Mera Ghar Mera Ashiana Loan
Mera Ghar Mera Ashiana Loan Owning a house is one of the biggest dreams for every Pakistani family, but for many low- and middle-income citizens, this goal has long been out of reach. Understanding this need, the State Bank of Pakistan (SBP) has launched an initiative to make housing accessible for all. In support of this national mission, Faysal Bank Limited (FBL) has introduced Mera Ghar Mera Ashiana, a Shariah-compliant low-cost housing finance scheme aimed at turning the dream of home ownership into reality.
Through this scheme, Faysal Bank provides easy financing options under subsidized profit rates, helping families who were previously unable to secure home loans. The program has been designed to support first-time home buyers by simplifying the process and reducing the financial burden associated with buying or constructing a house.
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Who Can Apply Eligibility Criteria for 2025
The Mera Ghar Mera Ashiana scheme is open to a wide range of applicants who meet the basic eligibility requirements set by the State Bank of Pakistan. It is primarily designed for those who are financially stable enough to repay the loan but still fall within the lower or middle-income category.
Eligibility criteria include:
- The applicant must be a Pakistani citizen with a valid CNIC.
- Must be a first-time home buyer with no previous housing loan.
- Applicant should have a regular source of income (salaried or self-employed).
- The minimum age limit is 25 years, and the maximum is 60 years at loan maturity.
- The applicant’s total monthly household income should align with SBP’s defined income segments.
These simplified requirements ensure that every eligible person, especially from underserved communities, can apply for housing finance without facing unnecessary complications.
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What You Can Finance Purpose of the Loan
Faysal Bank’s Mera Ghar Mera Ashiana scheme covers multiple housing needs, offering flexibility to applicants. Whether you are purchasing an existing home or planning to construct a new one, the bank provides financing options to support various stages of ownership.
Applicants can use the loan to:
- Buy a constructed residential property for personal use.
- Purchase a plot and construct a home on it.
- Build a house on self-owned land.
The scheme focuses entirely on residential properties to promote personal home ownership and does not cover commercial or investment properties. This ensures that the benefit reaches families genuinely in need of housing assistance.
Shariah Model Explained Diminishing Musharakah Made Simple
Being a fully Islamic bank, Faysal Bank follows the Diminishing Musharakah model for this housing finance facility. Under this model, the bank and the customer become co-owners of the property, and the customer gradually buys the bank’s share through regular payments until full ownership is achieved.
In this model, each payment you make has two parts — a portion that goes toward buying the bank’s ownership share and another portion that serves as rent for using the bank’s share of the property. Over time, the customer’s ownership share increases, while the bank’s decreases until the property is fully owned by the customer.
Benefits of this Shariah-compliant model:
- Transparent and interest-free structure.
- Promotes shared risk and ownership.
- Flexible payment options with complete ownership at maturity.
This financing structure ensures compliance with Islamic banking principles while providing a fair and ethical way to own a home.
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Subsidy and Profit Rates Making Housing Affordable
The most attractive feature of the Mera Ghar Mera Ashiana scheme is its subsidized profit rate, made possible through the State Bank of Pakistan’s support. The government and SBP jointly offer financial assistance by lowering the profit margins, making monthly instalments affordable for families from all income levels.
Key features of the subsidy include:
- Lower profit rates compared to regular housing loans.
- Long repayment tenures of up to 20 years.
- Fixed or semi-fixed profit options based on SBP categories.
- No hidden or excessive service charges.
This subsidy ensures that more citizens can enjoy the pride of owning a home without putting excessive financial strain on their families.
Required Documents for Application
Preparing the required documents in advance helps ensure a smooth and fast application process. Faysal Bank’s document requirements are simple, allowing applicants to easily gather the necessary paperwork before visiting their nearest branch.
Documents needed include:
- Copy of valid CNIC (for applicant and co-applicant, if any).
- Income proof such as salary slips or business documents.
- Bank statements of the last six months.
