Low-Cost Housing Finance under Mera Pakistan Mera Ghar:

Eligibility Criteria:

  • All men/women holding valid CNIC
  • First time home owner (not already holding any residential property)
  • One individual can have subsidized house finance facility under this scheme only once.


    • 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.

    • Tier of the Scheme:

  • Financing under Tier 0 is available through Microfinance Banks for financing of housing units under non-NAPHDA projects.
  • Financing under Tier 1 is available through banks for financing under NAPHDA projects.
  • Financing under Tier 2 and Tier 3 is available through banks for financing of housing units under non-NAPHDA projects.


    • Tier 0 (T0)

  • House upto 125 sq yds (5 Marla) and
  • Flat/apartment with maximum covered area of 1,250 sq ft.


    • Tier 1 (T1)

  • House upto 125 sq yds (5 Marla) with maximum covered area of 850 sq ft and
  • Flat/apartment with maximum covered area of 850 sq ft.

    • Tier 2 (T2)

  • House upto 125 sq yds (5 Marla) with maximum covered area of 850 sq ft and
  • Flat/apartment with maximum covered area of 850 sq ft..


    • Tier 3 (T3)

  • House upto 250 sq yds (10 Marla) and
  • Flat/apartment with maximum covered area of 2,000 sq ft.


    • Age of Housing Units:

  • Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 under Tier 0, Tier 2 and Tier 3.

    • 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 0 (T0),
  • Tier 2 (T2) and Tier 3 (T3) - No cap

    • Maximum finance Size:

    Maximum size of the finance of a single housing unit, as under:

  • Tier 0 (T0) - Rs 2.0 million
  • Tier 1 (T1) - Rs 2.7 million
  • Tier 2 (T2) - Rs 6.0 million
  • Tier 3 (T3) - Rs 10.0 million

    • For Salaried Segment:

  • Original / Copy finance Application Form (LAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged
  • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)


    • For Formal Sector Employees:

  • Original / Copy finance Application Form (LAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged
  • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)
  • Original / Copy of Employment Proof (along with length of employment) for example:
    • Employment letter or
    • Employment Certificate or
    • Any valid documentary evidence from employer
  • Income Proof document (salary breakup and deductions to be clearly mentioned) for example:
    • Current Salary Slip or
    • Salary Certificate

    Note:

  • Maximum of 60 days old salary slip may be accepted
  • Online / e-salary slips are acceptable with positive verification
  • Original salary slip / e-slip does not require stamp or sign.

    • For In-Formal Sector Employees:

  • Original / Copy finance Application Form (LAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged
  • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)

    • In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:

  • Copy of Rent Agreement or
  • Original Rent Payment declaration or
  • Copy of Utility Bills or
  • Copy of School Fee Challan or
  • Copy of Any other valid expense document (as per defined Income proxy)

    • For Self Employed Personals:

  • Original Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of both applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Direct Debit Authority (DDA) (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged

    • For Formal Sector Self Employed:

  • Original Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of both applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Direct Debit Authority (DDA) (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged
  • Proof of Business (stating ownership and length of business) for example:
    • Copy of Partnership Deed or
    • Copy of Bank Certificate for Sole Proprietor / Partnership or
    • Copy of NTN Certificate or
    • Copy of Rent agreement of office or
    • Copy of Professional Degree / Diploma &/OR Valid Membership of applicable Professional body or
    • Original / copy of Any other valid acceptable business document verifiable from authority fulfilling minimum business tenor requirement.
    • Original Income assessment document
    • Original - Account Maintenance Letter along with last 6 months Bank Statement

    Note:

  • Maximum of 60 days Bank statement may be accepted
  • Original Bank statement with bank stamp

    • For Informal Sector Self Employed:

  • Original / Copy Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
  • Original Product Disclosure Sheet
  • Copy of Valid CNIC of applicant & Co-partner (where applicable)
  • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
  • Original Direct Debit Authority (DDA) (where applicable)
  • Original Undertaking for first time homeowner
  • Copy of Title Document of the property to be mortgaged
  • In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:
    • Copy of Rent Agreement or
    • Original Rent Payment declaration or
    • Copy of Utility Bills or
    • Copy of School Fee Challan or
    • Copy of Any other valid expense document (as per defined Income proxy)

    Documents for Bank’s Internal Use:

  • Original Income Estimation / Repayment calculation sheet as per applicable proxy / surrogate
  • Original Bureau Reports
  • Original Residence / Workplace / Document Verification Report including collateral verification
  • World Check & NACTA Checks
  • Original NADRA Verysis
  • Original Property Appraisal Report
  • Original Preliminary Legal Opinion
  • Original Final Legal Opinion
  • Original Property Insurance (Mandatory)
  • Original Mortgage Life Insurance (Mandatory)

    • Pricing

    Finance Tiers Customer pricing
    Tier 0 5% for first 5 years & 7% for next 5 years
    Tier 1 3% for first 5 years & 5% for next 5 years
    Tier 2 5% for first 5 years & 7% for next 5 years
    Tier 3 7% for first 5 years & 9% for next 5 years

    Pricing for period exceeding 10 years; 1-year KIBOR plus 3% p.a.


    Finance Tenure:

  • Minimum 5 years and maximum 20 years finance Tenure, depending upon choice of customers.
    • Eligibility Criteria / Security Requirements

    Eligibility Criteria:

  • All men/women holding valid CNIC
  • First time home owner (not already holding any residential property)
  • One individual can have subsidized house finance facility under this scheme only once.

