Hey there?
What do you know about Government’s Mark-up Subsidy Scheme for Housing Finance?
Or What about Mera Pakistan Mera Ghar? Naya Pakistan Housing Scheme? Also, commonly termed as PM Imran Khan’s Housing Scheme.
There is a lot going on on this but actually what is this? Here we will tell you some key details about it! So that if you want to buy or build your own house or flat you can have all the basic details of Government’s Mark-up Subsidy Scheme for Housing Finance or Naya Pakistan Housing Scheme.
What is this Housing Scheme all about?
First thing that you need to know is that this Mark-up subsidy scheme is different from Naya Pakistan Housing Program. Naya Pakistan Housing program is mainly a project of Government of Pakistan, well mainly PM Imran Khan’s objective, of providing 5 million (50 lakhs) houses in five years of its term. And there are multiple projects under this scheme.
Government’s mark-up subsidy scheme on Housing Finance is basically initiated & regulated by State Bank of Pakistan. They are providing housing loans through commercial banks with low mark-up. That means, you just need to go to any bank and apply for the loan just like normal housing loans. But in this case the interest rate is very very low. To be exact, 5% for first five years & 7% for next 5 years. Simple as that!
Even you can apply for loan for houses build under Naya Pakistan Housing Development Authority projects.
Who can apply for the Mark up Subsidy Scheme for Housing Finance?
Any Pakistan with valid CNIC, and buying house for first time or applying for house loan for first time. These are the eligibility criteria State Bank of Pakistan has mentioned in their circular Government’s Mark-up Subsidy Scheme for Housing Finance on 25th Mar 2021. However, every bank has its own added criteria considering the risk minimization for applying.
Usually banks require individuals with jobs experience of minimum 05 years or business with similar experience levels and few easy security requirements. As the circular says, “As per banks’ credit policy and prudential regulations for housing finance, the housing unit financed will be mortgaged in favor of financing bank”. So, some basic level of understanding is surely required to apply for the loan. Here, we are going to help you with that.
What are Tiers in this scheme?
Tiers define classification of houses/flats for which you apply and maximum amount of loan banks are going to provide the applicants.
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