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Avatar Avatar Financing availed under MPMG can be used for purchasing a house or a plot … Read More... Avatar

Borrower will be charged financing rate of 3 % for first five years and 5 % for next five years…

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All Pakistanis holding valid CNIC and NICOP are eligible…

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SBP has established help desks in its 16 offices across the country...

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Keeping in view need to improve availability of adequate housing in the country and important role of construction sector in boosting economic activities in other countries, Government of Pakistan envisions to increase the number of housing units manifold in coming years and has taken several measures in this regard. To support this vision of Government of Pakistan, State Bank of Pakistan has taken several measures since July 2020 to support the provision of financing for the housing and construction sector. In October 2020, the Government of Pakistan augmented these efforts by introducing the Government Markup Subsidy Scheme, now commonly known as Mera Pakistan Mera Ghar (MPMG) markup subsidy Scheme. Government liberalized features of MPMG scheme in light of feedback of stakeholders to benefit the larger strata in March 2021. Available in both conventional and Islamic mode, this scheme enables banks to provide financing for the construction and purchase of houses at very low financing rates for low to middle income segments of the population. State Bank of Pakistan is the executing partner with Government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA).

Financing Type

Financing availed under MPMG Scheme can be used for:

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Purchasing a house/flat/apartment

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Purchasing a plot and construction there upon

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Extension in pre-owned housing unit

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Construction on already owned plot

Eligibility

  • All Pakistanis with valid CNIC and NICOP
  • First time house owner
  • One individual can have subsidized house loan facility under this scheme only for once
  • For Naya Pakistan Housing and Development Authority (NAPHDA) projects, NAPHDA will shortlist the eligible candidate and  upon request of candidate, will forward the candidate profile to banks for financing

Loan Tenor

Customer can choose financing tenor from 5 to 20 years

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Loan Types

Two types of loan can be availed:

For NAPHDA Projects For Non-NAPHDA Projects

From Microfinance Banks:

  • Microfinance banks can provide up to Rs. 2 million financing to eligible borrowers

From Commercial Banks/DFIs:

  • Financing of up to Rs. 10 Million can be availed under this scheme
  • Financing amount is dependent on the size of residential unit
  • Up to Rs. 6 Million financing can be availed for a house measuring up to 5 Marla (125 Square Yards) and for a flat/apartment with the size up to 1,250 Square Feet
  • For a house measuring up to 10 Marla (250 Square Yards) and a flat/apartment up to 2,000 Square Feet, financing up to Rs. 10 million can be availed
  • Up to Rs. 2.7 million can be financed under this category
  • Financing is available for house measuring up to 125 Square Yards (5 Marla) with maximum covered are of 850 Square Feet
  • Flat/apartment with maximum covered area of 850 square feet will be financed
  • To be eligible under MPMG, maximum price (Market Value) of a single housing unit at the time of approval financing shall not exceed Rs. 3.5 million

Financing Rate

For NAPHDA Projects For Non-NAPHDA Projects Tier 1:

  • Borrower will be charged financing rate of

      • 3 percent for first five years
      • 5 percent for next five years
      • KIBOR + up to 250 bps for the remaining financing tenor
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Tier 0: For Microfinance Banks Borrowers

  • Borrower will be charged financing rate of
      • 5 percent for first five years
      • 7 percent for next five years
      • KIBOR + 700 bps for the remaining financing tenor

Tier 2: For Commercial Banks/DFIs Borrowers

  • For financing a house measuring up to 5 Marla (125 Square Yards) and for a flat/apartment with the size up to 1,250 Square Feet, financing rate will be charged as follows:
    • 5 percent for first five years
    • 7 percent for next five years
    • KIBOR + 400 bps for the remaining financing tenor
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  • Financing to be availed for a house measuring up to 10 Marla (250 Squard Yards) and a flat/apartment up to 2,000 Square Feet, financing rate will be charged as follows:
    • 7 percent for first five years
    • 9 percent for next five years
    • KIBOR + 400 bps for the remaining financing tenor

Installments

Tier 0 Tier 1 Tier 2 Tier 3
Financing Amount Installment Financing Amount Installment Financing Amount Installment Financing Amount Installment
Monthly installment from year 1 to 5
Rs. 0.5 Million 3,300 Rs. 1 Million 5,546 Rs. 1 Million 6,600 Rs. 6 Million 46,518
Rs. 1 Million 6,600 Rs. 2 Million 11,092 Rs. 3 Million 19,799 Rs. 8 Million  62,024
Rs. 2 Million 13,199 Rs. 2.7 Million 14,974 Rs. 6 Million 39,597 Rs. 10 Million 77,530
Monthly installment from year 6 to 10
Rs. 0.5 Million 3,751 Rs. 1 Million 6,351 Rs. 1 Million 7,501 Rs. 6 Million 52,492
Rs. 1 Million 7,501 Rs. 2 Million 12,702 Rs. 3 Million 22,503 Rs. 8 Million 69,990
Rs. 2 Million 15,002 Rs. 2.7 Million 17,147 Rs. 6 Million 45,007 Rs. 10 Million 87,487

*The installments have been calculated on the basis of financing tenor of 20 years. Installments for the period exceeding 10 years will be based on prevalent KIBOR at that time as per the conditions of scheme.

