Low Cost Housing Project
Government of Pakistan through Ministry of Housing & Works has launched a Housing Scheme with total funds of PKR 5 Billion out of which 3 Billion has been released by the Government of Pakistan till now & subsequently disbursed. Under the said scheme, poor and deserving families will be provided with financial assistance as per Shariah compliant product up to PKR 500,000/- through Akhuwat Islamic Microfinance (AIM). This scheme seeks to support the poor both economically and socially.
Salient Features of the Scheme are as follows:
- Financing size up to Rs. 500,000/-
- Repayment period is from 13 to 60 months. An early repayment will be welcomed.
- Average Monthly rental amount is up to Rs. 10,000/-
- Financing will be given for following purposes:
- Entire New Construction or Lanter for new house.
- Addition of rooms, kitchen & bathroom etc.
- Renovation & upgradation.
- Application processing fee will be zero.
- Rental will be received from the applicant @ 4.49% per annum on total disbursed amount.
Eligibility Criteria for Low Cost Housing Scheme
To be eligible under the said scheme, the applicant must meet the following criteria of having;
- Valid CNIC
- Age up to 60 years
- Applicant must be the owner of the land/house
- Valid ownership title or evidence of land/house (may include Registry, Inteqal, Fard, Allotment letter or any other valid evidence deemed appropriate)
- Land size of 5 Marla or less or covered area which is not more than 1,360 sqft.
- Good social and moral character in community
- Monthly household income up to Rs. 60,000.
- Residence in the operational area of AIM’s branch.
- Should have a clear credit history (if any).
*Preference may be given to widows and households with monthly income below Rs. 40,000.
For further details, please visit our branch nearest to your plot/house under consideration. Complete address & contact details of our branches is available on our website.