The Bank Of Khyber – Mera Pakistan Mera Ghar

The Bank Of Khyber low-cost Housing Finance (Mera Pakistan Mera Ghar) is also offering affordable home loan financing under the guidelines of the State Bank of Pakistan and The Government of Pakistan.

Through this scheme, the low and middle-income group of people can achieve their dream of owning a house with low markup rates.

Key Benefits

• Providing affordable House Financing for the people of Pakistan as per the vision of our Honorable Prime Minister.
• Purchase of a complete residential property (Apartment /flat/ House)
• Purchase of plot and construction 
• Subsidized Markup/ Profit Rate
• Maximum Price of Units up to Rs. 6.0 Million
• Financing Range up to Rs. 5.0 Million
• No restrictions on early payment/unit purchase
• Optional Property & Life Takaful/Insurance

Eligibility

• All Pakistanis holding valid CNIC (not holding any property/house)
• Single unit per household. Applicant age 30 years and maximum of 60 years at the time of maturity of the loan.
• In the case of NAPHDA schemes, the applicant must have a valid allotment letter from the concerned authority.

Cost of House

• The total cost of the house (market value) including land cost: Upto 5 Marla (125 Sq. Yd): PKR 3.5 million Up to 10 Marla (250 Sq. Yd): PKR 6.0 Million

Size of Unit

• Size of Housing (house or apartment) Tier 1,2: Land up to 5 Marla (125 Sq. Yd) & Covered
• area up to 850 Sq. Ft Tier 3: Land up to 10 Marla (250 Sq. Yd) & Covered
• area up to 1,100 Sq. Ft

Facility Amount

• The maximum loan/ Finance amount (per applicant) will be:
• Tier 1: PKR 2.7 million (minimum applicant’s equity 0.5 m) Tier 2: PKR 3.0 million (minimum applicant’s equity 0.5 m)
• Tier 3: PKR 5.0 million (minimum applicant’s equity 1.0 m) Under Tier 1: NAPHDA will provide a subsidy of PKR 0.3 m per house unit.

Facility Tenor

• Maximum tenor of Tier 1, 2 & 3 20 Years (240 months)

Grace period

• Tier 1: No grace period as NAPHD will ensure Construction.
• Tier 2 & 3: for construction upto 6 months

Subsidy Profit/Mark-up Rate

How To Apply

To apply download application form.

APPLICATION FORM

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 house and maximum
   loan under the relevant tier is complied with.
2. How can the first time homeownership be established?
   In order to establish first-time homeownership, financing
   the 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 a flat?
   Yes, financing will be available for the purchase of a flat that
   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 the renovation of the
   existing residential unit?
   No, financing for the renovation of the existing housing unit will not be allowed under the facility.
6. Is bank staff eligible to avail of the financing under this facility?
   No, bank staff is not eligible under the facility
7. What does a 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 the first purchase mean? The first purchase means the first transfer of the house/ apartment/ flat.
9. How much income of co-borrower can be clubbed and how many co-borrowers/applicants are allowed?
   In the case of co-applicants, 100% income of co-applicants may be clubbed for credit assessment. Up to four co-applicants are allowed for a single housing unit.
10. While availing of the markup subsidy, is it allowed to sell or rent out the residential unit?
    Homeowners will not be allowed to sell the housing unit before the expiry of 5 years from the date of acquisition. Further, during this period, he/she will not be allowed to rent out the financed housing unit.
11. What is the 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 the 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 a covered area of more than 850 square feet and up to 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 a loss?
    Markup Subsidy will be discontinued on the categorization of a loan as “Loss”.
16. Is unequal monthly installment for the repayment of loans 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 the case of early payment, banks will not charge a 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.

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
• The Bank of Punjab – Mera Pakistan Mera Ghar
• Standard Chartered Saadiq Home Finance: Mera Pakistan Mera Ghar

SBP CIRCULAR

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