How to get dream house/flat in Karachi with approval of NAPH in hand?

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An opportunity for you to secure your dream home

The current government of PTI had made several commitments to the public during their elections campaign for the general elections of 2018. The party received an overwhelming response in the elections and came into power. Now fulfilling their commitments, Prime Minister Imran Khan had announced a Naya Pakistan Housing Scheme for the people belonging to the middle-class and lower middle class across the country.

The housing scheme is named as Naya Pakistan Housing Scheme. Under this scheme, middle-class people will be getting credit facilities from the banks. The loan amount can be used to construct a house on an empty plot or buy a prebuilt house. The repayment schedule is quite flexible with a minimum financing tenure of 5 years and a maximum of 20 years. There are three categories in which you can secure a loan

Category 1 – For Naya Pakistan Housing Development Authority (NAPHDA) Projects

With Naya Pakistan Housing Scheme, the government also initiated a low-cost housing development project under the name of Naya Pakistan Housing Development Authority (NAPHDA). This project aims to build low-cost houses across the country to meet the demand of middle-class people. If someone is looking to get a loan to buy a house in one of (NAPHDA) projects, they can get a maximum financing facility of PKR 2.7 million. This category is well suited for people belonging to the lower middle class as the maximum price of houses in this project is kept fixed at PKR 3.5 million.

Category 2 – For Non-NAPHDA Projects with a max area of 125 sq yards

In this category, you can secure a financing facility of up to PKR 6 million to buy a house in any project other than NAPHDA. This is one of the best options for middle-class people to secure a loan for buying a house where they want.

Category 3 – For Non-NAPHDA Projects with a max area of 250 sq yards

Under this category, you can get a financing facility of up to PKR 10 million to buy a house. This option is well suited for people having good and regular income sources like high-paying jobs or owners of a small enterprise.

This scheme is a golden opportunity for the people who are willing to buy a house but cannot afford to pay at once. The above-mentioned categories aim to facilitate, keeping in view the high population of Pakistan.

Now that you know about the categories to qualify in NAPHDA, further in this guide, we will discuss the requirement to secure the credit facility and where to use that amount for successfully getting your dream home.

For areas in NAPHDA, it is very important to have a well-thought-out plan when it comes to buying a house in Karachi.  We will be covering four main locations of Karachi for buying a house under this scheme that is Saadi Town, Malir Cantonment Board, Maymar and Scheme 33.

List of Main Documents

The main documents that you would be requiring to secure a loan for your household are as follows

1. Sale Deed of the property
2. NDC from Cantonment Board
3. Mukhtiarkar NOC
4. Completion Certificate
5. Sub-Lease with your name

Although some banks may have other requirements also, the above-mentioned documents are treated as an essential part that you must have to process your application. By securing these documents, you can increase the chances for your loan application to get approved easily.

Saadi Town

Starting from Saadi town, it is a good locality to buy a house while staying within the budget. The map of the project is approved and the lease is also available. But you can face some problems in completing the documentation requirements that have been set by the banks. Most of the houses and societies won’t be providing you the completion certificate which is one of the mandatory requirements as mentioned earlier.

Malir Cantonment Board

Another option is Malir Cantonment Board. With all the modern amenities and mainstream commercial areas nearby, this is a good option that you can avail. But most of the banks have a requirement of Mukhtiarkar NOC in case you are willing to buy a house in Malir Cantonment. Although you can submit your application without the NOC, chances are that without complete documentation, your application may get rejected.

Scheme 33

Scheme 33 is one of the best options where you can buy your dream home while staying within the budget. This part of Karachi has been witnessing rapid growth in terms of housing infrastructure and development. You can find several gated societies that are providing you with all the basic facilities. In Scheme 33, you can find many options including houses and apartments completely built, semi built, or even a plot. Since the area is developing at a fast pace, one can easily anticipate the future boom in the value of these properties. So, it will be a wise decision to buy a property in Scheme 33 today!

Gulshan-e-Maymar :

Gulshan-e-Maymar is a reputed housing project located in the outskirts of Karachi near to main Superhighway. The design of the project has a lot of resemblance with the federal capital. Therefore, it is often referred to as Mini Islamabad. The project is enriched by the neatly trimmed parks, wide and clean roads, modern clubs, and rest houses.

Maymar come under A category on Banking Sector specially housing loan and Naya housing scheme.

Some general guidelines :

There are some general guidelines that we want our audience to keep into consideration when buying a property:

1. When you are looking to buy a property, never go for portions as there are high chances that all of them may be declared illegal by the Supreme Court.
2. All the commercial and residential areas on the land of Cantonment are being revised by the Supreme Court so the future could be uncertain with this option.
3. Before buying the property, you should check with the map of the town that your marked area is not a park or any amenity plot. You can find old maps from the established real estate agent of that particular area
4. You can also check for the online approvals for your property and housing projects from the website of Sindh Building Control Authority (SBCA).