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Overview – Mera Pakistan, Mera Ghar

State Bank of Pakistan has announced the scheme for subsidized Housing Finance, followed by the latest IH&SMEFD Circular No. 03 of 2021 dated March 25, 2021, with a view to promote economic development, employment generation, and social wellbeing in the country.

Mera Pakistan Mera Ghar shall be available to mid and low-income strata of the population, offering access to institutionalized housing finance to meet their residential needs.

To facilitate long-term affordable funding for housing, the State Bank of Pakistan (SBP) has issued guidelines introducing a “Subsidized Scheme for up to 5 marla, 5 marla and 10 marla” home financing category. Under this scheme, one individual can avail subsidized housing finance only once.

  • All men and women holding a valid CNIC

  • First-time home owners

  • Both salaried and non-salaried individuals are eligible

  • Only one subsidized housing finance facility per individual under this scheme

  • Age: 25 to 60 years (salaried), up to 65 years (non-salaried) at maturity of the loan

  • Minimum net monthly disposable income: PKR 25,000

  • No minimum tenure required for job or business

1. House/Apartment Purchase

Financing is available for the first-time purchase of a newly constructed house or apartment, provided the unit is not older than one year from the date of application.

2. Construction of House

Available to customers intending to construct a residential unit on a plot they already own. Financing can also cover both land purchase and construction, subject to the prescribed financing limits.

3. Purchase of Land and Construction

This financing covers the purchase of land and construction of a house thereon, provided the maximum property price and loan amount do not exceed the limits defined under the scheme.

4. Expansion / Extension of Existing Unit

Financing is also available for expansion or extension of an existing housing unit, as long as the upgraded unit remains within the eligibility criteria set forth by the facility.

Type of Facility This will be a long-term finance facility with monthly instalments spread over the term of finance, secured through charge creation on the property in favor of the bank.
Type of Financing ·  House/Apartment Purchase ·  House Construction ·  Purchase of Land and Construction of House ·  Expansion / extension
Tenor of Financing Minimum tenure of the financing under this scheme shall be 5 years. Whereas maximum financing tenure shall be up to 20 years on the choice of the customer
Maximum Size of Housing Units   a. Tier 1 (T1) (NAPHDA[1] Projects): i) House up to 125 square yards (5 Marla) with maximum   covered area of 850 square feet and ii) Flat/apartment with maximum covered area of 850 sq ft   b. Tier 2 (T2) (Non-NAPHDA Projects): i) House up to 125 square yards (5 Marla) and ii) Flat/apartment with maximum covered area of 1,250 sq ft.   c. Tier 3 (T3) (Non-NAPHDA Projects): i) House up to 250 square yards (10 Marla) ii) Flat/apartment with maximum covered area of 2,000 sq. ft.
Maximum Price of Housing Units Maximum Price (Market Value) of a single housing unit at the time of approval of financing, should be as under: ·  Tier 1 (T1) – Rs. 3.5 Million (NAPHDA) ·  Tier 2 (T2) – No Cap ·  Tier 3 (T3) – No Cap
Amount of Financing The Maximum size of the finance is as follows: ·  Tier 1 (T1) – Rs. 2.7 Million ·  Tier 2 (T2) – Rs. 6.0 Million ·  Tier 3 (T3) – Rs. 10.0 Million
Monthly Net Income Minimum Rs.25,000/-
Co-Applicant Income Clubbing 100% Clubbed Up to 04 co-applicants are allowed for income clubbing from multiple sources
Debt Burden Ratio Maximum up to 45%
 Debt to Equity Ratio ·  Tier 1 (T1): Maximum up to 90% ·  Tier 2 (T2): Maximum up to 90% ·  Tier 3 (T3): Maximum up to 85%
Selection of Property Criteria No geographical restriction shall be applicable
Pricing / Subsidy Profit Rate  
Customer Pricing Bank Pricing
Tier 1:      First 5 Years = 3% Next 5 Years = 5% 1Y KIBOR + 2.5%
Tier 2:      First 5 Years = 5% Next 5 Years = 7% 1Y KIBOR + 4% (Spread may vary)
Tier 3:      First 5 Years = 7% Next 5 Years = 9% 1Y KIBOR + 4% (Spread may vary)

or as communicated by SBP from time to time. For finance tenors exceeding 10 years, market rate will be applicable for the period exceeding 10 years.
Documentation Documents in excess of standard checklist of documents shall not be obtained from applicant

 

NAPHDA – Naya Pakistan Housing & Development Authority

  • Bank’s permanent staff is not eligible to apply under Mera Pakistan Mera Ghar. However, staff on third-party and contractual employees of banks who are below officer grade and not eligible to avail staff housing finance are eligible under this segment.

  • In order for house/flat/apartment to be eligible for a particular tier, all criteria under that tier has to be met. If any of the criteria exceed prescribed limits, financing will fall under a higher tier.

  • Both spouses who are working can apply under this scheme. However, only one of the spouses can avail financing under the scheme.

  • The financing tenor is up to 20 years with flexibility on the choice of the customer.

  • NRP holding CNIC/SNIC is eligible as main applicant or co-applicant. However, all relevant regulations including Foreign Exchange Regulations are to be adhered.

  • Designated Branches will entertain prospect customers, whereas Non-designated branches will guide customers to their nearest designated branch.

To check the approval status of housing societies, schemes, or projects, please visit the official platforms below:

For further details or assistance related to Mera Pakistan Mera Ghar (Government Markup Subsidy Scheme – G-MSS), please call the Joint Call Centre:

033-77-786-786
Available 24/7 to answer queries related to housing finance under the scheme.

Download Simplified Application Forms – Mera Pakistan Mera Ghar

Application Form – English
Application Form – Urdu
Application Form – English
Application Form – Urdu
Application Form – English
Application Form – Urdu

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