In order to help people finance their homes, the present Pakistani government is playing an important role. Mera Ghar Mera Pakistan is a long-term Pakistan Govt. subsidized home loan scheme. People who cannot afford to buy homes at net prices can take advantage of this scheme. Government officials revealed that it would be more convenient for people to apply for easy home loans all around Pakistan through this scheme.
Mera Pakistan Mera Ghar
Mera Pakistan Mera Ghar is a housing scheme by the Shariah Principles of diminishing musharakha. This scheme is for people with low socioeconomic status. Usually, home loans are provided by multiple banks. However, for this scheme, SBP has collaborated with every bank.
Banks that are offering this scheme:
- Bank of Punjab
- Al Habib Bank
- Meezan Bank
- National Bank
- United Bank Limited
- Askari Bank
- Sindh Bank
- MCB Bank
- Allied Bank
- Faysal Bank
Many other banks in Pakistan are also offering this scheme. You can get information by visiting your nearest branch.
Diminishing Musharakha
It is the feature of this scheme in which people start with the partnership but they end up with complete ownership. This is divided into two units. The features of Mera Pakistan Mera Ghar that are providing to people are:
- Quick processing
- Construct a house
- Buy a house and construct a house
These are the offers which this scheme provides and the people who want any of these facilities apply for it.
Levels of The Scheme:
There are 4 levels of this scheme with conditions. These levels are for those individuals who don’t agree on a single category, as for example when 1 person wants a house of 125 yards but another wants a flat with 1000 sq. yards, this is for them.
- Level 0 scheme will be provided under the NAPHDA in which you can construct or buy the house of 125sq yard or the apartment. There is no limit to this
- Level 1 people can easily apply for the level 1 loan scheme under NAPHDA
- Level 2 can be financed through the commercial bank under the non-NAPHDA.
- Level 3 as same as levels 1 and 2 can be financed through commercial banks under the non-NAPHDA.
Eligibility criteria:
According to the state bank of Punjab, there are only three requirements for applying for the loan:
- Valid CNIC
- First-time homeowner
- The person who doesn’t apply for this before
Bank of Punjab offers the individual that they can select the duration themselves for giving the loan back but it cannot be less than 5 years and not more than 20 years.
The procedure of Application and documents required:
- Valid CNIC
- You can have a loan of PKR 2 million
- Allows the interested one to purchase the apartment
Pricing Plans:
| Levels | Customer pricing | Bank pricing |
| level 0 | 5% for the first five years and 7% for the next 5 years | KIBOR + 700 BPS |
| level 1 | 3% for the first five years and 7% for the next five years | KIBOR + 250 BPS |
| level 2 | 5% for the first five years and 7% for the next five years | KIBOR + 400 BPS(spread can differ) |
| level 3 | 5% for the first five years and 9% for the next five years | KIBOR + 400 BPS(spread can differ) |
Conclusion
In short, people of low socioeconomic status can utilize this subsidized home loan scheme for a better future. As the goal of this scheme is to provide a subsidized home loan plan for those who live in rented properties or the people who are unable to construct their own house, therefore one who fulfills their criteria should benefit from it. In case you’re not sure about any of the above-mentioned details, let us know in the comments section.
Frequently Ask Questions (FAQs)
1. What are the Eligibility Criteria for Mera Pakistan Mera Ghar?
• All men/women holding CNIC
• First-time house owner
• One individual can have a subsidized house loan facility under this scheme only once
2. What is the Age Limit to Apply for Mera Pakistan Mera Ghar?
• Minimum Age at the time of application-25 years.
• Maximum Age for both applicants and co-applicants upon the maturity of the financing should not exceed
60 Years for SI and 65 Years for SEP & SEB
3. What is the Size of the Housing Unit?
The size of the loan is segregated into three tiers, as under:
• Tier 1 (T1)
(a) House up to 125 sq yds (5 Marla) with a maximum covered area of 850 sq ft and
(b) Flat/apartment with a maximum covered area of 850 sq ft.
• Tier 2 (T2)
(a) House up to 125 sq yds (5 Marla) and
(b) flat/apartment with a maximum covered area of 1,250 sq ft.
• Tier 3 (T3)
(a) House up to 250 sq yds (10 Marla) and
(b) flat/apartment with a maximum covered area of 2,000 sq ft.
4. What is the Maximum Price of Housing Units?
Maximum Price (Market Value) of a single housing unit/Apartments/Flats at the time of approval of financing, as under:
Tier 1 (T1) – Rs 3.5 million
Tier 2 (T2) and Tier 3 (T3) – No cap
5. What is the Maximum loan size?
Maximum size of the loan of a single housing unit, as under:
Tier 1 (T1) – Rs 2.7 million
Tier 2 (T2) – Rs 6.0 million
Tier 3 (T3) – Rs 10.0 million
6. What is the Tenure of Loans?
Minimum 5 years and maximum 20 years loan tenor, depending upon the choice of customers.
7. How to Apply Online for the Mera Pakistan Mera Ghar Scheme?
- Fill Standardized Loan Application Form
- Attach Valid CNIC of applicant & co-applicant (where applicable)
- Attach 3 recent color photographs (passport size) of the applicant & co-applicant (where applicable)
- Minimum 2 years employment period
- Latest Salary Certificate / Employment Letter mentioning employment details and joining date
- Salary slip of last 3 months
- Account maintenance certificate and last 12 months Bank Statement with the reflection of salary credits
- Minimum 3 years proof of business for business individuals and 2 years proof of business for SEP (self employee professional
8. What is the Mera Pakistan Mera Ghar helpline number?
All your Mera Pakistan, Mera Ghar queries will be answered instantly through a joint call center facilitating customers at 033-77-786-786.
