Although, banking sector being quite dynamic in Pakistan. Moreover, consumers are making extensive use of different types of loans for various purposes, making use of mortgages or home loan service is still not as prevalent as other types of finances. People in Pakistan spend their lives in saving the money, in order to be able to buy their own house. Still, very few can manage to actually live this dream.
In such state of affairs, mortgage can be a very handy option. It may not work out perfectly for all and sundry. However, but it is worth taking into consideration for people with good monthly income, especially those who are living in rented houses.
There are a number of banks providing different home loan financing products for their customers. You can avail any of them when buying or constructing your home. In this article, we have listed some of these banks.
Who does not want the luxury of having their own home?
It is the dream of most of us. Living in a rented house may become frustrating and annoying. Privacy and comfort are usually absent in rented spaces and oh… don’t forget the sky-high utility expenses. A place you can call home is indeed a blessing.
However, building a home in today’s era can be very difficult due to the increasing cost of raw material, labor, and property tax. Before getting a loan for the home you exactly know about the plot size conversion. Once you know the exact size of your land then it is easy for you to get a loan with a proper plan. Thankfully, some banks are providing home financing for Pakistani people.
All you have to do is pay a certain amount of money every month to the bank. This makes the whole construction process easier and more practical. A person belonging to the middle class and upper-middle-class can enjoy the perks of their very own home, all thanks to home financing.
We have outlined a very useful and thorough comparison among different banks so that you can see how the whole home loan thing works.
Before starting off with the article, we would like to highlight that the costs and interest rates mentioned in the content are for Islamabad. The interest rates, terms, and conditions may differ in other cities.
Also, these figures are related to an average 5-marla house in Islamabad. The cost of construction is taken as Rs. 26 lac, and the payback period is 15 years.
APR stands for annual percentage rate. It is the annual interest rate that the person has to pay the bank. Secondly, the repayable amount is the total amount (principal amount and interest amount) that the person has to pay back to the bank.
LIST OF BANKS PROVIDING HOME LOANS
|1. Alfalah Home Finance||3 years to 25 years.|
|2. Habib Bank Limited||5 years to 20 years.|
|3. Muslim Commercial Bank||Maximum loan tenure is 25 years|
|4. Askari Bank Limited||3 years to 25 years.|
|5. United Bank Limited||3 years – 20 years|
|6. Bank Al Habib||1 year to 25 years.|
|7. JS Bank||1 year to 20 years.|
|8. Meezan Bank||3 years to 25 years.|
|9. Standard Chartered Bank||1 year 5 years|
|10. Summit Bank||1 year to 20 years|
|11. Bank Islami||2 years to 25 years.|
|12. Bank of Punjab||3 years to 25 years.|
|13. Al Baraka Bank||2 years to 25 years.|
|14. MCB Islamic Bank Ltd||1 year to 20 years.|
|15. National Bank of Pakistan||3 years to 20 years.|
|16. Faysal Bank||1 year to 20 years|
|17. Dubai Islamic Bank||1 year to 20 years.|
|18. Allied Bank Limited||3 years to 25 years|
|19. Khushhali Microfinance Bank||1 year to 20 years.|
|20. Silk bank||1 year to 5 years|
Alfalah Home Finance is giving home loans on easy terms and conditions. You can apply for a loan amount starting from Rs2 million to Rs. 50 million, payable in 36 to 240 monthly installments.
The minimum salary requirement for the filer is Rs. 70,000, and the age limit is 23-60 years. Documents required for loans include CNIC, salary slips, 12-month bank statement, and two years of employment under the current employer.
Through ‘HBL Home Loan,’ you can apply for a loan amount starting Rs2 million to Rs. 15 million, payable in 60 to 240 monthly installments. HBL is also offering a loan calculator on their website that you can use to calculate the loan amount.
The minimum salary requirement for HBL is around Rs. 100,000. The person should be 22-60 years old. The documents required are CNIC, salary slips, 12-month bank statement, minimum 5-year experience, Pakistani nationality (Resident & nonresident Pakistani), and a letter from employer.
You can apply for a loan amount of up to Rs. 25 million, payable in 12 to 240 monthly installments.
The person should have a monthly salary of Rs. 50,000, and should be 21-60 years of age. The documents required include CNIC, salary slips, 12-month bank statement, and proof of Pakistani residency.
Askari bank offers loan amounts starting from Rs. 500,000 to Rs20 million, payable in 36 to 300 monthly installments.
Just like MCB, the minimum salary requirement for Askari Bank is Rs. 50,000. The age limit is 22-60 years, and the documents needed for further processing include CNIC, salary slips, and 12-month bank statement.
You can apply for a loan amount starting from Rs. 1 million, payable in 36 to 240 monthly installments.
To get the loan, the person should have a monthly income of Rs. 50,000. They should be 23-65 years old. The papers needed are CNIC, salary slips, 12-month bank statement, proof of Pakistani residency, and proof of 12 years of employment.
6. BANK AL HABIB
Like other banks, Bank Al Habib is also providing a loan starting from Rs. 300,000 to Rs. 20 million, payable in 240 monthly installments.
The minimum salary requirement is Rs. 60,000 and the age limit is 23-60 years. The things needed for the paperwork include CNIC, salary slips, and 12 monthly bank statement.
7. JS BANK
JS Bank offers home loans ranging from Rs. 500,000 to Rs. 100 million, payable in 12 to 240 monthly installments.
For JS Bank, the salary bracket is a bit high. The minimum salary requirement is around Rs. 70,000. The person should be 21-60 years old and should have CNIC, salary slips, and 12-month bank statements with them.
8. MEEZAN BANK
With Meezan Bank, you can apply for a home loan amount starting from Rs. 500,000 to Rs. 50 million, payable in 24 to 240 monthly installments.
Meezan Bank gives loans to a person who has a monthly income of around Rs. 40,000. The age bracket is 25-65 years, and the papers required for further processing include salary slips, 12-month bank statement and 2-year employment proof.
9. STANDARD CHARTERED
Saadiq Home Financing division of Standard Chartered is also giving home loans. Like HBL, this bank is also providing an online loan calculator for its customers. You can apply for a loan amount starting from Rs3 million to Rs30 million, payable in 12 to 240 monthly installments.
With Standard Chartered Bank, the financing is available for up to 75% of property value. The salary requirement and age requirements are Rs. 50,000 and 21-60 years, respectively. If you are interested in getting a loan from SC, then do bring your CNIC, salary slips, 12-month bank statement and a letter from your employer with you.
10. SUMMIT BANK
Summit Bank allows its valued customers to apply for a loan amount starting from Rs. 300,000 to Rs. 100 million, payable in 12 to 240 monthly installments.
The base pay for the Summit Bank is Rs. 80,000, and the age limit is 23-60 years. The documents needed for formal paperwork include CNIC, salary slips, 12-month bank statement, and letter from employer.
All the content provided in this blog post is for educational as well as for informative purposes.
You get a loan for small businesses or startups as well. There are million business ideas out there, each catering to a different customer segment.
Any action that you take upon the information on this website is strictly at your own risk. For more information on home loans, visit the bank’s website.