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How to Get a Home Loan in Pakistan: The PM Mera Ghar Scheme Explained
Every Pakistani want to own their own house not because it provide them a roof over their head. But it also provide a better future and security to their children. In pakistan, the bank interest rate are so high and the property prices also increasing, so a lot of families feel this impossible to buy a dream house for themselves.
So, the government of Punjab took a great initiative by launching a scheme for Pakistani people on low interest rate “apni chhat Apna Ghar”. The complete detail about the eligibility criteria and how to submit your application for Apni chhat Apna Ghar is given below.
What is Mera Ghar scheme by PM Pakistan?
The people who cannot buy or build their own house in Pakistan, can participate in Ghar Ho To Apna or Mera ghar scheme. This is basically a discounted home. Because if you want to buy a house and get loan from banks, you have to pay a high amount of interest rate. And it makes a very difficult for an average person to build their own house or to get a roof over their head. So in this scheme you have to pay the 5% of the interest rate. And the large part of the interest rate pays government for you.
Advantages:
- Government support
- Low monthly payment
- No Early Exit Free
- Small down payment
- Transparency
How to use this loan?
- If you become eligible for this loan then after receiving this loan you can buy a finished home are flat for yourself.
- You can buy a piece of plot and then you can build it on your own will.
- Start construction on your land. For example if you have a plot or part of a land and you need to get money for construction. Then you can apply for this loan to start construction on your land.
- Some simple rules you must have to follow to become Eligible:
- Everyone can apply for this loan whether you are working in a company or you are a self employed.
- The main condition is apply for this loan only if you do not have your own house already. You must be first time owner only.
- As the loan limits depend on your income but you can take up to 10 million rupees from the Government.
- You can make installments for this loan and pay back the loan in 20 years slowly slowly.
How to apply: step by step
If you want apply for Mera Ghar scheme then the process has become very digital now. And it is very user friendly. The step by step process is given below
Step 1: Select Bank or apply online
You can choose any bank to submit your application for Mera Ghar scheme like Bank Al Habib, Bank of Punjab, Habib Metro and NBP. And the house building finance company also provide the facility to submit your application for this scheme.
Step 2: Collect the required documents
- Two passport size photos
- Proof of Income
- Copy of your CNIC
- Property document
- Undertaking “a signed paper to show your are a first time buyer.
Step 3: Fill the application form
You can fill the application form to apply for “Mera Ghar scheme” online or apply through any bank Like bank of Punjab, habib metro, NBP, Bank Al Habib.
If you are applying through Bank then the bank will verify your document. And check your credit history to make sure your are eligible or not. If you will clear everything then you loan will be approved.
Pro Tips:
- Clean up your credit history
- Show extra proof of income
- Keep your installment below 50%
- Choose an approved property
- Add a CO-applicant
Coclusion:
Mera Ghar scheme is providing you a great chance to build your own house with 5% markup rate. So, don’t Wait and it is a right time to apply also. And stay informed about the official website. Keep patience and wait for 8 working days. This scheme can prove a life changing opportunity for you because it is providing a chance to turn your house hunt into housewarming.
