Mera Ghar Mera Ashiana Loan Scheme
Mera Ghar Mera Ashiana is the latest housing finance initiative by Faysal Bank designed to make home ownership easier for low- and middle-income families across Pakistan. This Shariah-compliant scheme provides affordable loans with subsidized profit rates, enabling first-time home buyers to purchase, construct, or build homes on their own land without financial stress.
The good news is that registration for this scheme is now open at Faysal Bank branches nationwide. Families dreaming of their own home can now take the first step with a simple, streamlined application process. With support from the State Bank of Pakistan (SBP), this initiative is not only helping families achieve their housing goals but also promoting financial inclusion and growth in the residential property sector.
Mera Ghar Mera Ashiana Scheme Eligibility Criteria
The Mera Ghar Mera Ashiana Loan Scheme is intended for Pakistani citizens who are first-time home buyers and meet the basic SBP eligibility requirements. Faysal Bank has simplified the criteria to make the process straightforward for families across Pakistan.
Eligibility includes:
- Must be a Pakistani citizen with a valid CNIC
- First-time home buyers with no previous housing loans
- A regular source of income, whether salaried or self-employed
- Age 25–60 years at loan maturity
- Household income should match the SBP-defined income segments
These requirements ensure that deserving applicants, especially from underserved communities, can access housing finance without unnecessary obstacles.
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What Can You Finance? Purpose of the Loan
Mera Ghar Mera Ashiana loan covers multiple housing needs, giving applicants the flexibility to:
- Buy a constructed residential property for personal use
- Purchase a plot and construct a home
- Build a house on self-owned land
It is important to note that the scheme is strictly for residential purposes. Commercial or investment properties are not included, ensuring the program benefits families genuinely in need of housing support.
Shariah-Compliant Model: Diminishing Musharakah Explained
Faysal Bank uses the Diminishing Musharakah model, a fully Shariah-compliant approach. Here’s how it works:
- The bank and the customer become co-owners of the property
- The customer gradually buys the bank’s share through regular payments
- Each instalment has two components:
- Purchase of the bank’s ownership share
- Rent for using the bank’s portion of the property
Over time, the customer’s share increases until full ownership is achieved. This model promotes transparency, shared risk, and ethical financing, while providing flexible payment options.
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Subsidy and Profit Rates: Making Housing Affordable
One of the biggest advantages of this scheme is the subsidized profit rate, made possible through SBP support. Key benefits include:
- Lower profit rates compared to regular home loans
- Long repayment tenure of up to 20 years
- Fixed or semi-fixed profit options depending on SBP categories
- Transparent charges with no hidden fees
This subsidy ensures that families from all income levels can afford to pay their monthly instalments without financial strain.
Required Documents for Mera Ghar Mera Ashiana Application
To make the process smooth, Faysal Bank requires some basic documents:
- CNIC (applicant and co-applicant, if any)
- Income proof, such as salary slips or business documentation
- Bank statements from the last six months
- Property documents, including ownership or purchase agreements
- Utility bills as proof of residence
- NOC and valuation certificate from approved authorities
- Passport-size photographs
Applicants are advised to verify all documents before visiting the bank to avoid delays.
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Mera Ghar Mera Ashiana Registration Process Through Faysal Bank
Faysal Bank has made the application process straightforward:
- Visit the nearest FBL branch offering the housing finance service
- Request and fill out the Mera Ghar Mera Ashiana application form
- Submit all required documents for preliminary review
- The bank conducts an eligibility and credit assessment
- Property valuation is carried out by approved valuators
- Upon approval, the Diminishing Musharakah agreement is signed
- Funds are disbursed according to the financing structure
For convenience, FBL also offers online pre-screening through their official website. A representative will contact applicants to continue the process. Typically, approval and disbursement take 2–4 weeks, depending on 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: Figures are illustrative. Actual instalments vary with profit rate and subsidy.
Fees and Additional Costs
While the profit rate is subsidized, standard charges may apply:
- Application and processing fees
- Property valuation and legal verification charges
- Stamp duty and documentation costs
- Account maintenance or administrative fees (if applicable)
Always request a Schedule of Charges for transparency before signing agreements.
Tips for Smooth Approval and Quick Disbursement
- Provide accurate financial and property details
- Ensure CNIC and income proof are valid
- Select property with clear ownership and NOC
- Keep track of communication with the bank
- Review contract terms carefully before signing
Following these steps helps reduce delays and ensures faster approval.
Frequently Asked Questions (FAQs)
1. Who can apply for Mera Ghar Mera Ashiana?
Pakistani citizens who meet SBP’s income and first-time home buyer criteria.
2. What is the financing range?
Typically between PKR 2 million – 10 million, depending on income and SBP segment.
3. Is the loan Shariah-compliant?
Yes, it follows the Diminishing Musharakah model.
4. Can I apply for commercial property?
No, the scheme is strictly for residential use.
5. Repayment tenure?
Flexible, 5–20 years depending on financial capacity.
6. What happens if I miss an instalment?
Contact Faysal Bank immediately to reschedule or avoid penalties.
7. Can I make early repayments?
Yes, partial or full early repayments are allowed under the bank’s terms.
Final Thoughts
Mera Ghar Mera Ashiana Loan Scheme by Faysal Bank is a major step toward helping low- and middle-income families achieve long-term home ownership. With Shariah-compliant financing, simple eligibility, and subsidized profit rates, the scheme ensures affordable and transparent housing finance.
Families who have long dreamed of owning a home can visit their nearest FBL branch or use online pre-screening today to take the first step toward making that dream a reality.
