Standard Chartered Saadiq Home Finance: Mera Pakistan Mera Ghar

Standard Chartered Saadiq Home Finance under the scheme of Mera Pakistan Mera Ghar offers affordable housing loan facility through Islamic mode of Diminishing Musharaka.

Under diminishing Musharaka (Shirkat ul Milk) the ownership will be shared by the bank and the customer. The ownership will be completely transferred to the customer upon completion of all periodic installments.

Eligibility Criteria For Saadiq Home Finance

All men/women holding CNIC
First-time homeowner
One individual can have a subsidized house loan facility under this scheme only once
Only for the first purchase of newly constructed affordable housing units

Size of Housing Unit

Parameter	Size of Housing Unit
Tier 1 (NAPHDA)	Housing unit/apartment of up to 125 square yards (up to 5 Marla) with a covered area of up to 850 square feet.
Tier 2 (Non-NAPHDA)	Housing unit/apartment of up to 125 square yards (5 Marla) with a covered area of up to 850 square feet
Tier 3 (Non-NAPHDA)	Housing unit/apartment of more than 125 square yards and up to 250 square yards (10 Marla) or covered area from more than 850 square feet to 1,100 square feet.

Maximum Price of Unit

Parameter	House Value
Tier 1	PKR 3.5mn
Tier 2	PKR 3.5mn
Tier 3	PKR 6.0mn

Financing Range

Parameter	Loan Amount
Tier 1	PKR 2.7mn
Tier 2	PKR 3.0mn
Tier 3	PKR 3.0mn

Subsidy Profit/Mark-up Rate

arameter	End User Pricing (Subsidy Rate)	Bank Pricing
Tier 1	First 5 Year 5% Next 5 Year 7%	1 Year KIBOR + 250 BPS for a period exceeding 10 years
Tier 2	First 5 Year 5% Next 5 Year 7%	1 Year KIBOR + 400 BPS for a period exceeding 10 years
Tier 3	First 5 Year 7% Next 5 Year 9%	1 Year KIBOR + 400 BPS for a period exceeding 10 years

Standard Chartered Saadiq Home Finance: Mera Pakistan Mera Ghar

How To Apply for Saadiq Home Finance by Standard Chartered

Apply online for Standard Chartered Saadiq Home Finance, click on Saadiq Home Finance
Visit nearby branch
For a quick decision on your application, e-mail your identity and income documents at MeraGhar@sc.com.

Note: Don’t forget to mention your application reference number and attach your identity and income documents on the mentioned e-mail address. You will receive a response within 10 working days.

Frequently Asked Questions

What is the eligibility criteria?

All men/women holding CNIC
First-time homeowner
One individual can have a subsidized house Finance facility under this scheme only once
First purchase of newly constructed affordable housing units

What is the size of housing unit I can avail under this program?

Housing Units/apartments of up to 125 square yards (5 Marla) with a covered area of up to 850 square feet.
Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet.

What is the size of housing unit I can avail under this program?

Housing Units/apartments of up to 125 square yards (5 Marla) with a covered area of up to 850 square feet.
Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet.

What is the maximum price of the housing unit I can avail under this program?

Housing Units/apartments of up to 125 square yards (5 Marla) with a covered area of up to 850 square feet: PKR 3.5 Mn
Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet: PKR 6.0 Mn

What is maximum financing limit I can avail under this program?

Housing Units/apartments of up to 125 square yards (5 Marla) with a covered area of up to 850 square feet: PKR 3.0 Mn
Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet: PKR 5.0 Mn

What is the pricing offered under this program?

Housing Units/apartments of up to 125 square yards (5 Marla) with covered area of up to 850 square feet:
5% for first 5 years, 7% for next 5 years and market pricing will be applicable for the period exceeding 10 years
Housing Units of more than 125 square yards up to 250 square yards (10 Marla) or apartments with covered area from more than 850 square feet to 1,100 square feet:
7% for first 5 years, 9% for next 5 years and market pricing will be applicable for the period exceeding 10 years

What is the financing tenor?

5/10/20 years

How can the client apply?

The client can apply through our form updated on the website or visit any branch nearby.

Frequently Asked Questions—Markup Subsidy Scheme for Housing Finance

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.
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.
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.
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.
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.
Is bank staff eligible to avail of the financing under this facility?
No, bank staff is not eligible under the facility
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.
What does the first purchase mean? The first purchase means the first transfer of the house/ apartment/ flat.
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.
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 xpiry 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.
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).
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.
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).
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.
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”.
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.
Will there be any prepayment penalty?
In the case of early payment, banks will not charge a penalty to the customer.
Which KIBOR shall be used for loan pricing?
The KIBOR used for pricing will be One Year KIBOR to be reset every year.
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.
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.