MCB Pyara Ghar | Benefits and Eligibility | Facilities | FAQs | Contact Us |
| MCB Pyara Ghar FAQs |
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| What is the Mark up rate for Pyara Ghar Home Finance scheme? |
We are only offering ‘Variable Rates’,
as follows:
Salaried = 13.5 %
Businessmen & Professionals = 14%
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| What will be the loan tenor? |
For Construction, Purchase & Balance Transfer - 3 to 20 years.
For Renovation – 2-20 years. |
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| What is the minimum and the maximum loan amount that can be acquired? |
The financing bands are as follows:
Home Purchase – Rs. 0.5M to 20M
Home Renovation – Rs. 0.5M to 7M
Balance Transfer – Rs. 0.5M to 15M
Home Construction – Rs. 0.5M to 10M |
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| What is the Loan to Value ratio? OR How much financing can I get against my property? |
| The permissible Loan-to-Value ratio is as follows: |
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- Home Purchase – 80:20 for salaried employees, businessmen and self-employed professionals who are in the business for last five Years and 75:25 for businessmen and self-employed professionals who are in the business for last 3 Years.
- Home Construction – 70:30 for salaried employees, 70:30 for businessmen and self-employed professionals who are in the business for last five years and 65:35 for businessmen and self-employed professionals who are in the business for last three years.
- Home Equity– 70:30 for salaried employees, 70:30 for businessmen and self-employed professionals who are in the business for last five years and 65:35 for businessmen and self-employed professionals who are in the business for last three years.
- Balance Transfer Facility – 80:20
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| Who is eligible to apply? |
- Pakistani Nationals living in Karachi, Lahore, Rawalpindi & Islamabad cities.
- Be in the age bracket of 22-65 for Salaried, and 21-65 for Businessmen/Professionals (65 at loan maturity)
- Should possess at least 3 years of Professional/ Business/ Employment experience
- Have a minimum take-home verifiable income of Rs. 18,000 per month
- Installment not to exceed 50% of the monthly take-home income
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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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| I live in Karachi and want to Purchase/ Renovate/Construct a house in Lahore. Can I avail your financing facility? |
| YES |
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| I live in Gujranwala and want to Purchase/ Renovate/Construct a house in Lahore. Can I avail your financing facility? |
| Yes, you can avail the financing facility provided some other requirements are met. |
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| I am a property dealer. Will I get an incentive from MCB if I bring in Pyara Ghar customers? |
| Yes we are in process of including realtors as our Partners in Business, you can contact our sales offices for details or mail to pyaraghar@mcb.com.pk for further details. |
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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. 5,000/- (Rs. 3,000/- 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. 4,000/- *
* could vary from area to area |
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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 will be the cost of legal documentation/ stamp duties and GPA registration, at the time of final transfer? |
| Normally it costs Rs. 4,700/- in case of Home Purchase and Rs. 4,000/- in case of Home Construction, Home Renovation and BTF, however these rates are subject to vary from city to city and from time to time. |
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| I am a Businessman/Self Employed Professional, how will you assess my income? |
| From last 1 year bank statement or income estimation (optional). |
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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.
For the purpose of clubbing income only a spouse can become a co-borrower. |
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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 and will my principal start to get deducted right from the beginning of the installments? |
| The maximum period allowed for construction is 2 years, and yes your principal will start to get deducted right from the beginning of the installments. |
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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. |
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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 Rs. 100,000/-.
Any Pre-payment request made by the customer will be subject to a redemption charge of 4% of the amount being prepaid in 1st year, 3% in 2nd year and 2% in subsequent years
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