- Property documents including ownership or purchase agreement.
- Utility bills as proof of residence.
- NOC and valuation certificate from approved authorities.
- Passport-size photographs of the applicant.
Applicants are advised to verify their documents beforehand to avoid any delays during processing.
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Step-by-Step Registration Process — How to Apply in 2025
Faysal Bank has made the registration process user-friendly, allowing applicants to apply through any branch across Pakistan. The process has been streamlined for efficiency and transparency.
Branch registration steps:
- Visit your nearest Faysal Bank branch offering the housing finance service.
- Request and fill out the Mera Ghar Mera Ashiana application form.
- Attach all required documents for preliminary review.
- The bank will conduct an eligibility and credit assessment.
- A property valuation will be carried out by FBL’s approved valuators.
- Upon approval, the Diminishing Musharakah agreement will be signed.
- Funds will then be disbursed as per the financing structure.
For convenience, Faysal Bank also offers online pre-screening through its official website. Applicants can fill out a basic form, after which a bank representative will contact them to continue the process.
The entire procedure typically takes 2 to 4 weeks, depending on verification and documentation completeness.
Estimated Financing Scenarios
| Property Type | Financing Amount (PKR) | Tenure (Years) | Monthly Instalment (Approx.) | Total Payable (Approx.) |
|---|---|---|---|---|
| Purchase of House | 3,000,000 | 15 | 32,000 | 5,760,000 |
| Plot + Construction | 4,000,000 | 20 | 36,000 | 8,640,000 |
| Build on Owned Land | 2,000,000 | 10 | 24,000 | 2,880,000 |
Note: These figures are illustrative. Actual instalments vary depending on the profit rate and SBP subsidy level.
Fees and Additional Costs
Although the profit rate is subsidized, applicants should be aware of certain standard charges that apply during processing. These are minimal and clearly disclosed by the bank.
Possible charges include:
- Application and processing fees.
- Property valuation and legal verification charges.
- Stamp duty and documentation costs as per local regulations.
- Account maintenance or administrative fee (if applicable).
It is recommended to ask for a written Schedule of Charges before signing any agreement for full transparency.
Tips for Smooth Approval and Quick Disbursement
To ensure your loan application moves quickly and smoothly, make sure all requirements are fulfilled and documents are properly verified.
Helpful tips for applicants:
- Provide accurate financial and property details.
- Ensure CNIC and income proof are valid and updated.
- Select property with clear ownership and NOC.
- Keep track of communication with the bank.
- Review all contract terms carefully before final signing.
Following these tips can help reduce delays and increase the chances of swift approval.
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Frequently Asked Questions
1. Who can apply for Mera Ghar Mera Ashiana loan?
Any Pakistani citizen meeting SBP’s eligibility and income criteria for first-time home buyers.
2. What is the financing range?
It depends on the applicant’s income and SBP category, usually between PKR 2 million and PKR 10 million.
3. Is the loan Shariah-compliant?
Yes, the financing is based on the Diminishing Musharakah model.
4. Can I apply for commercial property?
No, this scheme is strictly for residential home ownership.
5. What is the repayment tenure?
You can choose from 5 to 20 years, depending on your financial capacity.
6. What happens if I miss an instalment?
You should immediately contact the bank to avoid penalties or rescheduling.
7. Can I make early repayments?
Yes, partial or full early payments are allowed under the bank’s terms.
Final Thoughts
The Mera Ghar Mera Ashiana initiative by Faysal Bank marks a significant step toward empowering low- and middle-income families with the opportunity to own their own homes. Backed by the State Bank of Pakistan’s vision, this scheme not only promotes financial inclusion but also contributes to the overall growth of the housing and construction sector.
By combining Shariah-compliant financing, easy eligibility, and affordable repayment plans, Faysal Bank ensures that every deserving family can achieve long-term housing security. Those who have always dreamed of owning their home can now take the first step toward that goal by visiting their nearest Faysal Bank branch and starting their registration today.