Standard Chartered Bank- Mera Pakistan Mera
Ghar – Low and Medium Cost Housing Finance Program
Standard Chartered
Bank has announced policies, eligibility criteria and loan structure under Naya
Pakistan Housing Project where the low and medium cost housing program aims to
provide affordable housing option to clients that fulfill their dreams of
owning a home. With Standard Chartered
Saadiq Home Finance Purchase, owning a home becomes a reality now.
 |
| Low cost house loan |
Loan Product Structure:
Standard Chartered
Sadiq- the underlying Islamic mode of this housing program is Diminishing
Musharaka. Diminishing Musharakah (Shirkat ul Milk) is a form of co-ownership
in which Bank and customer will share in the joint ownership of a tangible
asset (e.g. house) in an agreed proportion. It is agreed in advance that one of
the co-owners (customer) will purchase, in periodic installments. The share of
the other co-owner (Bank) until the ownership of that tangible asset is
completely transferred to the purchasing co-owner (customer). Furthermore,
along with the purchase of share, the co-owner (customer) will also make agreed
periodic payments (rent) until the usage of other co-owner's share (Bank) in
the asset, till ownership of the asset is completely transferred to the
customer.
*Some of the salient
features of the program are as follows:
|
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 first purchase of newly constructed affordable housing units |
Size of
Available housing unit
·
Housing
Units/apartments of up to 125 square yards (5 Marla) with covered area of up to
850 square feet.
·
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 unit
·
Housing
Units/apartments of up to 125 square yards (5 Marla) with covered area of up to
850 square feet: PKR 3.5 Mn
·
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: PKR 6.0 Mn
Financing
limit
·
Housing
Units/apartments of up to 125 square yards (5 Marla) with covered area of up to
850 square feet: PKR 3.0 Mn
·
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: PKR 5.0 Mn
Mark up offered
Housing Units/apartments of up to 125 square yards (5 Marla)
with covered area of up to 850 square feet:
5% for first 5 years, 7% for next 5 years and market pricing will be applicable
for the period exceeding 10 years
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:
7% for first 5 years, 9% for next 5 years and market pricing will be applicable
for the period exceeding 10 years
Tenor
5/10/20 years
CONTACT US
For quick decision on your
application, e-mail your identity and income documents at MeraGhar@sc.com. Don't forget to mention your application
reference number and attach your identity and income documents on the mentioned
e-mail address. You will receive a response within 10 working days.
APPLY NOW