Lahore: Zameen.com – Pakistan’s top real estate portal – recently held a session with Habib Bank Limited to enable its employees to get their queries and concerns about Prime Minister Imran Khan’s flagship ‘Mera Pakistan Mera Ghar’ housing loan scheme in Pakistan. The session was attended by a staggering amount of people working in offices of both Zameen.com and its sister concern OLX Pakistan.
Keeping in view the interest of our readers, the following is a list of the details shared in the forum for a better grasp on how to avail this subsidised home loanscheme:
What is the Mera Pakistan Mera Ghar initiative?
Mera Pakistan Mera Ghar is a Shariah-compliant housing finance model that offers convenient and affordable options to enable interested buyers to buy/build their dream house.
What financing types are available under this initiative?
The following two financing types are available for this initiative:
Home purchase: to enable the buyers to get a constructed property
Plot + construction: to enable the buyers to buy a plot and construct the house themselves
Construction: to enable the buyers to construct a house on a plot they already own
What is the loan range for the project?
The loans under the said project are being offered in three categories/tiers.
Tier-1
The buyer – under this tier – can get a house or an apartment up to 125 square yards (5-marla) apartments in Naya Pakistan Housing & Development Authority (NAPHDA) projects with a maximum covered area of up to 850 sq ft. The maximum price of a house under Naya Pakistan Housing loan scheme will be up to PKR 3.5 million and the maximum financing will be PKR 2.7 million. The minimum customer contribution for this tier is 10% of the property value.
Tier-2
The buyer – under this tier – can get a house or an apartment up to 125 square yards (5-marla) apartments, with a maximum covered area of up to 1,250 sq ft. There is no cap on the maximum price of this house, and the buyer can get financing up to PKR 6 million for a period of 20 years. The minimum customer contribution for this tier is 10% of the property value.
Tier-3
The buyer – under this tier – can get a house or an apartment up to 250 square yards (10-marla) apartments, with a maximum covered area of up to 2,000 sq ft. There is no cap on the maximum price of this house, and the buyer can get financing up to PKR 10 million for a period of 20 years. The minimum customer contribution for this tier is 15% of the property value.
All people with a valid computerised national identity card (CNIC) and age above 25 years
First-time homeowners
The scheme is available for each individual once
Up to 4 people can co-apply for the initiative
What is the subsidised markup rate for the loan tenure?
The tier-1 applicants will have to pay 3% markup/rental for the first 5 years, 5% on the next 5 years and 1 year KIBOR+2.5% for loan tenure exceeding 10 years.
The tier-2 applicants will have to pay 5% markup/rental for the first 5 years, 7% on the next 5 years and 1 year KIBOR+4% for loan tenure exceeding 10 years.
The tier-3 applicants will have to pay 7% markup/rental for the first 5 years, 9% on the next 5 years and 1 year KIBOR+4% for loan tenure exceeding 10 years.
What are the documents required for applying in Mera Pakistan Mera Ghar?
The documents required for the loan application depend on the bank you choose. Also, documentation requirement can vary for salaried, self-employed and non-resident Pakistanis. The constant documents may include:
Bank Statement
Account Maintenance Certificate
Employment Certification
CNIC copies
Passport-sized photographs
Salary slip
What is the income cap for availing this loan scheme?
The salary cap can vary bank-to-bank. however, people who earn PKR 30,000 per month (and whose salary is transferred into bank account) are encouraged to apply. Moreover, up to 4 people can pool their income for this loan and get better financing. For self-employed individuals, the income should be PKR 50,000 per month. The total employment tenure required for loan qualification is 5 years.
If you have any questions about the housing loan scheme, please leave a comment below and we will address it.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
I am sending you an email through my official email address to seek further details from you. The information will be forwarded to Zameen.com’s Home Loan Department; someone from there will get in touch with you to provide the needed guidance.
Answering your question; yes, you can get a loan for 20 years to purchase a house.
My age is 51, a semi govt servant, gross salary is 90000. Can i get loan for 20 years , to purchase a house
Dear Kh Noshad sahb,
I am sending you an email through my official email address to seek further details from you. The information will be forwarded to Zameen.com’s Home Loan Department; someone from there will get in touch with you to provide the needed guidance.
Answering your question; yes, you can get a loan for 20 years to purchase a house.
can overseas avail this opportunity