Karachi February 11 2021: Government of Pakistan (GOP) has decided to revise pricing (mark-up rates and subsidy payment period) under Tier 1 of captioned scheme which is used to finance housing units in NAPHDA projects, as per information shared by State Bank of Pakistan (SBP) with banks.
The revised pricing for Tier 1 is reduced to 2 percent for year 1 to year 5, 4 percent for year 6 to year 10 and 5 percent for year 11 to year 15. Afterwards, rate of KIBOR plus 250 basis points will be charged. The above revision in the scheme will be applicable with immediate effect.
Earlier, the rates under Tier 1 is 3 percent for first 5 years and 5 percent of next year. Afterwards, rate will be charged at KIBOR plus 250 basis points.
Few days ago, SBP under the revised regulation for extending loans through Naya Pakistan Low Cost Housing (NPLCH) under Kamyab Pakistan Program (KPP), removed the mandatory requirement for applicants of Tier 1 housing loans to be verified by Naya Pakistan Housing & Development Authority (NAPHDA) through NADRA for being beneficiaries of Ehsaas.
Under Tier 1 NAPHDA project an individual can now get a loan of PKR 2.7 million without the condition of being registered in EHSAAS and PMT score restrictions.