List of Banks That Provide House Loans in Pakistan
Building a home can be very challenging in the modern period due to increased expenses for labour, raw materials, and property taxes. Before submitting an application for a mortgage, you should be informed of the plot size conversion. Once you are aware of the precise dimensions of your property, securing a loan is simple with the right planning.
Thankfully, some banks are prepared to provide loans to Pakistanis looking to purchase a home. You only need to provide the bank a predetermined sum of money each month. The entire construction process is streamlined and made simpler as a result. A member of the middle or higher middle class can take advantage of home ownership thanks to home finance.
You only need to provide the bank a predetermined sum of money each month. The entire construction process is streamlined and made simpler as a result. A member of the middle or higher middle class can take advantage of home ownership thanks to home finance.
In order for you to understand how the entire loan procedure functions, we have put together a very helpful and thorough comparison of various banks.
Home loans are available from Bank Alfalah Alfalah Home Finance with straightforward terms and conditions. With monthly installments ranging from 36 to 240 rupees, you can apply for a loan of between Rs 2 million and Rs 50 million.
Bank Alfalah Requirements:
The filer must be between the ages of 23 and 60 and earn a minimum salary of Rs. 70,000. Loan applications must include CNIC, pay stubs, a 12-month bank statement, and proof of two years of employment with the present employer.
Through “HBL Home Loan,” you can apply for a loan with a value between Rs 2 and Rs 15 million, repayable in 60 to 240 monthly installments. You can determine the loan amount using the loan calculator that HBL has available on their website.
Around Rs. 100,000 is the minimum salary needed for HBL. The person should fall within the range of 22 and 60 years old. The necessary paperwork includes a CNIC, pay stubs, a 12-month bank statement, at least five years of experience, Pakistani nationality (both resident and non-resident Pakistani), and a letter from the employer.
A bank is offering a loan up to Rs. 25 million that must be repaid over the course of 12 to 240 months.
The applicant must be between the ages of 21 and 60 and earn a salary of Rs. 50,000 per month. The necessary paperwork includes a CNIC, pay stubs, a 12-month bank statement, and evidence of Pakistani residency.
With monthly installments ranging from 36 to 300 rupees, Askari Bank offers loans from 500,000 to 20 million rupees.
Askari Bank Requirements:
Like MCB, Askari Bank has a Rs. 50,000 minimum salary requirement. The applicant must be between the ages of 22 and 60, and additional processing will require a CNIC, pay stubs, and a 12-month bank statement.
United Bank Limited
A loan from Rs 1 million to Rs 240 million is available from the bank, repayable in 36 to 240 monthly installments.
United Bank Limited Requirements:
To be eligible for the loan, you must make at least Rs. 50,000 per month. They ought to fall within the range of 23 and 65. The necessary paperwork includes a CNIC, pay slips, a 12-month bank statement, evidence of residency in Pakistan, and proof of 12 years of employment.
Bank Al Habib
Like other banks, Bank Al Habib provides loans with amounts ranging from Rs. 300,000 to Rs. 20 million. Consumers are required to repay in 240 monthly installment installments.
Bank Al Habib Requirements:
Age restrictions apply, and the minimum salary requirement is Rs. 60,000. The paperwork calls for a 12-month bank statement, a CNIC, and pay stubs.
With monthly installments ranging from 12 to 240, JS Bank offers home loans with amounts between 500,000 and 100 million rupees.
JS Bank Requirements:
The pay scale at JS Bank is a tad on the upper side. A beginning salary of about Rs. 70,000 is offered. The candidate must be between the ages of 21 and 60 and provide their CNIC, pay stubs, and last 12 months’ worth of bank statements.
A loan between Rs. 500,000 and Rs. 50,000,000, repayable in 24 to 240 monthly payments, is available from Meezan Bank.
Meezan Bank Requirements:
People who earn around Rs 40,000 per month can apply for loans from Meezan Bank. The applicant must be between the ages of 25 and 65, and additional processing will require salary stubs, a bank statement for the previous 12 months, and two years of job verification.
Standard Chartered Bank
Saadiq Home Financing, a subsidiary of Standard Chartered, also provides loans. Like HBL, this bank provides its clients with access to a loan calculator online. With monthly installments ranging from 12 to 240 rupees, you can apply for a loan of between Rs 3 million and Rs 30 million.
Standard Chartered Bank Requirements:
Financing from Standard Chartered Bank is available for up to 75% of the value of the asset. The needed income is Rs. 50,000, and the age range is 21 to 60. Bring your CNIC, pay stubs, a 12-month bank statement, and a letter from your employer if you wish to apply for a loan from SC.
