Congratulations to all those people who are homeless in Pakistan.
Almost 200 million people are living in Pakistan out of which 35% are lies beneath the poverty line. And Almost 20 million people don’t afford their homes. Lack of Affordability is the main reason which deprives the low-income strata of the population to meet their housing needs which is the greatest challenge for society nowadays. To meet all these challenges State Bank of Pakistan has introduced the “financing facility for low-cost housing”. Silent Features of the scheme are as under:
Loan Amount:
Up to 2.7 million Rs are allowed to offer as a loan for the applicant whom he will pay in monthly installments. This will be the very best opportunity for all of those who want to get rid of their rental expenditures. It will finance those who are buying homes in the “Naya Pakistan Housing Scheme”.
Loan Tenor:
The applicant could avail of this loan minimum for 5 years and maximum for 20 years
Requirements for Applicants:
There are two things required to apply for this loan.
Markup Subsidy Rates:
Markup Subsidy is divided into three phases:
Phase I:
In the first phase financing will also be offered to those who are buying their home in the “Naya Pakistan Housing Scheme”. In this phase first 5 years flat 5% Markup, the Next five years 7%, and after 10 years CYBER + 2% markup will be charged to the applicant by the SBP.
Phase II:
In this phase Applicant will be allowed to purchase 5 Marla House, 5 Marla Plot for Construction OR any extension to his/her old house. In this phase first 5 years flat 5% Markup, the Next five years 7%, and after 10 years CYBER + 2% markup will be charged to the applicant by the SBP.
Phase III:
In this phase, the applicant can purchase 10 Marla House. In this Phase, Markup charges will be different from the previous two phases. In this phase first 5 years flat 7% Markup, the Next five years 9%, and after 10 years CYBER + 4% markup will be charged to the applicant by the SBP.
Concerns about Interest:
People have concerns about loans from banks they considered it immoral to pay any charges as interest. But State Bank of Pakistan stated that this is purely designed in the Islamic way. These charges will be considered as the rental expenses of your home. So be worried and become a part of this low-income house loan scheme without wasting your time.
Vision:
No Pakistani is homeless anymore is the vision behind this step by the State Bank of Pakistan which will be applicable to all Banks. First time home buyer or Lower-income class is targeted in this procedure.
Impact on Pakistan’s Economy:
It will have positive impacts on all sectors related to the construction industry like cement, steel, etc. This low-income house loan will provide employment to the working class.
