Apna Ghar Ab Ek Haqeeqat

Mera Ghar Mera Ashiana (MGMA) is a Government of Pakistan housing finance scheme, supervised by the State Bank of Pakistan (SBP). It provides subsidized markup rates to first-time homebuyers through participating banks, making homeownership affordable for low and middle-income families.

The scheme offers two tiers: Tier 1 provides a fixed 5% markup rate for loans up to PKR 2 Million, and Tier 2 provides a fixed 8% markup rate for loans from PKR 2M to PKR 3.5 Million. These rates are fixed for the first 10 years and are significantly lower than market rates of approximately 18% (KIBOR+3%).

Pakistani citizens aged 21-65 with a valid CNIC who do not currently own any residential property (first-time buyers) are eligible. Both salaried and self-employed individuals can apply through any participating bank.

Under the standard tiers, the maximum loan is PKR 3.5 Million (Tier 2). However, under the revised Tier 3 notification, loans up to PKR 10 Million (1 Crore) may be available through select banks. The Loan-to-Value ratio is 90:10, meaning you need a minimum 10% down payment.

The maximum loan tenure under MGMA is 20 years (240 months). You can choose any tenure from 1 to 20 years based on your affordability and preference.

Over 20 banks participate, including commercial banks (HBL, UBL, MCB, NBP, Bank of Punjab, JS Bank, etc.), Islamic banks (Meezan Bank, Bank Islami, Dubai Islamic Bank, Faysal Bank), microfinance banks (Khushhali, NRSP, U Microfinance), and HBFCL.

Yes, Shariah-compliant options are available through Islamic banks like Meezan Bank, Bank Islami, Dubai Islamic Bank, and Faysal Bank. These banks offer financing under Murabaha or Diminishing Musharakah structures approved by their Shariah boards.

Key documents include: CNIC (original + copies), passport-size photos, proof of income (salary slips for salaried, tax returns for self-employed), bank statements (6-12 months), property documents (title deed, approved plan), and a notarized affidavit of first-time ownership.

The typical timeline is: eligibility check (same day), document gathering (1-3 days), bank submission (1 day), verification and valuation (2-6 weeks), and final approval and disbursement (1-2 weeks). Total: approximately 4-10 weeks from application.

Overseas Pakistanis may be eligible to apply, but specific requirements vary by bank. A valid Pakistani CNIC or NICOP is typically required. Some banks may have additional documentation requirements for non-resident applicants. Contact your preferred bank directly for overseas-specific guidelines.

No! Under the MGMA scheme, there are zero processing fees and zero prepayment penalties. The government covers 10% of the credit risk through a first-loss portfolio guarantee, eliminating the need for banks to charge additional fees.

The loan can be used for three purposes: (1) Purchasing a ready-built house or apartment, (2) Constructing a new house on your own plot, or (3) Buying a plot and constructing a house on it. The maximum property size is 5 Marla / 2,720 sq ft for houses and 1,360 sq ft for apartments.