In Finance Bill 2021-22, Govt has introduced a new housing scheme Mera Ghar Mera Pakistan which will help the poor to have their own house.
Earlier to this Govt introduced the Mera Pakistan Mera Ghar Housing scheme which was divided into 3 tiers and house loans up to 100 Million could be obtained from commercial banks.
But this scheme further targets the lower segment of the society whose house loan requirement is just up to Rs.20,00,000.
Any Person holder of the National Identity Card of Pakistan is eligible to apply for this scheme.
Age Requirement is 25 Years to 60 Years to be eligible for this scheme.
The income threshold is a minimum of Rs25000 for jobholders and self-employed.
There must be documentary evidence of a job or business for the applicant then they may apply for the house loan.
Small Business persons or private and Govt servants can apply for the job.
The income club option is available if a single person’s income is less than Rs25000 then up to four persons of the same house including mother, sister, brother, father and wife can club their monthly income to apply for the loan.
This scheme of house loans can be applied through the Islamic banking system or through the conventional banking system.
From Islamic banking, if someone applies for a house loan, he/she will be granted a house loan under the sharia-compliant product of Diminishing Mudarbah.
The applicant must not have any house in his name prior to applying for this house loan. If the applicant has ownership of Agri property or commercial property like shop etc then he/she is eligible to apply for the house loan under this subsidized markup scheme.
The experience required to apply for this house loan is five years in a job or in a business.
The applicant must not be a defaulter of any bank. His/her credit history or ECIB must be clear to get this loan or any loan from commercial banks.
The property against which the applicant requests house finance must be eligible for registry.