The wait is finally over and banks are now accepting ‘Mera Pakistan Mera Ghar’ loan applications for the construction and purchase of newly constructed affordable / low-cost housing units under the Naya Pakistan Housing Programme (NPHP).
Under the Naya Pakistan Housing Programme (NPHP), the government is providing Rs. 300,000 subsidy each through ‘Mera Pakistan Mera Ghar’ scheme for the first 100,000 housing units that are constructed which will not only give a much-needed boost to the industry but also create job opportunities.
According to the Naya Pakistan Housing and Development Authority (NAPHDA), the PTI government has allocated Rs. 30 billion for the project which will help keep cost of construction materials in check while helping boost the economy by reviving related industries.
As for the citizen looking to become home owners, the government is providing loans for low-cost housing through partnership with various banks at reduced interest rates. ‘Mera Pakistan Mera Ghar’ help desks have been setup at banks to provide information on the application process making the whole procedure as easy as possible.
Under the ‘Mera Pakistan Mera Ghar’ scheme, citizens can avail loan of up to Rs. 5 million (50 lakhs) at easy monthly installments which we will discuss in this post while providing complete information about the initiative.
First you need to understand that there are three categories (NAPDHA and Non-NAPDHA projects) in this scheme and the potential home owner needs to contribute anywhere from 10% all the way up to 15% to the total cost of the housing unit in order to be eligible for the ‘Mera Pakistan Mera Ghar’ loan.
Basic Eligibility Criteria:
- All Pakistani nationals holding CNIC.
- First time home owner, one unit per household.
- An individual can have subsidized housing finance facility under this scheme only once.
- Only for construction and first purchase of newly constructed affordable housing units.
- Security Requirements:
- NAPHDA: Trust will be responsible for the title documents.
- Non-NAPHDA: As per bank credit policy and prudential regulations for housing finance, the finance housing unit will be mortgaged in favor of the finance bank.
Mera Pakistan Mera Ghar Loan Features
| Tier | Size of Housing Unit | Maximum Price of Housing Unit | Maximum Financing | Minimum Contributing from Customer | Rental Rate |
|---|---|---|---|---|---|
| Tier 1 (T1) (NAPDHA Projects) | House Unit / Apartment of upto 125 square yards (upto 5 Marla) with covered area of upto 850 square feet | Rs. 3.5 million | Rs. 2.7 million | 10% of property value | 5% (fixed) for first 5 years and 7% (fixed) for next 5 years. For period exceeding 10 years = 1 year KIBOR+2.5% |
| Tier 2 (T1) (Non-NAPDHA Projects) | House Unit / Apartment of upto 125 square yards (upto 5 Marla) with covered area of upto 850 square feet | Rs. 3.5 million | Rs. 3.0 million | 10% of property value | 5% (fixed) for first 5 years and 7% (fixed) for next 5 years. For period exceeding 10 years = 1 year KIBOR+4% |
| Tier 3 (T1) (Non-NAPDHA Projects) | House Unit of more than 125 square yards upto 250 square yards (10 Marla) or Apartment with covered area from more than 850 square feet to 1,100 square feet | Rs. 6.0 million | Rs. 5.0 million | 15% of property value | 7% (fixed) for first 5 years and 9% (fixed) for next 5 years. For period exceeding 10 years = 1 year KIBOR+4% |
Finance Tenure: For ten, fifteen and twenty years, depending upon choice of customers.
Mera Pakistan Mera Ghar – Payment Plan
| Financing amount | Monthly payment |
|---|---|
| Rs 10 Lakhs | Rs. 6,600 |
| Rs 20 Lakhs | Rs. 13,199 |
| Rs 30 Lakhs | Rs. 19,799 |
| Rs 40 Lakhs | Rs. 31,012 |
| Rs 50 Lakhs | Rs. 38,765 |
Monthly payments mentioned above are for first five years, based on 20 years financing period.
Documents Required
Salaried Individuals:
- Application Form
- Copy of Valid CNIC
- Latest Salary Certificate / Employment Letter mentioning employment details and joining date
- Salary Slips of last 2 months
- Last 6 months Bank Statement
- Copies of Title Documents.
- Any other document required by the Bank.
Non-Salaried Individuals:
- Application Form
- Copy of Valid CNIC
- 5 years acceptable Business Proof (e.g. NTN Certificate/Tax Returns / Bank Certificate) or any other valid business proof which may be acceptable to the bank
- Last 6 months Bank Statement
- Copies of Title Documents.
- Any other document required by the Bank.
Mera Pakistan Mera Ghar Application Form:
For applications forms please visit respective bank websites linked below:
- Bank Alfalah
- National Bank Limited (NBP)
- Meezan Bank
- Standard Chartered (SBP)
- Bank AL Habib Limited
- Bank of Punjab (BoP)
- Askari Bank
- United Bank Limited (UBL)
- Bank of Khyber (BoK)
- Faysal Bank
Read more: Naya Pakistan Housing Scheme – locations, rates & prices.
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