Naya Pakistan Housing Scheme
Naya Pakistan Housing Scheme is a government project in Pakistan that aims to provide affordable homes to people with low to middle incomes. The government recognizes the need for more houses in the country and wants to boost economic growth through the construction sector. To help achieve this goal, the State Bank of Pakistan has introduced a special scheme called the Government Markup Subsidy Scheme, which is also known as Mera Pakistan Mera Ghar (MPMG) markup subsidy scheme.
This scheme offers low-interest financing options to individuals who wish to build or purchase houses. It provides financial support to make homeownership more affordable for people who may not have had the means to do so before. The State Bank of Pakistan, the Government of Pakistan, and the Naya Pakistan Housing and Development Authority (NAPHDA) are working together as partners to implement this scheme effectively.
The Naya Pakistan Housing Scheme is an important initiative as it aims to address the housing needs of low to middle-income individuals and families. By increasing the number of houses available, the scheme aims to provide better living conditions and enhance the overall quality of life for many people in Pakistan.
Overall, the Naya Pakistan Housing Scheme and the Government Markup Subsidy Scheme work hand in hand to provide affordable housing options and stimulate economic growth in Pakistan. By increasing the availability of houses and facilitating access to financing, the government aims to improve the living standards of its citizens and create sustainable communities.
Financing Types of Naya Pakistan Housing Scheme
The Mera Pakistan Mera Ghar (MPMG) scheme offers different ways to use financing for housing:
- Buying a House/Flat/Apartment: With the financing, people can purchase a ready-made house, flat, or apartment. This helps them become homeowners without needing to pay the full amount upfront.
- Buying a Plot and Building: The scheme allows individuals to buy a plot of land and use the financing to construct their own houses on that land. This is useful for those who want to build a home according to their preferences.
- Expanding an Existing Home: People who already own a house but need more space can use the financing to extend or enlarge their current home. This option helps meet the growing needs of their family without buying a new property.
- Building on Owned Land: If someone already has their own plot of land, they can use the financing to build their dream home on that land.
These financing options provide flexibility for individuals to choose the best way to become homeowners based on their specific needs. The MPMG scheme aims to make housing more accessible and affordable for a wider range of people in Pakistan, leading to better living conditions for all.
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House Types:
The Naya Pakistan Housing Scheme offers different types of houses for people to choose from:
- 3 Marla Houses: This category provides houses with a plot size of 3 Marla. The scheme includes specific house plans and 3D views, which give individuals a visual representation of how the houses will look.
- 5 Marla Houses: This category offers houses with a plot size of 5 Marla. Just like the 3 Marla houses, there are dedicated house plans and 3D views available, which help individuals understand the layout and design of the houses better.
Eligibility Criteria
To be eligible for the Naya Pakistan Housing Scheme, individuals must meet certain criteria, which include:
- Pakistani Citizenship: Applicants must be Pakistani citizens and possess a valid Computerized National Identity Card (CNIC) or National Identity Card for Overseas Pakistanis (NICOP).
- First-Time House Owner: The scheme is specifically for individuals who are first-time house owners. It aims to provide housing opportunities to those who do not already own a house.
- One-Time Subsidized Loan: An individual can avail of the subsidized house loan facility under this scheme only once. This means that once a person has received financing for a house through this scheme, they cannot apply for it again in the future.
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Installments of Mera Pakistan Mera Ghar Scheme:
| Tier | Financing Amount | Monthly Installment (Year 1-5) | Monthly Installment (Year 6-10) |
|---|---|---|---|
| Tier 0 | Rs. 0.5 Million | Rs. 3,300 | Rs. 3,751 |
| Tier 1 | Rs. 1 Million | Rs. 6,600 | Rs. 7,501 |
| Tier 2 | Rs. 2 Million | Rs. 13,199 | Rs. 15,002 |
| Tier 3 | Rs. 6 Million | Rs. 46,518 | Rs. 52,492 |
| Tier 1 | Rs. 2 Million | Rs. 11,092 | Rs. 12,702 |
| Tier 2 | Rs. 2.7 Million | Rs. 14,974 | Rs. 17,147 |
| Tier 3 | Rs. 2.7 Million | Rs. 39,597 | Rs. 45,007 |
| Tier 2 | Rs. 6 Million | Rs. 19,799 | Rs. 22,503 |
| Tier 3 | Rs. 6 Million | Rs. 39,597 | Rs. 45,007 |
| Tier 3 | Rs. 10 Million | Rs. 46,518 | Rs. 52,492 |
| Tier 3 | Rs. 10 Million | Rs. 77,530 | Rs. 87,487 |
Please note that the provided installments are calculated based on a financing tenor of 20 years. Installments beyond the 10-year period will be determined based on the prevailing KIBOR (Karachi Interbank Offered Rate) at that time, according to the conditions of the scheme.