Installment Calculator

Project Type

 Non-NAPHDANAPHDA

Bank Selection

 Microfinance Bank Commercial Bank

Housing Unit Type

 House Flat/Apartment

Unit Size upto

Selected Tier

Kibor Rate

8.32% Dated: 21-09-2021

Financing Required

Financing Tenor

 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Proceed

For first 5 Years

For next 5 years

For remaining financing tenor

Installments calculated through installment calculator are estimates and for indication only. Actual installments calculated for the year exceeding 10 years by banks/DFIs/Microfinance banks may vary depending upon the prevailing KIBOR at that time as per the conditions of scheme.

Documents

Formal Salaried Person Formal Business Informal Income Person

Loan Application Form (LAF) along with CF Undertaking

Original

Product Disclosure Sheet

Original

Valid CNIC of applicant & Co-partner (where applicable)

Copy

2 passport size color Photographs of applicant & Co-partner (where applicable)

Original

Undertaking for first time homeowner

Original

Proof of allotment, transfer and/or Title Document of the property to be mortgaged

Copy

Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)

Original

Proof of Employment (along with length of employment) for example:

  • Employment letter

         OR

  • Employment Certificate

         OR

  • Any valid documentary evidence from employer

Original / Copy

Income Proof document (salary breakup and deductions to be clearly mentioned) for example:

  • Current Salary Slip

      OR

  • Salary Certificate
  • Account Maintenance Certificate along with last 6-month Bank statement with Salary Credits

Notes: - Maximum of 60 days old salary slip & Bank Statement may be accepted - Online / e-salary slips are acceptable with positive verification - Original salary slip / e-slip does not require stamp or sign

Original / Copy

Original

Original

Loan Application Form (LAF) along with CF Undertaking

Original

Product Disclosure Sheet

Original

Valid CNIC of applicant & Co-partner (where applicable)

Copy

2 passport size color Photographs of applicant & Co-partner (where applicable)

Original

Undertaking for first time homeowner

Original

Proof of allotment, transfer and/or Title Document of the property to be mortgaged

Copy

Direct Debit Authority (DDA) & Employer’s certificate mentioning that payroll account maintenance shall continue with the lending Bank (where applicable)

Original

In case customer is employed in informal sector, one of the following documents shall be required to assess customer based on proxy income or repayment surrogates, for example:

  • Rent Agreement

OR

  • Rent Payment declaration

OR

  • Utility Bills

OR

  • Telco Bill

OR

  • School Fee Challan

OR

  • Any other valid expense document (as per defined Income proxy)

Copy

Original

Copy

Copy

Copy

Copy

Loan Application Form (LAF) along with CF Undertaking

Original

Product Disclosure Sheet

Original

Valid CNIC of both applicant & Co-partner (where applicable)

Copy

2 passport size color Photographs of applicant & Co-partner (where applicable)

Original

Direct Debit Authority (DDA) (where applicable)

Original

Undertaking for first time homeowner

Original

Proof of allotment, transfer and/or Title Document of the property to be mortgaged

Copy

Proof of Business (stating ownership and length of business) for example:

  • Partnership Deed

OR

  • Bank Certificate for Sole Proprietor / Partnership

OR

  • NTN Certificate

OR

  • Rent agreement of office

OR

  • Professional Degree / Diploma &/OR Valid Membership of applicable Professional body

OR

  • Any other valid acceptable business document verifiable from authority fulfilling minimum business tenor requirement.

Copy

Original

Copy

Copy

Copy

Copy / Original

Income assessment document

  • Account Maintenance Letter along with at least recent 6 months Bank Statement

      Notes: - Maximum of 60 days Bank statement may be accepted - Original Bank statement with bank stamp

Original

SBP Initiatives to Promote Financing Under MPMG

  • State bank has taken various regulatory measures to create conducive regulatory environment, few of them are listed below:
    • Relaxation of DBR in case bank rely on repayment surrogate for extension of financing
    • In case of use of informal income estimation models, banks will be exempt from requirement of verifiable income only.
    • Banks/DFIs are allowed to extend low cost housing finance against personal guarantee of a third party for a maximum period of one (01) year.
    • Standardized loan application form
    • Standardized Facility Offer Letter
    • Standardized set of documents required for financing approval
    • Standardized set of property documents required for disbursement of financing
    • Punjab Government’s online portal for banks to verify
    • Punjab and KPK’s on line portal listing approved projects
  • Launch of online complaint management system for Government Markup Subsidy Scheme
    • SBP developed an online complaint management system and made it live
    • Complaint resolution time is maximum 8 working days
    • Banks have nominated focal person in each region for complaint resolution
    • All SBP BSC offices are also involved
  • Implementation of standardized income proxy model developed by banks to facilitate housing finance to customers with informal sources of income
  • Development and implementation of advanced Statistical scorecard Model for housing finance
    • Pursuing banks to develop comprehensive statistical scoring model to ensure flow of formal housing finance to individuals employed in informal sector
  • Development of technological solutions for acquisition of data from primary sources (telcos, utility companies, Government agencies, etc) to improve the traditional credit approval process to a scorecard and behavior pattern analysis

Participating Banks

Help Desk

In order to address complaints, State Bank has established a comprehensive complaint resolution mechanism that comprises of an internet portal supported by a network of State Bank and commercial bank staff. The IT portal is live for registration of complaints by applicants who face any difficulty in obtaining loans. State Bank has also established help desks in its 16 offices across the country to facilitate applicants in registration of their complaints through the IT portal. These help desks address access challenges of applicants arising out of potential language and technology barriers.

Complaint Portal

Help Desk

Helpline

In case of any query or further information required on MPMG, please contact at: +92 (0) 3377786786

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