Mera Pakistan Mera Ghar Government Profit Rate Subsidy Scheme
U Microfinance Bank Islamic Banking offers Shari’ah Compliant Housing Finance facility under Government’s Profit Rate subsidy scheme to individuals based on Diminishing Musharakah (DM) Islamic mode of finance. Customers looking to purchase a house, flat or an apartment or plot purchase or construction of a house, construction on exiting owned land or extension of an existing house/structural improvement can utilize this facility.
Basic Product Purpose:
- For purchase of House or a Flat or an Apartment
- For purchase of land for house construction
- For house construction on customer’s own land
- Expansion in existing house or for structural improvement
Eligibility Criteria:
- Pakistani Resident having valid CNIC
- Age limit 25-60 years (at the time of finance application)
- First time Home owner
- Minimum monthly income Rs.25,000
Salient Features:
- Finance facility from PKR 500,000 to PKR 2,000,000
- Financing tenure from 5 to 20 years
- Financing repayment in equal monthly installments
- Income clubbing allowed with immediate family members
- In line with SBP’s direction regarding this scheme, the financed housing unit will be mortgaged in the favor of UMBL.
- Financing facility available for:
- House upto 125 sq. yards (5 Marla) and
- Flat/Apartment with maximum covered area of 1,250 sq ft.
Profit Rate:
| First 05 years | 5% |
| 06-10 years | 7% |
| Above 10 years | KIBOR + 7% |
Required Documents:
- Original CNIC
- Passport size photo (recent)
- Proof of income
- Title documents of property to be mortgaged
- Offered property should be free from any bar and charges
Tentative Installment Plan:
| Finance Amount (PKR) | 500,000 | 700,000 | 1,000,000 | 1,200,000 | 1,500,000 | 1,800,000 | 2,000,000 |
| 10 Years Plan Installment amount | 5,303 | 7,425 | 10,607 | 12,728 | 15,910 | 19,092 | 21,213 |
| 20 Years Plan Installment amount | 3,300 | 4,620 | 6,600 | 7,920 | 9,900 | 11,880 | 13,200 |
(Above mentioned installment amounts are calculated for first 05 years)
