Mera Pakistan Mera Ghar (MPMG) Calculator

The Pakistani government's housing program, Mera Pakistan Mera Ghar (MPMG), offers financial assistance for low- and medium-cost homes.

The program allows banks to offer financing for the purchase and building of homes and is accessible in both conventional and Islamic formats. Key elements of the MPMG plan include the following:

Tiers

The MPMG plan consists of three tiers, each with varying financing amounts and down payment specifications.

Tier 1 (NAPHDA):

A house up to 125 square yards (5 Marla) or a flat/apartment up to 1,250 square feet in maximum covered space.

Tier 2 (NON-NAPHDA):

A home up to 250 square yards (10 Marla) or a flat/apartment up to 2,000 square feet in maximum covered space.

Tier 3 (NON-NAPHDA):

A house up to 500 square yards or a flat/apartment with a maximum 3,000 square feet of covered space.

Financing Amount:

Depending on the loan period and tier, different financing amounts apply.

For instance, in the case of Tier 1, the financing amount varies between PKR 0.5 million and PKR 1.5 million, with a markup of 4% for the subsequent five years and 2% for the first five.

Requirement for Down Payment:

Depending on the property's price and tier, different down payments are required.

The down payment for a house under Tier 1 is 10%, and for a flat or apartment, it is 15%. For a house under Tier 2 and an apartment under Tier 3, the down payment is 20%.

Interest Rates:

The following are the interest rates for the MPMG scheme:

Tier 1:

3% for the first five years, 5% for the next five, and market pricing is in effect for any time frame longer than ten years.

Tier 2:

3% for the first five years, 5% for the next five, and market pricing is in effect for any time frame longer than ten years.

Tier 3:

3% for the first five years, 5% for the next five, and market pricing is in effect for any time frame longer than ten years.

You can estimate your loan payment by entering the price of the property, the down payment, and other information into the below mentioned calculator.