    • 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.
    • Tier of the Scheme

    Tier of the Scheme:

  • Financing under Tier 0 is available through Microfinance Banks for financing of housing units under non-NAPHDA projects.
  • Financing under Tier 1 is available through banks for financing under NAPHDA projects.
  • Financing under Tier 2 and Tier 3 is available through banks for financing of housing units under non-NAPHDA projects.

    • Size and Age of Housing Units

    Tier 0 (T0)

  • House upto 125 sq yds (5 Marla) and
  • Flat/apartment with maximum covered area of 1,250 sq ft.

    • Tier 1 (T1)

  • House upto 125 sq yds (5 Marla) with maximum covered area of 850 sq ft and
  • Flat/apartment with maximum covered area of 850 sq ft.

    • Tier 2 (T2)

  • House upto 125 sq yds (5 Marla) with maximum covered area of 850 sq ft and
  • Flat/apartment with maximum covered area of 850 sq ft..

    • Tier 3 (T3)

  • House upto 250 sq yds (10 Marla) and
  • Flat/apartment with maximum covered area of 2,000 sq ft.

    • Age of Housing Units:

  • Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 under Tier 0, Tier 2 and Tier 3.
    • Max Price of Housing Units

    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 0 (T0),
  • Tier 2 (T2) and Tier 3 (T3) - No cap

    • Maximum Finance Size:

    Maximum size of the finance of a single housing unit, as under:

  • Tier 0 (T0) - Rs 2.0 million
  • Tier 1 (T1) - Rs 2.7 million
  • Tier 2 (T2) - Rs 6.0 million
  • Tier 3 (T3) - Rs 10.0 million
    • Required Documents

    For Salaried Segment:

    • Original / Copy Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged
    • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)

    For Formal Sector Employees:

    • Original / Copy Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged
    • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)
    • Original / Copy of Employment Proof (along with length of employment) for example:
    • Employment letter or
    • Employment Certificate or
    • Any valid documentary evidence from employer
    • Income Proof document (salary breakup and deductions to be clearly mentioned) for example:
      • Current Salary Slip or
      • Salary Certificate

    Note:

    • Maximum of 60 days old salary slip may be accepted
    • Online / e-salary slips are acceptable with positive verification
    • Original salary slip / e-slip does not require stamp or sign.

    For In-Formal Sector Employees:

    • Original / Copy Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged
    • Original Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)

      • In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:

    • Copy of Rent Agreement or
    • Original Rent Payment declaration or
    • Copy of Utility Bills or
    • Copy of School Fee Challan or
    • Copy of Any other valid expense document (as per defined Income proxy)

    For Self Employed Personals:

    • Original Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of both applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Direct Debit Authority (DDA) (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged

    For Formal Sector Self Employed:

    • Original Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of both applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Direct Debit Authority (DDA) (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged
    • Proof of Business (stating ownership and length of business) for example:
      • Copy of Partnership Deed or
      • Copy of Bank Certificate for Sole Proprietor / Partnership or
      • Copy of NTN Certificate or
      • Copy of Rent agreement of office or
      • Copy of Professional Degree / Diploma &/OR Valid Membership of applicable Professional body or
      • Original / copy of Any other valid acceptable business document verifiable from authority fulfilling minimum business tenor requirement.
      • Original Income assessment document
      • Original - Account Maintenance Letter along with last 6 months Bank Statement

    Note:

    • Maximum of 60 days Bank statement may be accepted
    • Original Bank statement with bank stamp

    For Informal Sector Self Employed:

    • Original / Copy Finance Application Form (FAF) along with CF Undertaking (As per State Bank of Pakistan)
    • Original Product Disclosure Sheet
    • Copy of Valid CNIC of applicant & Co-partner (where applicable)
    • Original 2 passport size color Photographs of applicant & Co-partner (where applicable)
    • Original Direct Debit Authority (DDA) (where applicable)
    • Original Undertaking for first time homeowner
    • Copy of Title Document of the property to be mortgaged
    • In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:
      • Copy of Rent Agreement or
      • Original Rent Payment declaration or
      • Copy of Utility Bills or
      • Copy of School Fee Challan or
      • Copy of Any other valid expense document (as per defined Income proxy)

    Documents for Bank’s Internal Use:

    • Original Income Estimation / Repayment calculation sheet as per applicable proxy / surrogate
    • Original Bureau Reports
    • Original Residence / Workplace / Document Verification Report including collateral verification
    • World Check & NACTA Checks
    • Original NADRA Verysis
    • Original Property Appraisal Report
    • Original Preliminary Legal Opinion
    • Original Final Legal Opinion
    • Original Property Insurance (Mandatory)
    • Original Mortgage Life Insurance (Mandatory)
    Pricing and Tenure

    Pricing

    Finance Tiers Customer pricing
    Tier 0 5% for first 5 years & 7% for next 5 years
    Tier 1 3% for first 5 years & 5% for next 5 years
    Tier 2 5% for first 5 years & 7% for next 5 years
    Tier 3 7% for first 5 years & 9% for next 5 years

    Pricing for period exceeding 10 years; 1-year KIBOR plus 3% p.a.

    Finance Tenure:

  • Minimum 5 years and maximum 20 years Finance Tenure, depending upon choice of customers.