Product Information
|PG Schedule of Charges
| FAQs
| Pricing |
| MCB Pyara Ghar FAQs |
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| What
is the Mark up rate for Pyara Ghar Home Finance scheme? |
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| Segments |
Salaried |
SEB/SEP |
| Home Purchase |
1 Year Kibor
(Offer) + 4.0% |
1 Year Kibor
(Offer) + 4.5% |
| Home Construction |
| Home Renovation |
| Balance Transfer |
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| What
will be the loan tenor? |
| For all products variant loan tenure will
be 2 to 20 years. |
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| What
is the Loan to Value ratio? OR How much financing can I get against my property? |
| The loan to value ratio in all products segments
is 70:30 |
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| Who
is eligible to apply? |
- Pakistani Nationals living in Karachi, Lahore, Faisalabad, Rawalpindi
& Islamabad cities.
- Installment not to exceed 50% of the monthly take-home income for
loan up to 10M and 45% for loan above 10M.
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| Who
will assess the value of property? |
| We have our approved valuators for this purpose.
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| Will
my spouse’s income also be considered? |
| YES |
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| Can
I get a loan against my shop? |
| No you cannot get a loan against your shop. |
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| How
much will I have to pay for: Loan Processing, Legal Opinion, Property Valuation
and Income Estimation |
Loan Processing fee is Rs. 7,5000/-
(Rs. 4,000/- for BTF)
Legal Opinion charges are Rs. 4,500/- 5,000/- *
Property Valuation Charges are Rs. 3,000/- *
For Construction loans, appraisal charges are Rs. 1,500/- per stage.
Income Estimation charges are Rs. 5,000/- *
* could vary from area to area |
Should be
current and linked with schedule of charges. |
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| Are
these refundable, if my loan is declined? |
| No, once the services are rendered the amount
is Non-refundable. |
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| What
is the process of income estimation? |
| A representative from our approved chartered
accountant firm will visit your place of business/work and appraise your
income level, by going through the documents provided by you. Income estimation
is for our internal evaluation purposes only. |
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| I want
to build a commercial plaza. Will MCB provide me with financing? |
| No! Pyara Ghar is consumer-financing scheme
meant for residential purpose only. |
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| I want
to co-own a property with my cousin. Is it possible to avail MCB Pyara Ghar
for this purpose? |
| No! in the instances where title of the property
is not in the name of primary borrower only blood relatives are acceptable
as co-borrowers. |
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| What
are the different disbursement stages for payments in the home construction
loan? |
The stages are as follows:
1. Foundation up to plinth level + Ground Floor brick masonry.
2. Structure completion, Plumbing, Electric conducting & Plaster.
3. Roof treatment, Flooring & Sewerage
4. Finishing |
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| How
much time is allowed to complete construction of home ? |
| The maximum period allowed for construction
is 2 years. |
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| In case
I do not complete the construction within the stipulated time, will I have
to pay a penalty? |
Yes, your failure to
complete the construction within the stipulated time will result in a
higher mark-up until the completion of construction. And/or can be asked
to settle the loan or other tranches can be held and never disbursed. |
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| What
will be the Repayment method for the loan? |
An account for you will
be opened at the branch closest and the most convenient to you. You will
be required to deposit funds sufficient to afford a monthly installment
in that account. A direct debit instruction from you in favor of MCB would
then allow us to debit the installment amount from your account on monthly
basis. |
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| What
if I already have an account with MCB? |
If you already have an
account with MCB, you can give direct debit standing instructions in favor
of MCB which would allow us to debit the installment amount from your
account on monthly basis. |
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| What
if I want to make Partial Prepayment? And, are there any charges in case
of Partial Prepayments? |
A maximum of
2 Partial Prepayments are permissible in a year. But the minimum
amount for a partial prepayment is 10% of remaining principal.
Any Pre-payment request made by the customer will be
subject to a redemption charge of 5% of the amount being prepaid in 1st
year,4% in 2nd year and 3% in subsequent years.
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