Here is a tentative monthly installment plan of low-cost house financing Mera Pakistan, Mera Ghar scheme under guidance of State Bank of Pakistan.
This monthly installment will be applicable on the loan for the tenure of 20 years from any bank approving low-cost house financing.
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| Government advised Low cost house loan installment |
There can be slight changes in monthly installment as per the policy of respective bank.
Things to consider while applying house Mera Pakistan, Mera Ghar loan
- Financing amount will depend upon the net take home salary/income of the borrower
- Actual loan tenure depends on age of the customers. For older age, tenure can be lesser.
- Banks asks down payment as per policy and mark up rate of bank.
- In Mera Pakistan, Mera ghar it is 10% of financing amount. It can be varied as per bank’s policy.
- The property will be mortgage with bank until the repayment of loan.
- The mode of repayment is direct deduction from salary account or the customer’s account in the respective bank which is need to keep funded with at least one installment.
Property Eligibility Criteria in Mera Pakistan Mera Ghar
- Property house/plot should be located in “positive areas” mean located in authorized societies.
- Property should purely residential and for self-occupancy.
- For home purchase finance, property should be an already constructed house, flat/apartment
- Title of property should be clear with all complete documentation
- Satisfactory valuation and legal opinion from the bank appointed valuators and lawyers
Mera Pakistan, Mera Ghar is applicable with co-applicant.
Spouse, parents and adult children can be co-applicant. Co-applicant income
will be clubbed.
Eligibility Criteria
·
All men/women holding
CNIC
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First time home owner
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One individual can
have subsidized house loan facility under this scheme only once
Only for first purchase of newly constructed affordable housing units