Islamabad: According to a post published today on the federal government’s official Facebook page, the government has reshared the markup details on the subsidized markup housing finance offered under the Naya Pakistan Housing Programme (NPHP) to encourage more people to take advantage of this loan facility and become homeowners.
This housing finance organization, according to reports, is “making affordable housing a reality” and “allowing low and middle-income people to purchase their homes.” The applicants can get loans in three tiers for up to 20 years, according to the shared specifics of the funding. The following are the details of the markup:
Tier-0: This tier would give loans of up to PKR 2.7 million for housing units up to 5-marla that is being developed by the Naya Pakistan Housing and Development Authority (NAPHDA) or as part of public-private collaboration. The fixed mark-up rate for this tier is 3% for the first five years and 5% for years 6-10, with the remaining years’ mark-up adjusted by banks according to their policies.
Tier 1: Individuals will be eligible for loans of up to PKR 6 million for dwelling units up to 5 Marla that are being created or acquired. For this tier, the fixed mark-up rate is 5% for the first five years and 7% for years six through ten, with the subsequent ten years’ mark-up determined by banks according to their policies.
Tier-2: Individuals would be able to apply for loans of up to PKR 10 million for dwelling units up to 10 Marla that are being created or purchased. For this tier, the fixed mark-up rate is 7% for the first five years and 9% for years six through ten, with the subsequent ten years’ mark-up determined by banks according to their policies.
Commercial banks have been told to provide extra help to salaried and business community candidates who want to buy a home.
The housing finance supplied under the scheme had previously been deemed insufficient, prompting an increase in the loan amount and the inclusion of microfinance institutions in the effort.