PM Housing Loan Scheme Pakistan Apply Online in 2023-24
Mera Pakistan Mera Ghar – A New Home for All
PM Housing Loan Scheme Pakistan Apply Online – Mera Pakistan Mera Ghar, also known as the Naya Pakistan Housing Scheme, is a vital effort by the government to help low-income people find affordable homes. Pakistan has about 200 million people, and many live in slums. Affordable housing is a big problem. This program, part of the Prime Minister’s Housing Initiative, tries to fix this by giving cheap housing to those who really need it.
Mera Pakistan Mera Ghar brings together the government and private companies to work together. The government teams up with developers to make homes that are not expensive. Then, these homes are sold at lower prices to families with lower incomes.
Imran Khan, the former Prime Minister of Pakistan, is a big supporter of this program. His party, Pakistan Tehreek-e-Insaf (PTI), promised this during the 2018 elections.
During the program’s start in April 2021, Imran Khan talked about how important it is for people to have their own homes. He said this program shows the government wants to make things fairer. Everyone should have basics like homes, healthcare, and education.
To join, families must earn less than PKR 50,000 each month. The homes come in different sizes, from 3 to 5 marla (a way to measure land, about 272.25 square feet). You can choose an apartment or a separate home.
Mera Pakistan Mera Ghar shows the government wants to help bridge the gap between those who have homes and those who don’t. It’s a way to make Pakistan better for everyone. By working together, the government and businesses can make sure more people have homes and a brighter future.
PM Housing Loan Scheme Pakistan 2023 – Details
The Prime Minister House Loan Scheme in Pakistan, launched in 2019, is a government initiative designed to address the housing crisis by making affordable housing accessible to low-income individuals and families. The program offers three tiers to cater to varying needs.
Tier 1, managed by the National Affordable Housing and Planning Development Authority (NAPHDA), provides housing units with a size of up to 125 square yards (equivalent to 5 Marla), encompassing a maximum covered area of 850 square feet. This tier includes houses and flats/apartments. The cost of these housing units is capped at Rs 3.5 million. Under Tier 1, the maximum financing available is Rs 2.7 million.
Tier 2, catering to non-NAPHDA projects, offers housing units similar in size to Tier 1 (up to 125 square yards or 5 Marla) but with a larger covered area of up to 1,250 square feet for flats/apartments. Unlike Tier 1, there is no specific price cap for Tier 2 units, offering more flexibility. For Tier 2 units, individuals can avail maximum financing of Rs 6.0 million.
Tier 3, also for non-NAPHDA projects, encompasses larger housing units. This tier includes houses with an area of up to 250 square yards (10 Marla) or flats/apartments with a maximum covered area of 2,000 square feet. Unlike the other tiers, Tier 3 doesn’t have a maximum price cap. However, the financing for Tier 3 units is capped at Rs 10.0 million.
Also check: Naya Pakistan Housing Scheme 2023 | Mera Pakistan Mera Ghar
Repayment System
The repayment terms and interest rates vary depending on the selected tier and financing tenure. For Tier 1, the interest rates are structured as follows: 2% for the first 5 years, 4% for 6 to 10 years, 5% for 11 to 15 years, and a rate based on KIBOR (Karachi Interbank Offered Rate) plus 250 basis points for periods exceeding 15 years.
For Tier 2, the interest rates for the first 5 years are 5%, followed by 7% for the next 5 years, and for periods beyond 10 years, the rate is based on KIBOR plus 400 basis points.
Lastly, Tier 3 comes with an interest rate of 7% for the initial 5 years, followed by 9% for the subsequent 5 years. For financing periods exceeding 10 years, the rate is based on KIBOR plus 400 basis points.
The financing tenure for all tiers ranges from a minimum of 5 years to a maximum of 20 years. This structure is designed to provide accessible and affordable housing solutions to low-income individuals and families across various tiers, sizes, and financing needs, with repayment terms that are tailored to their financial capacities.
Also check: PM Loan Scheme 2023-24 without Interest – Application Process
Eligibility Criteria for Naya Pakistan Housing Scheme
The Naya Pakistan Housing Scheme has specific criteria for individuals aiming to benefit from the Mera Pakistan Mera Ghar initiative:
- Nationality and Age: Pakistani citizens aged 18 and above are eligible to participate.
- Income Limit: People with a monthly income of PKR 50,000 or less are eligible. This implies that those earning lower incomes can also apply.
- First-Time Homebuyers: The scheme is targeted at those buying a home for the first time, ensuring that newcomers to the property market are prioritized.
- Property Ownership: Individuals who don’t possess any property within Pakistan or abroad are qualified. This condition intends to support those who lack property ownership.
Documents Required:
- A photocopy of your valid CNIC (Computerized National Identity Card) is essential for verification purposes.
- Please provide either your recent salary slip or bank statement as proof of your financial status and income source.
- An official employment letter from your workplace confirming your job position and tenure is needed.
- Depending on your income source, you will need to fill out one of the following application forms:
- If you’re involved in a formal business, please complete the Application Form for Formal Business (Blue).
- If your income is informal, please use the Application Form for Informal Income (Pink).
- For individuals receiving a salary, the Application Form for Salaried Individuals (Green) should be filled out.
- In case you are more comfortable with Urdu, we also have Urdu versions of the application forms:
- For formal businesses, there’s an Urdu Application Form for Formal Business (Blue).
- Urdu Application Form for Informal Income individuals is available for those with informal income sources.
- Salaried individuals preferring Urdu can utilize the Urdu Application Form for Salaried Individuals (Green).
These documents collectively provide a comprehensive overview of your identity, financial standing, and employment details. By presenting these documents, you assist us in processing your application promptly and accurately.
