Mera Ghar Mera Ashiana

Mera Ghar Mera Ashiana (MGMA)

Subsidized Islamic Housing Finance Scheme

In an effort to make housing more accessible and affordable, the Government of Pakistan has launched the “Mera Ghar – Mera Ashiana (MGMA)” scheme, offering profit subsidy to support first-time home owners.

BankIslami extends this facility through Muskun Home Financing, enabling individuals to construct or purchase their dream homes with ease, convenience, and complete Shariah compliance under the Diminishing Musharakah structure

Mera Ghar Mera Ashiana Parameters:
Parameters Tier 1 (up to 2 Mn Cases) Tier 2 (Above 2 Mn up to 3.5 Mn Cases)
Eligibility Criteria · Pakistani CNIC holding citizens

· First time homeowners

· Not owning any housing unit in their name

Scope · Purchase of house/flat

· Construction of house on already owned plot

· Purchase of plot and construction of house

Size of Housing Unit · House of up to 5 Marla

· Flat/Apartment of up to 1360 sq. ft. area

Maximum Financing Amount Up to PKR 2.0 Million Above PKR 2.0 Million and up to PKR 3.5 Million
Maximum Financing Tenor 20 years (subsidy for 10 years)
Age · Salaried: 25 – 60 Years

· SEP/ Businessmen: 25 – 65 Years

Bank Pricing for Subsidy Bank will claim subsidy amount being the differential of Customer pricing and prevailing 1 Year KIBOR + 3%.
Customer pricing (Initial 10 Years) 5% 8%
Customer pricing (After 10 to 20 Years) One Year KIBOR + 3%
Processing Fee Nil
Early Termination Charges Nil
Minimum Contribution from the customer    Minimum 10%
Risk Coverage 10% of the outstanding portfolio under the scheme on first loss basis
Financing Cities Whole of Pakistan
Monthly Income No Upper and Lower limits on the ‚income requirement‛

 

Note: In addition to the above mentioned parameters defined by SBP for this scheme we are proposing another change in the disbursement for Construction Cases, this change has been proposed keeping in view the Maximum Limit of Rs. 3.5 Million. The proposed amendment (specifically for this scheme is mentioned below):

Disbursement Tranches Disbursement for Construction purpose will be in two tranches (in addition to the Construction as applicable) i.e.

· First for completion of grey structure construction.

· Second for completion of construction.

en_USEnglish