Mera Pakistan Mera Ghar – Low and Medium Cost Housing Finance Program

Mera Pakistan Mera Ghar – Low and Medium Cost Housing Finance Program

The low and medium cost housing program aims to provide affordable housing option to clients and fulfil their dreams of owning a home. With Standard Chartered Saadiq Home Finance Purchase, owning a home becomes a reality.

Product Structure:

The underlying Islamic mode of this housing program is Diminishing Musharaka. Diminishing Musharakah (Shirkat ul Milk) is a form of co-ownership in which Bank and customer will share in the joint ownership of a tangible asset (e.g. house) in an agreed proportion. It is agreed that one of the co-owners (customer) will purchase, in periodic instalments, the share of the other co-owner (Bank) until the ownership of that tangible asset is completely transferred to the purchasing co-owner (customer). Furthermore, along with the purchase of share, the co-owner (customer) will also make agreed periodic payments (rent) for the usage of other co-owner's share (Bank) in the asset, till ownership of the asset is completely transferred to the customer.

*Some of the salient features of the program are as follows:

Eligibility Criteria
  • All men/women holding CNIC
  • First time home owner
  • One individual can have subsidized house loan facility under this scheme only once
  • Only for first purchase of newly constructed affordable housing units
Tier 1 (NAPHDA) Tier 2 (Non-NAPHDA) Tier 3 (Non-NAPHDA)
Size of Housing Units Housing Units/apartments of up to 125 square yards (5 Marla) with 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.
Maximum Price of Housing Units Rs 3.5 million Rs 6.0 million
Maximum Loan size Rs 2.7 million Rs 3.0 million Rs 5.0 million
Pricing

5% for first 5 years &

7% for next 5 years

KIBOR+250 BPS for period exceeding 10 years

5% for first 5 years &

7% for next 5 years

KIBOR+400 BPS for period exceeding 10 years

7% for first 5 years &

9% for next 5 years

KIBOR+400 BPS for period exceeding 10 years

Loan Tenor 10/15/20 years

FAQs

What is the eligibility criteria?

  • All men/women holding CNIC
  • First time homeowner
  • One individual can have 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 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 maximum price of the housing unit I can avail under this program?

  • Housing Units/apartments of up to 125 square yards (5 Marla) with 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 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?

Client can apply through our form updated on website or visit any branch nearby.

Useful Information

For quick decision on your application, e-mail your identity and income documents at MeraGhar@sc.com. 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.


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