House Loan In State Bank Of Pakistan Mera Pakistan Mera Ghar Housing Scheme

House Loan In State Bank Of Pakistan Mera Pakistan Mera Ghar Housing Scheme 

Eligibility Criteria

All men/women holding CNIC

First time home owner

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

Only for construction and first purchase of newly constructed affordable housing units

Size of Housing Unit

Size of the loan is segregated into three tiers, as under:

Tier 1 (T1) - Housing Units/apartments of up to 125 square yards (upto 5 Marla) with covered area of up to 850 square feet. (NAPHDA)

Tier 2 (T2) - Housing Units/apartments of up to 125 square yards (5 Marla) with covered area of up to 850 square feet.

Tier 3 (T3) - Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet.

Maximum Price of Housing Units

Maximum Price (Market Value) of a single housing unit at the time of approval of financing, as under:

Tier 1 (T1) - Rs 3.5 million 

Tier 2 (T2) - Rs 3.5 million

Tier 3 (T3) - Rs. 6.0 million

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 3.0 million

Tier 3 (T3) - Rs. 5.0 million

Loan type Long term housing finance loans

Loan Tenor 10/15/20 years, depending upon choice of customers.

Security Requirements As per banks’ credit policy and prudential regulations for housing finance, the housing unit financed will be mortgaged in favor of financing bank.

Allocation in Budget

Finance Division shall give authority to SBP to debit GOP account on quarterly basis for the subsidy payment to banks.

Payment will be made to the banks on submission of quarterly-consolidated subsidy statement as per format prescribed by State Bank of Pakistan.

Pricing

Pricing for Housing Loans:

Loan Tiers

Customer Pricing

Bank Pricing

Tier 1

5% for first 5 years &

7% for next 5 years

KIBOR+250 BPS

Tier 2

5% for first 5 years &

7% for next 5 years

KIBOR+400 BPS 

(Spread may vary)

Tier 3

7% for first 5 years &

9% for next 5 years

For loan tenors exceeding 10 years, market rate will be applicable for the period exceeding 10 years.

Executing Agency All commercial banks including Islamic banks and House Building Finance Company Limited (HBFCL)

Application Form

A standardized Application Form both in English and Urdu will require minimum essential information with simple format.

The processing time will not exceed 30 days after submission of all documents by the borrower and the same will be clearly stated in the application form.

Standardized Procedures Banks to have standardized loan documents and risk acceptance criteria.

Monitoring SBP will publish consolidated information about the loans extended under this program for information of the public on quarterly basis on its website.