Low-Cost Housing Finance under Government Mark-up Subsidy Scheme
U Microfinance Bank offers Housing Finance facility under Government’s Mark-up subsidy scheme to business & salaried individuals for purchase of a new house or a flat, construction of a house or extension of an existing house.
Basic Product Purpose:
- For purchase or construction of a house or a Flat
- For purchase of land for house construction
- For house construction on customer’s own land
- Expansion in existing house
Eligibility Criteria:
- Pakistani Resident having valid CNIC
- Age limit 25-60 years (at the time of loan application)
- First time Home owner
- Minimum monthly income Rs.25,000
Salient Features:
- Loan facility from PKR 500,000 to PKR 2,000,000
- Loan tenure from 5 to 20 years
- Loan repayment in easy monthly installments
- Income clubbing allowed with immediate family members
- In Line with SBP’s direction regarding GMSS, the financed housing unit will be mortgaged in the favor of UMBL.
- Financing facility available for:
- House with a covered area of 5 Marla/125 sq yards
- Flat having a covered area of 1250 sq ft.
Mark-up 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
Installment Plan:
| Loan 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 instalment amounts are calculated for first 05 years)
