
Loan Application Form (LAF) along with CF Undertaking		Original
Product Disclosure Sheet		Original
Valid CNIC of both applicant & Co-partner (where applicable)		Copy
2 passport size colour Photographs of applicant & Co-partner (where applicable)		Original
Direct Debit Authority (DDA) (where applicable)		Original
Undertaking for first time homeowner		Original
Title Document of the property to be mortgaged		Copy
Formal Sector Self Employed	Proof of Business (stating ownership and length of business) for example:
	Partnership Deed or	Copy
	Bank Certificate for Sole Proprietor / Partnership or	Original
	NTN Certificate or	Copy
	Rent agreement of office or	Copy
	Professional Degree / Diploma &/OR Valid Membership of applicable Professional body or	Copy
	Any other valid acceptable business document verifiable from authority fulfilling minimum business tenor requirement.	Copy / Original
	Income assessment document - Account Maintenance Letter along with last 6 months Bank Statement Notes: -Maximum of 60 days Bank statement may be accepted -Original Bank statement with bank stamp	Original
Informal Sector Self Employed	In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:
	Rent Agreement or	Copy
	Rent Payment declaration or	Original
	Utility Bills or	Copy
	School Fee Challan or	Copy
	Any other valid expense document (as per defined Income proxy)	Copy

 

State Bank of Pakistan (sbp.org.pk)