Govt Recharges Mark-up Details on Home Loans in NPHP Initiative
Islamabad: The government has recharged 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 to become homeowners, according to a post published today on the federal government’s official Facebook page.
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This housing finance agency reportedly “makes affordable housing a reality” and “enables those with low and intermediate income to purchase their homes.” According to the disclosed specifics of the funding, candidates can obtain loans in three categories for up to twenty years. The markup information is as follows:
- Tier-0: This tier provides loans of up to PKR 2.7 million for housing units up to 5 marla that are being developed by Naya Pakistan Housing and Development Authority (NAPHDA) or through public-private partnership. The fixed markup rate for this tier is 3% for the first five years and 5% for the sixth through tenth years; the markup rate for the following years will be determined by banks in accordance with their respective policies.
- Tier-1: This tier provides loans of up to PKR 6 million for housing units up to 5 marla that are being developed or purchased by individuals. The fixed markup rate for this tier is 5% for the first five years, 7% for the sixth through tenth years, and the markup for the final ten years is determined by the bank’s policy.
- Tier 2: Under this tier, loans of up to ten million Pakistani rupees will be made available for the development or acquisition of housing units of up to ten marla that are being created or acquired by individuals. The fixed markup rate for this tier is 7% for the first five years, 9% for the sixth through tenth years, and the markup for the final ten years will be determined by the bank’s policy.
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The commercial banks have been directed to offer special assistance to applicants from the salaried and corporate communities in order to assist them in becoming homeowners. Previously, the scheme’s home financing was deemed insufficient, prompting an increase in the loan amount and the inclusion of microfinance institutions in the program.
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