Providing great convenience to the public, the State Bank of Pakistan has launched the ‘Mera Ghar Mera Ashiana’ scheme. Under this scheme, citizens buying a house, flat or plot for the first time will be able to get loans of 20 lakhs to 35 lakhs.
According to the State Bank, the loan repayment period has been kept for 20 years, while a subsidy will also be provided for 10 years. The interest rate on the loan has been kept lower than the general market so that maximum people can benefit from this facility.
All conventional and Islamic banks, microfinance banks and HBFCs will provide loans under this scheme. The loan price will be based on KIBOR plus 3%, however, the user will get a loan of up to Rs 2 million at only 5% interest and a loan of up to Rs 3.5 million at 8% interest.
Importantly, no processing fee will be charged on obtaining the loan.
