Naya Pakistan Housing Scheme Loan and Payment Plan 2022

Owing a beautiful house is the heartiest desire of everyone. It is not only a wish but also essential to a safe and peaceful lifestyle. People living in Pakistan are also looking for the same and working hard to make their dream come true. However, many people, especially those living under the meager line of poverty, cannot afford to buy a house in Pakistan. The current estimate of Pakistan’s housing shortfall is between 11 and 12 million. To provide for these residents of Pakistan, former Prime Minister Imran Khan has made the excellent initiative of the Naya Pakistan Housing Scheme Loan. It’s a thoughtfully planned, great, affordable home loan scheme launched in several major cities.

At the time of launch, the former PM announced to reduce the annual shortage of houses by 1 million each year, or by 5 million (50 lakhs) during the course of its five-year term. Yes, it looks difficult and seemingly unattainable target, but the task force by the government is fighting the circumstances with all the possible strength and proclivity.

To offer beneficial financial services at economical rates, the Government of Pakistan is offering a Markup Subsidy for Housing Finance. The houses built under this scheme are categorized as follows:

Labor Class

Middle Class

Lower Middle Class

Eligibility Criteria for Naya Pakistan Housing Scheme Loan

This house financing scheme by the federal government seems very attractive and beneficial, especially for the people struggling to get their roofs. But it also has certain terms and conditions that are important to fall in the given criteria. Following are the details of the eligibility criteria for the Naya Pakistan Housing Scheme Loan by the Government of Pakistan:

This scheme allows the purchase of a complete residential property i.e., and you can buy a house, an apartment, or a flat. At the same time, you can invest in a plot and start construction over it immediately. But you cannot buy a plot if you are not planning to construct it. In simple words, this House Financing Scheme will only facilitate the people looking to buy a house or planning to construct it. The loan will not be approved for investment or business purposes.

Who is Eligible?

All the citizens of Pakistan with CNIC are eligible for Naya Pakistan Housing Scheme Loan. Both salaried and non-salaried/small businesses can apply.

But, the applying person should not be the owner of any house.

This loan will only be provided for the construction and purchase of newly constructed reasonable residential units.

This Government house finance loan will be only provided once to a person under this scheme.

A person applying must be between the age of 25 to 60 years.

Monthly net disposable income for individuals must range between 25,000 to 100,000 PKR.

For Households, Net Disposable Income must be 25,000 to 140,000 per month.

Any bank in Pakistan will accept up to 4 co-applicants from a single family when applying for a home loan.

Collateral Security needs.

For Salaried employees, the minimum tenure is two years.

Size of Housing Unit to Get Naya Pakistan Housing Scheme Loan

Tier 1 (T1) NAPHDA Projects – Housing Units of up to 125 square yards with a covered area of up to 850 square feet (up to 5 Marla).

Tier 2 (T2) Non-NAPHDA Projects – Housing Units of up to 125 square yards with a covered area of up to 850 square feet (5 Marla).

Tier 3 (T3) Non-NAPHDA Projects- Housing Units of more than 125 square yards up to 250 square yards or apartments with covered areas from more than 850 square feet to 1,100 square feet (10 Marla).

What is the Maximum Price of Housing Units to Avail Government House Loan

For the applicants in Tier 1 (T1), the maximum price of the unit is Rs 3.5 million. It is also Rs 3.5 million for Tier 2 (T2) applicants. However, for Tier 3(T3), the maximum price is Rs. 6.0 million.

And the maximum loan size of a single housing unit in Tier 1 (T1) has Rs 2.7 million. The maximum loan amount for Tier 2 (T2) is Rs 3.0 million, and for Tier 3 (T3), the loan amount is Rs. 5.0 million.

Furthermore, these are long-term housing loans. An applicant can get this loan for a time period of about 10/15/20 years. The Naya Pakistan Housing Scheme Payment Plan 2022 completely depends on the customer’s choice.

Markup for Naya Pakistan Housing Scheme

For Tier 1, the customer pricing is 5% for the first 5 years and 7% for the next 5 years with Bank pricing KIBOR+250 BPS.

For Tier 2, the customer pricing is 5% for the first 5 years and 7% for the next 5 years with Bank pricing KIBOR+400 BPS (Spread may vary).

For Tier 3, the customer pricing is 7% for the first 5 years and 9% for the next 5 years with Bank pricing KIBOR+400 BPS (Spread may vary).

From Where Can You Get House Finance Loan in Pakistan?

The government of Pakistan is offering/providing loans through all commercial banks like Islamic banks and House Building Finance Company Limited (HBFCL). Everyone can easily apply from any city and any bank in the country. Banks that are dealing in Naya Pakistan loans for affordable houses are:

1. United Bank Limited (UBL).
2. Meezan Bank Limited.
3. Standard Chartered Bank.
4. Muslim Commercial Bank (MCB).
5. HBL (Habib Bank Limited).
6. Bank of Punjab (BOP).
7. Dubai Islamic Bank (DIB).

What You Can Do with Housing Scheme Loan in Pakistan?

You can buy a house.

But for buying a ready-to-move house, choosing a newly constructed house is essential. Also, to get your application successful, you will first need to complete the transfer of title documents.

(Furthermore, it must not be more than 1 year old from the date of application as developed by completion certificate).

Purchase of plot and start construction over it.

Expansion / Extension of an existing housing unit by utilizing the house financing loan.

Application Form and Process for Naya Pakistan Housing Scheme Loan 2022

To apply for this housing scheme loan, you will need to fill out the standardized application form i.e., both in English and Urdu.

However, this scheme is currently on hold for new applicants. Hopefully, it will be restored soon.

The process to Apply for Naya Pakistan Housing Scheme Payment Plan 2022 for Affordable Houses?

Get the application form from any bank listed above.

• Fill in all the mandatory details as instructed.
• It is important to fill out the form carefully. You can also take the help of a bank representative.
• Also, the salaried person will require salary slips or an employment certificate for income estimation. Bank will also check various bank proxy methods to confirm the validity of these slips/certificates.
• For non-salaried person bank will check various proxy methods.
• If you want the loan to purchase a house, you will need to submit a copy of the documents (if you have one) for the ready-to-move house.
• If you want a house loan for construction, only then submit the documents of the plot you own.
• Pay the processing fee of Rs 4500 (The amount can vary from bank to bank).
• Submit the application form.
• Get the receipt.
• The analysis of your application by bank representatives will take a few weeks. Additionally, they can come to your location and inquire with locals there about you.

Based on the analysis, your application may be approved or rejected.

Key Features of the House Loan Scheme

• Available for up to 20 years
• Free Life Insurance by the Government
• Easy Documentation
• Subsidized Markup Rate
• Financing up to PKR 5 Million
• Quick Processing
• Increase buying power by offering loans
• No restrictions and no charges for early repayment
• Standardize design and specs to reduce costs.
• Cut costs by significantly reducing the approval process.
• Develop new communities with infrastructural access

Why Naya Pakistan Housing Scheme is Important?

It is undoubtedly a great initiative by the previous government, especially the former PM Imran Khan. This scheme is not only providing middle and lower-class people the easy home financing loans but also creating jobs. It facilitates the people associated with the financing, banking, construction, and insurance sectors.

Also, more will be the houses developed under this scheme; there would be more safety and happiness for the citizens of Pakistan.

Final Words

This scheme is currently on hold for the new applicants. Banks are only entertaining the previously applied cases. We request the government restore it as soon as possible so that more people can benefit from it.

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