It’s important to ensure that the provided documents are genuine, up-to-date, and legible to avoid any delays in the evaluation process. If you have any questions or require further assistance, please don’t hesitate to contact our support team.
Also check: PM Youth Loan Scheme 2023 Online Apply – Last Date
PM Housing Loan Scheme Pakistan Apply Online
PM Housing Loan Scheme Pakistan Apply Online – Getting a loan for a house through the PM Housing Loan Scheme in Pakistan is easy if you follow these simple steps:
- Go to the Official Website: Start by visiting the official website: https://naphda.gov.pk/. This website has everything you need to know about the program, like who can apply, how much you can borrow, and how to apply.
- Fill the Form: Once you know what’s needed and have your documents ready, fill in the form. You can usually get this form from the bank that’s helping with the scheme. Give all the correct information to make things go smoothly.
- Give Your Form to the Bank: After filling out the form and attaching the documents they ask for, give it to the bank. The papers you give should show who you are, how much money you make, and other important stuff. Make sure you attach everything correctly so there are no delays.
- Bank Checks Everything: The bank will look at what you gave them. They might even check how good you are at repaying loans by looking at your credit. Don’t worry, this is something they usually do to decide if they can give you a loan.
- Bank Offers You a Loan: If the bank is happy with what they see, they’ll give you an offer. This offer will tell you how much money you can get, how much interest you’ll pay, and when you need to pay it back.
- Say Yes to the Offer: Take time to read the offer. If you like it and it fits what you want, say yes. This means you agree to their terms.
- Pay Some Money First: Before they give you the full loan, they might ask you to give them a bit of money first. This shows you’re serious about getting the loan.
- You Get the Loan: When you say yes and give them a small bit of money, the bank will finally give you the money for the house. This money goes to the person selling the house or the one building it, depending on what you’re doing.
Banks Offering Loans under the PM Housing Loan Scheme Pakistan
Multiple Pakistani banks have teamed up with the government to support the Mera Pakistan Mera Ghar initiative by offering loans. This program helps people with lower incomes buy homes. Here’s an in-depth look at the banks involved and their loan offerings:
The Mera Pakistan Mera Ghar plan has the backing of several banks in Pakistan. These banks are working together with the government to provide financial options for people who don’t earn a lot but want to buy a house through this initiative. The banks participating in the Mera Pakistan Mera Ghar scheme include:
- National Bank of Pakistan
- Habib Bank Limited
- United Bank Limited
- Meezan Bank Limited
- Bank Alfalah Limited
- Askari Bank Limited
- Faysal Bank Limited
- Bank Islami Pakistan Limited
- Dubai Islamic Bank Pakistan Limited
- MCB Bank Limited
- Standard Chartered Bank Pakistan Limited
- Soneri Bank Limited
- Zarai Taraqiati Bank Limited
- Punjab Provincial Cooperative Bank Limited
The way these banks work with the Mera Pakistan Mera Ghar plan is by offering loans. This means they lend money to people who want to use this money to buy a house. Each bank might have different rules about how much you can borrow and how long you have to pay it back. For example, some banks might let you take up to 20 years to pay back the loan.
This is a big deal because it helps those who don’t earn much money still have a chance to own their own home. By joining hands with the government, these banks are making it possible for many people to achieve their dream of having a place to call their own. The loans they provide are a helping hand for those who need a bit of financial support to make this dream come true.
Also check: Prime Minister Youth Loan Scheme 2023 Program Form Apply
FAQs:
Who is eligible to apply?
- Anyone with a valid CNIC (national identity card), whether a man or a woman.
- People who are buying a home for the first time.
- Each person can get financial help for a subsidized house only one time.
How big can the houses be under this plan?
- Tier 1: Homes or apartments up to 125 square yards (equal to 5 Marla) with a roofed area of up to 850 square feet.
- Tier 2: Houses up to 125 square yards (5 Marla) or apartments/flats with a roofed area of up to 1,250 square feet.
- Tier 3: Houses up to 250 square yards (10 Marla) or apartments/flats with a roofed area of up to 2,000 square feet.
What is the highest cost of the house I can get through this scheme?
- For Tier 1: Homes or apartments up to 125 square yards (5 Marla) with a roofed area of up to 850 square feet, the limit is PKR 3.5 million.
- There are no limits for Tier 2 and Tier 3.
How much money can I get through this program?
- For Tier 1: Homes or apartments up to 125 square yards (5 Marla) with a roofed area of up to 850 square feet, the maximum funding is PKR 2.7 million.
- For Tier 2: Houses up to 125 square yards (5 Marla) or apartments/flats with a roofed area of up to 1,250 square feet, the maximum funding is PKR 6.0 million.
- For Tier 3: Houses up to 250 square yards (10 Marla) or apartments/flats with a roofed area of up to 2,000 square feet, the maximum funding is PKR 10.0 million.
What are the interest rates?
- For Tier 1: For the first 5 years, the rate is 3%, for the next 5 years it’s 5%, and after 10 years, regular market rates apply.
- For Tier 2: For the first 5 years, the rate is 5%, for the next 5 years it’s 7%, and after 10 years, regular market rates apply.
- For Tier 3: For the first 5 years, the rate is 7%, for the next 5 years it’s 9%, and after 10 years, regular market rates apply.
How long is the loan period?
- It can be as short as 5 years or as long as 20 years.
How is the interest calculated?
- The interest is calculated using a measure called One Year KIBOR, and it’s reset every year.
Can I finish paying the loan earlier than planned?
- Yes, you can pay off the loan whenever you want without any extra charges.
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