GharHo
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GharHo Product Offering
GharHo is committed to provide Islamic home financing accessibility across Pakistan and make their dreams of owning a home a reality. Our product caters to all 3 different home financing segments i.e Upfront purchase of a house/flat, Renovation of a property already in livable condition and for Plot purchase and construction on it or just construction on your owned property. GharHo is based on Islamic Finance principles of Diminishing Musharakah (joint ownership).
Special Product Features:
- Shariah Compliant Product.
- Financing Limit: PKR 500,000 (5 Lakhs) till PKR 30,000,000 (3 Crores).
- Balloon Payments and Full repayment allowed after completing 1 Year.
- Ability to add Co-borrower(s).
- Financing can be used to purchase a property for investment purposes (i.e. You can rent out the property)
Mera Pakistan Mera Ghar
Mera Pakistan Mera Ghar (MPMG) is an initiative by the government of Pakistan to promote low-cost housing in Pakistan by offering subsidized financing through the State Bank of Pakistan’s (SBP) Government Mark-up Subsidy Scheme (G-MSS)
Eligibility Criteria:
To view this scheme on State Bank of Pakistan’s website (Click Here)
| Mera Pakistan Mera Ghar (MPMG) / Government Markup Subsidy Scheme (GMSS) | Trellis Housing Finance Limited | |||||
| T0 | T1 | T2 | T3 | GharHo | ||
Financing Purpose | Purchase of house or flat | ✔ | ✔ | ✔ | ✔ | ✔ |
| Construction Only (existing plot) | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Purchase Plot & construction thereupon | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Renovation - (structural - e.g new floor, extension, roof) | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Renovation - (non-structural: e.g. painting walls, new tiles) | ❌ | ❌ | ❌ | ❌ | ✔ | |
| Buy or Build a house to rent-out | ❌ | ❌ | ❌ | ❌ | ✔ | |
| Purchase of plot only | ❌ | ❌ | ❌ | ❌ | ❌ | |
Financing Parameters | Minimum Tenor (Yrs) | 5 Years | 5 Years | |||
| Maximum Tenor (Yrs) | 20 Years | 25 years | ||||
| Minimum Financing Size (PKR) | Dependant on the Bank / Microfinance Banks Policy | PKR 500,000 | ||||
| Maximum Housing Unit Price (Naphda only Projects) | - | PKR 3,500,000 | - | - | - | |
| Maximum Financing Size (PKR) | PKR 2,000,000 | PKR 2,700,000 | PKR 6,000,000 | PKR 10,000,000 | PKR 30,000,000 | |
| Rental Rate (per year) | 5% first 5 years | 3% first 5 years | 5% first 5 years | 7% first 5 years | Currently: 12.5% (KIBOR 1Y +4%). Rate is fixed for 5 years | |
| 7% next 5 years | 5% next 5 years | 7% next 5 years | 9% next 5 years | |||
| Market Rate to be applicable after 10th year of financing as follows: KIBOR 1Y %+ Banks Spread | ||||||
| Financing Ratios | Dependant on the Bank / Microfinance Banks Policy Max: upto 90% | Purchase: upto 85% | ||||
| Construction: upto 80% | ||||||
| Renovation: upto 80% | ||||||
| Buy to Rent: upto 70% | ||||||
| Early Unit Purchase/Pre-payment Penalty | Partial (Baloon) Payments are dependant on the Bank / Microfinance Banks Policy. Full repayment allowed without any penalty | 2% premium on early unit purchase prior to completing 1 year of Financing. No premium applicable after completing 1 year. | ||||
| Property Takaful (Fire & Allied Perils Insurance) | Dependant on the Bank / Microfinance Banks Policy | Trellis's share in the Musharaka Property is covered as part of the policy and is provided free of cost to the client. | ||||
| Life Takaful (Death & Critical Illness Insurance) | Dependant on the Bank / Microfinance Banks Policy | It is mandatory for the primary borrower. Preimum to be added to the Profit Rate. | ||||
| Discount Incentives | ❌ | ✔ tick 0.25% Discount for Female only or Female & Male both own title to property & become co-applicants. | ||||
| Mode of Financing | Islamic or Conventional options available | Shariah Compliant | ||||
Product Eligibility Criteria | Size of housing unit restrictions | House: upto 125 sq yd (5 Marla) | House: upto 125 sq yd (5 Marla) | House: upto 125 sq yd (5 Marla) | House: upto 250 sq yd (10 Marla) | No Restrictions |
| Flat: upto 1,250 sq ft | Flat: upto 850 sq ft | Flat: upto 1,250 sq ft | Flat: upto 2,000 sq ft | No Restrictions | ||
| Age of Housing Unit | Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 | No Restrictions | ||||
| Minimum Net Income (Individual) PKR | Dependant on the Bank / Microfinance Banks Policy | PKR 20,000 per month | ||||
| Maximum Net Income (Household) PKR | No Limits | No Limits | ||||
| Maximum number of borrowers on an application (for income clubbing) | 4 | 2 | ||||
| Maximum Debt Burden Ratio (Including Trellis) | 50% | 50% | ||||
| Minimum Age at the time of Mortgage Application | Dependant on the Bank / Microfinance Banks Policy | Primary Borrower minimum age: 23 Co-Borrower minimum age 20 | ||||
| Maximum Age at the time of Mortgage Application | Dependant on the Bank / Microfinance Banks Policy Generally banks allow for maximum age at the maturity of financing to be 65 | Max Age for Primary Borrower at the maturity of financing is 65. No maximum age restriction for co-borrower | ||||
| Nationality/Residency | All citizens residing in Pakistan and holding a valid CNIC or NICOP (not expired) | |||||
| Employment Type | Salaried: Someone who receives a fixed Income on a monthly basis (Can be full-time, part time or working as a contractual worker) | |||||
| Other: Someone who works for themselves and earns money on a per day/per contract/per season basis. | ||||||
| Business Owner or Self-Employed: Someone who runs their own business | ||||||
| Employment Sectors | No Restriction | All except for Petroleum and other IFC excluded professions | ||||
| Other Restrictions | Primary Borrower first time home buyer | No Restrictions | ||||
| Only one GMSS loan allowed per family under this facility | ||||||
| Direct Permanent Banking Employees cannot avail this facility | ||||||
| No onward sale of house for the next 5 years | ||||||