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.
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.
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
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
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
Standard Chartered Bank (the “Bankâ€) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Compliants relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.
Disclaimer
Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.
This is to inform that by clicking on the hyperlink, you will be leaving standardchartered.com.pk and entering a website operated by other parties:
Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.
The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.
Thank you for visiting www.standardchartered.com.pk
This is to inform that by clicking on the hyperlink, you will be leaving standardchartered.com.pk and entering a website operated by other parties:
Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.
The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.
Thank you for visiting www.standardchartered.com.pk