Required Documents:
To apply for a loan under the Naya Pakistan Housing Scheme, you need to provide certain documents. Here is a list of the documents required:
- Loan Application Form (LAF) and CF Undertaking: You need to fill out the loan application form and provide a Customer Financing (CF) Undertaking.
- Product Disclosure Sheet: You should provide the original document that gives detailed information about the loan product.
- Valid CNIC: Submit a copy of your valid Computerized National Identity Card (CNIC) and, if applicable, the CNIC of your co-partner.
- Passport-sized Color Photographs: Two original passport-sized color photographs of yourself and, if applicable, your co-partner are needed.
- Undertaking for First-Time Homeowners: You must submit a document stating that you are a first-time homeowner.
- Proof of Allotment, Transfer, and/or Title Document: Provide a copy of the document showing the allotment, transfer, or title of the property you plan to mortgage.
- Direct Debit Authority (DDA) and Employer’s Certificate: If applicable, provide an original Direct Debit Authority (DDA) and a certificate from your employer stating that your payroll account will be maintained with the lending bank.
- Proof of Employment: Submit original or copy of documents proving your employment, such as an employment letter, employment certificate, or any valid evidence from your employer. This document should also mention how long you have been employed.
- Income Proof Document: You need to submit documents that show your income, including salary breakup and deductions. This may include current salary slips, salary certificates, or an account maintenance certificate along with the last 6-month bank statement showing salary credits.
Please remember that the specific requirements and formats for these documents may vary. These documents are necessary for your loan application and to determine if you are eligible for the Naya Pakistan Housing Scheme.
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Supported Banks:
Several banks in Pakistan participate in the Naya Pakistan Housing Scheme. These banks offer financing options and help people with their loan applications. While the list of participating banks may change over time, some of the banks that have been involved in the scheme include:
- National Bank of Pakistan (NBP)
- Habib Bank Limited (HBL)
- United Bank Limited (UBL)
- Bank Alfalah Limited
- Meezan Bank Limited
- Askari Bank Limited
- Bank of Punjab (BOP)
- Faysal Bank Limited
- Allied Bank Limited (ABL)
- Zarai Taraqiati Bank Limited (ZTBL)
Customer Service Desk
To address complaints and provide assistance, the State Bank of Pakistan has set up a comprehensive system. This system includes an internet portal where applicants can register their complaints if they encounter any difficulties in obtaining loans.
The State Bank has also established help desks in its 16 offices across the country. These help desks are there to assist applicants in registering their complaints through the Internet portal. The help desks are especially helpful for applicants who may face challenges due to language or technology barriers.
If you have any queries or need further information regarding the Mera Pakistan Mera Ghar (MPMG) scheme, you can contact the State Bank of Pakistan at the following phone number: +92 (0) 3377786786.
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Success Stories
The Naya Pakistan Housing Scheme has brought positive changes to the lives of many individuals and families, resulting in inspiring success stories. People who used to live in poor-quality housing now have their own comfortable and secure homes. These success stories motivate and encourage others, showing them the positive impact the scheme has on society.
Frequently Asked Questions (FAQs)
Can non-resident Pakistanis apply for the Naya Pakistan Housing Scheme?
- Yes, non-resident, Pakistanis are eligible to apply for the scheme, subject to fulfilling the specified criteria.
Is there a maximum income limit to qualify for the scheme?
- Yes, there is an income bracket defined for the scheme. Applicants falling within the specified limit are eligible to apply.
Are there any subsidies or incentives available for low-income individuals?
- Yes, the government provides subsidies and incentives to make homeownership more affordable for low-income individuals.
What happens if I already own a house? Can I still apply?
- The scheme is primarily aimed at providing housing to those who do not own any other residential property. However, it is recommended to review the eligibility criteria for specific requirements.
How long does the application process take?
- The duration of the application process may vary. Once the application is submitted, it undergoes evaluation, and successful applicants are notified accordingly. It is advisable to check the official website for updates on the application status.
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