متن
Mera Ghar Mera Ashiana (MGMA)
Mode of Finance
Islamic – Diminishing Musharakah – Housing (Sale & Lease Back / Regular DM)
Purpose
To provide housing finance facility to the general public (first-time owners) for:
- Construction of a house
- Purchase of a house or flat
- Purchase of land and construction of a house
Facility Tenor
Up to 20 years, subject to the age and DBR (Debt Burden Ratio) based on the applicant’s source of income.
Finance per Applicant
Tier 1 (T-1): 90% cost of House / Flat / Apartment, or PKR 2.0 million, whichever is less.
Tier 2 (T-2): 90% cost of House / Flat / Apartment, or PKR 3.5 million, whichever is less.
DBR: 33% of the net monthly income of the applicant plus co-applicant.
End User Rate (Applicant)
T-1: 5% p.a. for the first 10 years from the date of disbursement; after 10 years, till maturity, 1-year KIBOR + 3%.
T-2: 8% p.a. for the first 10 years from the date of disbursement; after 10 years, till maturity, 1-year KIBOR + 3%.
Eligibility Criteria
- All Pakistanis holding valid CNIC (not owning any flat or house).
- Single unit per household.
- Minimum net monthly income: PKR 35,000.
- Minimum age: 21 years.
- Loan must mature before retirement (for salaried) or before 65 years (for businesspersons).
- Size of Housing Unit (for both Tiers 1 & 2):
- House: Land up to 5 Marla (125 sq. yds)
- Flat / Apartment: Covered area up to 1360 sq. ft.
- The bank may also consider the joint income of the primary and co-owner when assessing repayment capacity.
Waivers
Waiver of application / sanction processing fee.
Waiver of pre-mature adjustment / partial adjustment charges.
Risk Acceptance Criteria
Minimum Risk Rating Score: 65%.
History: 2 years for salaried individuals, 3 years for businesspersons.
Debt Burden Ratio (DBR): 33% of net monthly income.
ECIB: Not more than 2 times in 30+ in the last 12 months.
Property Valuation: To be conducted through bank’s approved evaluator nominated by CAD/RCAD.
Co-Borrower Income: Income of co-borrower (parents or spouse) can be added for DBR calculation.
Securities
Equitable Mortgage & Lien Marking with concerned authorities for properties located under government-approved schemes (e.g., PDA, CDA, etc.).
For other properties: Token Legal Mortgage of PKR 50,000 along with Equitable Mortgage & Lien Marking with the concerned revenue office.
Personal Guarantee (PG) of applicant and co-applicant (if any).
Undertaking: Applicant and co-applicant (if any) must declare they do not own any house or residential property in Pakistan.
- Application Form for FORMAL BUSINESS
- Application Form for INFORMAL INCOME PERSON
- Application Form for FORMAL SALARIED PERSON
- Urdu Application Form for FORMAL BUSINESS (Blue)
- Urdu Application Form for INFORMAL INCOME PERSON
- Urdu Application Form for FORMAL SALARIED PERSON(Green)
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