The Bank of Punjab – Mera Pakistan Mera Ghar

The Bank of Punjab (BOP) is providing loans for low-cost housing under the Mera Pakistan Mera Ghar banner just like other banks allowing deserving people a change to construct or purchase an affordable home / apartment.

The Bank of Punjab is also contributing in the development and prosperity of the country. The low cost housing finance offered to the people so they can fulfill their dream of owing a house. The loan offered under the Naya Pakistan Housing Scheme under the guidance of State Bank of Pakistan are offered with low mark-up rates with easy installments.

All Pakistani nationals with valid CNIC can take advantage of this loan facility. The loan is disbursed through Banks in all provinces of the country.

Low Cost Housing Finance Basic Product Information

Product Features & Benefits

The Bank of Punjab, under the guidance of State Bank of Pakistan through Prime Minister’s NAYA Pakistan Housing Program and NAPHDA, is
contributing to the country’s development and prosperity by fulfilling the dreams of millions through financing for affordable (low-cost) housing.

Financing Tenure: For 10, 15, and 20 years, depending upon the choice of customers.

Basic Eligibility Criteria

Low Cost Housing Documentation

• Product Key Fact Statement Download here
• Document Check List Download here

Documents for Salaried Segment

• Loan Application Form (LAF) along with CF Undertaking – Original
• Product Disclosure Sheet – Original
• Valid CNIC of applicant & Co-partner (where applicable) – Copy
• 2 passport size color photographs of applicant & Co-partner (where applicable) – Original
• Undertaking for the first-time homeowner – Original
• Proof of allotment, transfer, and/or Title Document of the property to be
• mortgaged – Copy
• Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable) – Original

Formal Sector Employees

• Proof of Employment (along with the length of employment) for example Employment letter OR Employment Certificate OR Any valid documentary evidence from the employer – Original/Copy
• Income Proof document (salary breakup and deductions to be clearly mentioned) for example:

Current Salary Slip (Original/Copy) OR
Salary Certificate (Original)
Account Maintenance Certificate along with last 6-month Bank statement with Salary Credits (Original)

Notes:

• Maximum of 60 days old salary slip & Bank Statement may be accepted
• Online / e-salary slips are acceptable with positive verification
• Original salary slip / e-slip does not require stamp or sign.

Informal Sector Employees

In case the customer is employed in the informal sector, one of the following documents shall be required to assess the customer based on proxy income or repayment surrogates, for example:
Rent Agreement – Copy
OR
Rent Payment declaration – Original
OR
Utility Bills – Copy
OR
Telco Bill – Copy
OR
School Fee Challan – Copy
OR
Any other valid expense document (as per defined Income proxy) – Copy

Documents for – Self Employed

• Loan Application Form (LAF) along with CF Undertaking – Original
• Product Disclosure Sheet- Original
• Valid CNIC of both applicant & Co-partner (where applicable) –Copy
• 2 passport size color photographs of applicant & Co-partner (where applicable) – Original
• Direct Debit Authority (DDA) (where applicable) – Original
• Undertaking for the first-time homeowner – Original
• Proof of allotment, transfer, and/or Title Document of the property to be mortgaged -Copy

Formal Sector Self Employed

Notes:

• Maximum of 60 days Bank statement may be accepted – Original
• Original Bank statement with bank stamp – Original

Informal Sector Self Employed

In case customer is employed in informal sector, one of the following
documents shall be required to assess customer based on proxy income or
repayment surrogates, for example:

Rent Agreement – Copy
OR
Rent Payment declaration – Original
OR
Utility Bills – Copy
OR
Telco Bill – Copy
OR
School Fee Challan – Copy
OR
Any other valid expense document (as per defined Income proxy)

Documents for Bank’s Internal Use

• Income Estimation / Repayment calculation sheet as per applicable proxy/surrogate – Original
• Bureau Reports – Original
• Residence / Workplace / Document Verification Report including collateral verification – Original
• World-Check & NACTA checks – Original
• NADRA Verysis – Original
• Property Appraisal Report * – Original
• Preliminary Legal Opinion * – Original
• Final Legal Opinion * – Original
• Shariah approved process flow – Original
• Property Takaful Report * – Original
• Mortgage Life Insurance/Takaful – Mandatory if borne by Government *– Original

Notes:

NAPHDA and/or the relevant financial institution(s) may require additional information as may be required by NAPHDA or
any other law/regulation.

The above list of Documentation Requirements for Salaried and Self Employed are relevant to the application stage of end-user mortgage financing. The documentation requirements and legal formalities to be fulfilled, after the facility application
has been approved by the relevant financial institution(s), such as legal documentation required to be stamped, signed and
witnessed at the time of signing of /disbursement, may be prescribed separately.

