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
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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