A loan from Rs. 300,000 to Rs. 100 million, repayable in 12 to 240 monthly payments, is one of the options available to Summit Bank’s devoted clients.
Summit Bank Requirements:
The age range for employees at Summit Bank is 23 to 60, and the starting wage is Rs. 80,000. Formal paperwork calls for CNIC, pay stubs, a 12-month bank statement, and a letter from the employer.
Additionally, Bank Islami offers housing loans with monthly installments ranging from 24 to 300 rupees for homes costing between 200,000 and 50 million rupees.
Bank Islami Requirements:
Age restrictions apply and the starting wage is Rs. 51,000. A CNIC, pay stubs, 12-month bank statement, 6-month job verification, and the previous 6-months’ worth of utility bills are needed as paperwork for Bank Islami.
National Bank of Pakistan
The National Bank of Pakistan also provides straightforward terms and conditions for house loans to its esteemed clients. NBP House Loan provides the most competitive home loan rates in Pakistan due to its variable annual return strategy.
Through the NBP Saibaan program, the bank provides its clients with loans for building and purchases. You can receive a maximum of about Rs. 35 million over a duration of 3 to 20 years.
National Bank of Pakistan Requirements:
The applicant must be at least 22 years old and have a net income of between Rs. 10,000 (if a government employee) and Rs. 15,000 to qualify for the loan (if he or she is privately employed).
To apply for the loan, you must have the following documents with you:
- Two pictures the size of a passport have been attested.
- Your CNIC has been attested on two copies.
- Two certified copies of the CNICs of your references.
- Use a check to pay the processing charges.
- Make a cheque payable to legal counsel if you’d want a legal opinion.
- Please make checks payable to the valuer if you want the valuation report.
- For the income estimation report, if necessary, make checks payable to the Income Estimation Company.
- Property Documents: The title documents are accessible in a certified copy.
- A bill of quantity (BOQ) is necessary for HC and LPC.
The home lending program at Faysal Bank operates under the declining Musharakah premise. Under this program, the bank and the customer jointly buy the asset. The customer is subsequently given a lease by the bank for its share of the units.
Once all of the units have been paid for, the asset is transferred into the customer’s name, making him the only owner of that particular property.
The following loan types are readily available right now:
- Purchasing a residence
- Construction site plus home builder
- Remodeling a home.
- House refinancing (Transfer existing home finance facility).
The applicant must be a citizen of Pakistan in order to qualify for a loan. To be eligible for a loan, a salaried person must be between the ages of 21 and 60, have a net income of Rs. 100,000, and meet other requirements.
Faysal Bank Requirements:
The following documents are necessary for the bank’s application process:
- Copy of CNIC
- 2 photographs the size of a passport
- Pay slips over the last six months
- Employment or pay certification (title, date of hire, permanent – status, salary breakdown).
- The most recent year’s worth of bank statements (Original).
- A duplicate of all title documents
Allied Bank Limited
Allied Bank Limited is also one of the renowned banks of Pakistan that offer low-interest home loans.
You are qualified for a home loan if you are a Pakistani national between the ages of 25 and 57 and have a monthly net income of $50,000.
Depending on your choices and financial situation, you can borrow Rs. 40 million and pay it back over a period of 3 to 25 years.
On the other hand, Allied Bank demands a minimum of six months of prior banking experience.
The bank offers following type of loans:
- Purchase of a house/apartment
- Building a house (Land already owned)
- Renovation of a house
- Purchase land and build a house
Allied Bank Limited Requirements:
- Bank statement from the previous six months (ABL / any other bank, as applicable)
- CNIC/Smart NIC Copies
- Income documentation
- “Application Form” must be completed and signed.
Dubai Islamic Bank
If you’re seeking a home loan in Pakistan with no interest, take this bank into consideration. Customers of Dubai Islamic Bank can also apply for home loans from the bank without using riba (a concept in Islamic banking that refers to charged interest). Because this bank gives loans up to Rs. 75 million, anyone who wants to avoid paying any interest can choose it.
A Musharakah agreement will be made between the customer and the bank. The asset will be bought by the bank on behalf of the client, who will subsequently lease it. The bank will fully transfer ownership to the customer once the loan has been paid off.
Dubai Islamic Bank Requirements:
- 25 to 60 years of age.
- Earnings per month: Rs. 40,000 for paid workers and Rs. 50,000 for independent contractors.
- It is necessary to have a copy of the principal applicant’s CNIC.
- Copies of co-partners’ CNIC
- 2 photographs the size of a passport
- Revenue from taxes
- Copy of a utility bill
- A degree in a certain field (for self-employed professionals only)
- Salary Certificate/Proof of Profession
- The latest pay slip
- 12 months’ worth of bank statements and a bank certificate
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