MEEZAN BANK LOW COST HOUSE LOAN UNDER NAYA PAKISTAN HOUSING SCHEME| MERA PAKISTAN, MERA GHAR
MEEZAN BANK is a premier Islamic bank that is popular
and trusted bank for house loans & finance in Pakistan.
Easy Home is a low cost subsidized housing finance that
is being offered by MEEZAN BANK under Prime Minister Naya Pakistan housing scheme.
Earlier Pakistani banks were asked to provide house loans at lower interest
rates of up to 5% to curtail the housing need of masses from lower & middle
classes. MEEZAN BANK is the first Pakistani bank to issue NAYA PAKISTAN HOUSE
LOAN loans to under MERA PAKISTAN MERA GHAR vision.
Here are a few details about Low Cost Housing finance under NAPHDA from MEEZAN BANK.
· The
facility of Easy Home- low cost housing finance can be availed to construct a
house on plot of 5 marla, 7 marla or 10 marla or to buy an already built house
but it should be first purchase.
· MEEZAN
BANK is interest free Islamic housing finance. It is completely
shariah-compliant way using diminishing Musharaka mode of financing.
· Financing
Tenure: Housing loans are offered for the tenure of 10, 15 and 20 years.
· Monthly
installment is as low as Rs 6000/-
|
HOUSING FINANCE UNDER NAYA PAKISTAN HOUSING DEVELOPMENT AUTHORITY |
|||||
|
Tiers |
Size of Housing Unit |
Maximum Price of Housing Unit |
Maximum Financing |
Maximum contribution from customer |
Rental Rate |
|
Tier 1 (T1) (NAPHDA Projects) |
House Unit/Apartment Of upto 125 square yards (upto 5 Marla with covered area of upto 850 square feet) |
Rs 3.5 million Or 35 lakhs |
Rs 2.7 million Or 27 lakhs |
10% of property value |
5% (fixed) for first 5 years and 7%(fixed)for next 5 years For period exceeding 10 years = year KIBOR +2.59% |
|
Tier 2 (T2) (Non NAPHDA Projects) |
House Unit/Apartment Of upto 125 square yards (upto 5 Marla with covered area of upto 850 square feet) |
Rs 3.5 million Or 35 lakhs |
Rs 3.0 million Or 30 lakhs |
10% of property value |
5% (fixed) for first 5 years and 7%(fixed)for next 5 years For period exceeding 10 years = year KIBOR +4% |
|
Tier 3 (T3) (Non-NAPHDA Projets) |
House Unit Of more than 125 square yards upto 250 square yards(10 Marla) or apartment with with covered area of from more than 850 square feet to 1100 square feet) |
Rs 6.0 million Or 60 lakhs |
RS 5.0 Million Or 50 lakhs |
15% of property value |
7% (fixed) for first 5 years and 9%(fixed)for next 5 years For period exceeding 10 years = year KIBOR +4% |
REPAYMENT PLAN OF HOUSE LOAN UNDER NAYA PAKISTAN HOUSING SCHEME
REPAYMENT of loan or an amount of monthly installments under
MERA GHAR, MERA PAKISTAN, NAPHDA housing
finance seems comprehensible and very low as compared to regular house loans from
banks. Here is monthly installment plan of NAPHDA loan from MEEZAN Bank.
|
Approximate
Monthly Payment* (NAPHDA housing loan)
|
|||||
|
Financing
amount |
Rs
10 lakhs |
Rs
20 Lakhs |
Rs
30 lakhs |
Rs
40 lakhs |
Rs
50 Lakhs |
|
Monthly
payment |
Rs
6, 600 |
Rs
13, 199 |
Rs
19, 799 |
Rs
31, 012 |
Rs
38, 765 |
|
· Monthly payments
mentioned above are for the first 5 years with fixed 5% interest rate for the
financing of 20 years. The payment will be slightly increased at the rate of
fixed 7% for next five years then for next 10 years year KIBOR+%age will be
installment. |
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ELIGIBILITY CRITERIA TO AVAIL NAYA PAKISTAN HOUSING LOAN FROM MEEZAN BANK
· All Pakistanis holding CNIC
· First
time home owner, one unit per household ( An applicant shouldn’t own another
house before- husband, wife family will be considered as 1 unit)
· An
individual can have subsidized housing finance facility under this scheme only
once
· This
loan is offered only for construction or first purchase of newly constructed affordable
housing units (No renovation loan)
· Trust
will be responsible for the title documents under a collateral security requirement
All NAPHDA Projects.
· For
non-NAPHDA Projects bank’s credit policy and prudential regulations will be
entertained.
REQUIRED DOCUMENTS TO GET NAYA PAKISTAN HOUSE LOAN
Documentation
Requirement – Salaried Segment Original / Copy
· Finance
Application Form (FAF) Original
· Product
Disclosure Sheet (at the time of Musharakah signing) Original
· Valid
CNIC of applicant & Co-partner (where applicable) Copy
· 2
passport size color Photographs of applicant & Co-partner (where
applicable) Original
· Undertaking
for first time homeowner Original
· Proof
of allotment, transfer and/or Title Document of the property to be mortgaged
Copy
· Direct
Debit Authority (DDA) & Employer’s certificate mentioning that payroll account
maintenance shall continue with the lending Bank (where applicable) Original
Formal Sector Employees
FORMAL
EMPLOYEES
Proof of Employment (along with length of employment)
for example:
• Employment letter
OR
• Employment Certificate
OR
• Any valid documentary evidence from employer
Original / Copy
Income Proof document (salary breakup and deductions to
be clearly
mentioned) for example:
• Current Salary Slip
OR
• Salary Certificate
• Account Maintenance Certificate along with last
6-month Bank
statement with Salary Credits
Notes:
- Maximum of 60 days old salary slip & Bank
Statement may be accepted Original / Copy
- Online / e-salary slips are acceptable with positive
verification Original
- Original salary slip / e-slip do not require stamp or
sign. Original
Informal
Sector Employees
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:
• Rent Agreement Copy
COPY
OR
• Rent Payment declaration
ORIGINAL
OR
• Utility Bills
COPY
OR
• Telco Bill
COPY
OR
• School Fee Challan
COPY
OR
• Any other valid expense document (as per defined
Income proxy)
WHAT IS MEEZAN ISLAMIC HOUSE FINANCE & HOW DOES IT
WORK?
Meezan Bank is another popular bank when it
comes to home financing. Meezan bank offers Easy home- Islamic home financing.
Here unlike conventional home financing work through diminishing Musharaka
where Meezan bank takes joint ownership of your property and pays for your
side. A property joint partner then pays rent of the house to the bank as
installments for some time. The ownership is gradually returned to the house
owner until repayment of all money invested by the bank.
Click for detail about Islamic House
Finance from Meezan & Comparison with other banks