Mera Ghar – Mera Ashiana Scheme: All you need to know

ISLAMABAD: The State Bank of Pakistan (SBP) has released a circular defining the eligibility criteria and financial parameters for a subsidized home loan plan called “Mera Ghar – Mera Ashiana”.

Eligibility Criteria for “Mera Ghar – Mera Ashiana”

According to the circular, the applicant must be a Pakistani citizen with a valid Computerized National Identity Card (CNIC) who does not already own a housing unit in their name.

Mera Ghar – Mera Ashiana Scheme

The State Bank of Pakistan (SBP) has introduced the “Mera Ghar Mera Aashiyana” plan to assist individuals in purchasing and constructing homes, apartments, and plots.

Under the plan, first-time homebuyers would be eligible for loans ranging from Rs 2 million to Rs 3.5 million.

According to the central bank, the loan would be for up to 20 years, with a subsidy available for the first ten years.

All conventional and Islamic banks, microfinance organizations, and the House Building Finance Corporation (HBFC) will participate in the funding.

Banks will price the loans at KIBOR + 3%. Borrowers would be able to obtain loans of up to Rs 2 million at a rate of 5% and up to Rs 3.5 million at a rate of 8%. The approach also eliminates loan processing costs.