Advertise
Search Options
Search
Start New Discussion 
Ask Now
Prop Guide

Property Guru
7338 posts
24 best
Nadeem Ahmed

Property Guru
4983 posts
19 best
Falcon

Property Guru
4737 posts
6 best
Pakistani-1

Property Guru
3031 posts
26 best
Abdul Qayyum

Property Guru
2598 posts
8 best
Nasir

Property Guru
2515 posts
21 best
Imtiaz

Property Guru
2294 posts
15 best
Khalid Javai

Property Guru
2017 posts
0 best
Sayeein

Property Guru
1868 posts
0 best
Sheikh Abdul

Property Guru
1753 posts
16 best
Baber Rabban

Property Guru
1716 posts
16 best
Isloo

Property Guru
1529 posts
3 best
Dsa

Expert Authority
1487 posts
2 best
Syed Ibrhaim

Expert Authority
1437 posts
17 best
Arshad

Expert Authority
1189 posts
1 best
Pardesi

Expert Authority
1172 posts
8 best
Mbs

Expert Authority
1157 posts
13 best
Ace Property

Expert Authority
1114 posts
9 best
Irfan

Expert Authority
1112 posts
8 best
Real Estate

Expert Authority
1052 posts
3 best
Become an expert on the forum, check Forum Ranks.
Installment Plans discussions and advice. Participate in ongoing dicussions and get invaluable Installment Plans advice from people who are experts in their industries or start a new Installment Plans discussion.
Real Estate ..
( 23 posts )

[16 Replies]
First of all, has anybody ever calculated the monthly instalments required to pay back the loans that are being provided by private banks for the naya pakistan housing programme (nphp)? This is a genuine question which i believe needs to be addressed or, at the very least, discussed among common folks who happen to be the biggest beneficiaries of said housing project. That being said, many private banks have announced housing finance on ‘extremely low markup rates’ for low-salaried individuals.
The extremely low markup rate might sound promising to a person whose monthly earnings lie somewhere between 25,000 and 30,000. But what about the monthly instalments? How much does he have to pay to the bank in terms of monthly payments? 5k, 10k, 15, 20k or more? Correct me if i’m wrong but i find these so-called affordable house financing schemes nothing short of bull****. How can you say that these ‘facilities’ are for the non-privileged class when you are taking several thousands of rupees from a person’s account whose monthly earnings amount to a mere 25,000.
Also, do keep in mind that the prices of essential items have soared since tabdeeli sarkar came into power. People are working their butts off to keep the circle running yet they are hardly able to make ends meet. What good does a low markup rate do if the borrower can’t even afford to pay the monthly instalments?
Looking forward to hearing your thoughts on my rant.

    157 days ago In Installment Plans
    Post Answer
    Slick
    (97 posts)
    ..

    Generaly speaking the main benefit for any mortgage/house finance schemes for people would be to build equity by owning their own property which otherwise wouldnt be possible due to alternative scenario of thousands of rupees of their income being wasted on rental accomodation. If the markup rates monthly installments workout similar or even slightly higher then the individuals monthly rent its still way better to pay into a mortgage as oppose to paying rent. So in my humble opinion yes it does sound like a reasonable facility for those salaried people that are usualy stuck in a longterm rental cycle with no end in sight. Might help lots of people by giving them the opportunity to get on the property ladder for the first time.
      157 days ago 

      Abdul Raheem
      (17 posts)
      The scheme is not for people with 25,000-30,000 salary per month, but for people who pay rent ranging from 25,000-30,000 per month.
        157 days ago 

        Real Estate ..
        (23 posts)
        Abdul Raheem sb, where did you read that? Please provide the link.
          157 days ago 

          Ammar Khan
          (255 posts)
          For those giving 25,000-30,000 rent per months may have remaining salary only for other essentials and utilities. It will only become practical to get rid of rent if one can afford rent + installment + essentials/utilities per month or in other case govt offers ready made homes where one can shift immediately and start give rent amount as installment.
            157 days ago 

            Wasif Ali
            (25 posts)
            نیا پاکستان ہاؤسنگ کے گھروں کے بارے میں کہا جا رہا ہے کہ ان کو رینٹ پر نہیں دیا جا سکے گا۔ ا س میں کتنی سچائی ہے؟
              156 days ago 

              Ali Kamran
              (141 posts)
              I think Slick sab made a good point. It is the best option for people who will be perpetually stuck in a cycle of rent otherwise.



              However, it is true that the government's claims do not seem to be really materializing under this. They did claim that the rental payments/instalments will be that small. One can only hope that NAPHDA projects are much cheaper than non-NAPHDA projects otherwise the people who are actually currently living 4, 5 people to a room would still not have a home.



              Moreover, under non-NAPHDA projects, if you procure 3 million loan, it cannot be paid in PKR 25,000 per month in even 20 years. At approximately 11% profit rate, you will be paying more that 31,000 rupees per month for 20 years. Remember you will be paying back minimum 6.8 million.



              https://www.mawazna.com/loans/homeLoanSteps/2?loan_amount=3000000&loan_period=20&banks_included=1%2C2&city=Lahore&loan_purpose=1&property_value=8000000&down_payment=50&loanTerm=20&source_of_income=1&income_value=100000&bank=2
                155 days ago 

                Nawaz Malik
                (50 posts)
                Okay, I agree with all the points above and would like to add that this is one of the best opportunities I have gotten during my last 11 years of professional career to own a home.

                You have to understand the concept of tvm to fully grasp what Mr. Slick just said here.

                The installments can be calculated by a calculator which is available on every bank branch.

                If you want me to tell you the installments you would owe, kindly tell me your tenure, amount of bank financing and I would tell your monthly installments here
                  155 days ago 

                  Nawaz Malik
                  (50 posts)
                  Taking this opportunity, I would like to highlight a key point that not many places in capital can be covered under this scheme. Two reasons. 1) the scheme is not financing plots in private societies like bahria. 2) the cost of land is too much in capital.

                  As soon as you leave the capital, prices fall drastically.



                  Can any honourable member advice where to buy 5 Marla plot in the range of 45-55 lacs in capital?

                  Regards
                    155 days ago 

                    Real Estate ..
                    (23 posts)
                    Nawaz Malik sb, the government has announced said financing facility for both NAPHDA and non-NAPHDA projects. I believe construction in private schemes falls under the non-NAPHDA category. Would you please elaborate on the 'scheme is not financing plots in private societies like Bahria' point of yours?
                      152 days ago 

                      Nawaz Malik
                      (50 posts)
                      Private societies like bahria which are under the ownership of a single person are not being financed by banks. It has always been banks rule that they won't finacne private societies or the societies where ownership of the land stays with the society.

                      If you have different info please share with me because I have also been handicapped by this.

                      On the other hand if you can get a registry in the societies at your name then you can also get financing
                        152 days ago 

                        Post Answer (16 Replies)
                        1 2 >
                        Post Reply
                         
                        Username:
                        Password:
                        Email Basket (0)
                        SEND EMAIL   REMOVE ALL