The dream of
holding one’s own house is making ways to come true after Government policy of
providing low cost house loans to middle class. Government has asked all
Pakistani banks to adjust their house loan policies under Naya Pakistan housing
NAPHDA projects titled Mera Ghar, Mera Pakistan. House loans under Naya Pakistan is a low cost government
subsidized house financing. A policy is directed from State Bank of Pakistan
regarding the markup subsidy facility for the construction and purchase of new
house. All commercial and Islamic banks are offering house loan & adjusting
their policies under guidance of State Bank of Pakistan.
Here is a step by step guide to get Naya Pakistan House loan from banks:
- Visit near bank offering Naya Pakistani house loan(list of banks Is given below)
- Get house loan application in Urdu or English
- Fill In the required fields and attach mandatory documents
- One unit for one household
- Submit Colletral security requirement
- Give house loan processing fees of Rs 600/-
- Get Naya Pakistan house loan within 30 days of application submitted.
IS Naya Pakistan House Loan Halal?
For Islamic house loan, visit Habib Islamic banking, Meezan bank, Bank Alfalah that are giving Islamic Loan under Naya Pakistan housing project. You can also ask your bank for detail of Islamic Loan.
What Is an interest rate of loan under Naya Pakistan hourse financing?
KEY FEATURES OF LOW COST HOUSE FINANCING UNDER NAYA PAKISTAN
- · According to State Bank, Markup
subsidized loans will be offered to all, buying or construction house for the
first time.
- · The low cost housing finance is
available to construct a house on a plot of 5 marla, 7 marla and 10 marla.
- · The low cost house loan can be availed
to buy already constructed new house or a flat in an affordable and government
authorized society.
- · The low cost house finance can be
availed to buy a plot only if you’re buying to construct on it.
- · All above buying should be first
purchase that the applicant shouldn’t own another property in hand.
- · Naya Pakistan house loan also can be
taken from Islamic banks.
- · Naya Pakistan house loans are offered
for the tenure of 10, 15 and 20 years.
- · Loan from 1 million(10 lakh) to 5
million (50 Lakh) can be taken from Naya Pakistan housing loans.
- · Loan have been set in 3 tiers or 3 level of structure; The size of housing unit under Tier 1 , Tier 2 and Tier 3.
- · Under Tier 1 & Tier 2, the interest
rate is fixed 5% for first five years, 7% for next five years and KIBOR+2.59%
for next 10 years in case loan is taken for the tenure of 20 years.
- · An approximate monthly installment for
the loan of 10 lakhs for the period of 20 years is Rs 6000/- for first five
years.
*KIBOR is simply
market interest rate or The Karachi Interbank Offered Rate, is a daily
reference rate based on the interest rates at which banks offer to lend
unsecured funds to other banks. The current KIBOR rate is 7.14% for Tenor of
3-M.
ELIGIBILITY CRITERIA
- · All Pakistanis hold CNIC (age 18+)
- · First time buyer
- One house for 1 family
WHAT IS TIER 1, TIER 2, TIER 3 IN NAY PAKISTAN HOUSE LOANS
Naya Pakistan
house loans are divided in 3 tiers or 3 levels of construction. All three
levels have different financing policy
·
Tier
1 (T1)
(NAPHDA Projects)
Of upto 125 square yards (upto 5 Marla with covered area of upto
850 square feet)
·
Tier
2 (T2)
(Non NAPHDA Projects)
House Unit/Apartment
Of upto 125 square yards (upto 5 Marla with covered area of upto
850 square
·
Tier 3 (T3)
(Non-NAPHDA Projects)
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
MAXIMUM LOAN SIZE FOR CONSTRUCTION OF HOUSE
T 1 : 3.5
million
T 2: 3.5 Million
T 3: 6 Million
MAXIMUM LOAN SIZE TO BUY A UNIT
T 1 : 2.7
Million
T 2: 3 Million
T 3: 5 Million
SECURITY
According to
credit policy of banks, the unit will be mortgaged with bank until repayment of
loan.
Application form
Naya Pakistan house loan application form
is available both in English and Urdu from banks.
Processing time
is maximum 30 days after applicant submit form with all required documents.
There can be
slight difference in the lending amount, processing fees and others in
different banks while taking Naya Pakistan Housing Scheme.
Here is a list of Banks which are all set to offer loans under Naya Pakistan
- · House building Finance Company Limited
- · Meezan Bank
- · Alfalah Bank
- · HBL Islamic Banking
- · Muslim Commercial Bank
- · Faisal Bank
- · Askari Bank
- · United Bank limited
- · JS Bank
- · Bank Al Habib
- · Standard Chartered
- · Summit Bank
- · Bank Islami
- · Al Baraka Bank
- · National Bank of Pakistan
- · Khushahali Microfinance Bank
- · SILK BANK
- · Standard Chartered Bank
- · SME Bank
WHICH BANK IS BETTER TO GET HOUSE LOAN NAYA PAKISTAN
As it’s a new
project, still most of above mentioned banks are adjusting their policies. For
the time MEEZAN Bank and HBL Islamic Banking are among first ones to issue
loans under Naya Pakistan scheme giving us the proper layout of scheme.
CLICK For detail
of Islamic House Loan from Meezan BANK