READ MORE: Mera Pakistan Mera Ghar Loan Application [Complete Information]

Frequently Asked Questions—Markup Subsidy Scheme for Housing Finance

1. Can financing under the facility be utilized for the purchase of the plot?
   A plot of land can only be purchased under the facility if a house is to be constructed on the plot and financing is meant both for purchase of land and construction thereon provided all other terms and conditions of the
   facility including a maximum price of the house and maximum loan under the relevant tier are complied with.
2. How can the first time homeownership be established?
   In order to establish first-time homeownership, the financing bank will obtain an undertaking to the same effect from its borrower/customer with necessary provisions for termination of subsidy and other penalties, in case it is established at a later stage, that the borrower/ customer-owned a house at the time of application for availing subsidy facility.
3. Is the financing also available for the purchase of flat ?
   Yes, financing will be available for purchase of flat which meets covered area requirements specified for ‘apartment’ under the Facility.
4. Is the financing for expansion/extension in the existing housing unit allowed?
   Yes, financing will be available for expansion/extension of existing housing unit provided the housing unit after expansion/extension falls within the criteria specified under the facility.
5. Can financing under the scheme be utilized for renovation of the existing residential unit?
   No, financing for renovation of existing housing unit will not be allowed under the facility.
6. Is bank staff eligible to avail financing under this facility?
   No, bank staff is not eligible under the facility
7. What does new house mean? New house/ apartment/ flat means a unit not more than 1 year old from the date of application, as established by Completion Certificate.
8. What does first purchase mean? First purchase means first transfer of the house/
   apartment/ flat.
9. How much income of co-borrower can be clubbed and how many coborrowers/applicants are allowed?
   In case of co-applicants, 100% income of co-applicants may be clubbed for credit assessment. Up to four coapplicants are allowed for a single housing unit.
10. While availing the markup subsidy, is it allowed to sell or rent out the residential unit?
    Home owner will not be allowed to sell the housing unit before expiry of 5 years from the date of acquisition. Further, during this period, he/she will not be allowed to rent out financed housing unit.
11. What is difference between Tier 1 (T1) and Tier 2 (T2)?
    The residential units announced by NAPHDA fall under Tier 1 (T1). All other residential units with the same specifications/measurements fall under Tier 2 (T2).
12. What would be the size of housing units under Tier 3 in terms of Marla?
    Housing units under Tier 3 are required to be greater than 5 Marla but up to 10 Marla.
13. In case the plot size of housing unit is 5 Marla but the covered area is
    more than 850 square feet, what would be its classification in terms
    of Tiers defined in the scheme?
    The housing units of up to 5 Marla with covered area of more than 850 square feet and upto 1,100 square feet will be covered under Tier 3 (T3).
14. What Loan-to-Value (LTV) ratio should be observed while extending financing under the scheme?
    The housing finance under Tier 1 and Tier 2 shall be provided at a maximum LTV ratio of 90:10 whereas it is 85:15 for Tier 3.
15. Will the markup subsidy be available even after the loan is classified as loss?
    Markup Subsidy will be discontinued on categorization of a loan as “Loss”.
16. Is unequal monthly installment for the repayment of loan allowed
    under the scheme?
    The repayment of financing under this Facility will be in equal monthly installments.
17. Will there be any prepayment penalty?
    In case of early payment, banks will not charge penalty to the customer.
18. Which KIBOR shall be used for loan pricing?
    The KIBOR used for pricing will be One Year KIBOR to be reset every year.
19. Is the pricing spread for banks mentioned in the scheme fixed for
    each Tier?
    The spread mentioned in the scheme for each Tier is the maximum spread. Banks may opt for less spread.
20. Can banks obtain documents in addition to the checklist provided by
    PBA?
    The financing banks will not require borrowers to provide documents in excess of the standard checklist of documents circulated by the Pakistan Banks’ Association.

Down Load Application Form

The Bank Of Punjab Low Cost House Application for can be downloaded fron the below given link.

BOP Application Form

DownLoads

• Product Features & Benefits
• Mortgage Regional Teams
• Help Desk
• SBP Circular
• FAQs
• BOP Application Form
• Documents Required
• Designated Branches for Low-Cost Housing

Mera Pakistan Mera Ghar By Other Banks

• UBL Ameen Mera Pakistan Mera Ghar Application Guide
• NBP Saibaan: Mera Pakistan Mera Ghar [Complete Guide]
• Meezan Bank Easy Home: Mera Pakistan Mera Ghar [Guide]
• Alfalah Ghar Asaan: Mera Pakistan Mera Ghar Loan – Bank Alfalah
• Faysal Tabeer: Mera Pakistan Mera Ghar Loan – Faysal Bank
• Bank AL Habib Mera Pakistan Mera Ghar

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