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- January 4, 2023
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Home Loan from Banks in Pakistan
While prices have been high for homes for sale, people still want to own their own homes. Although it is not shocking, it is a bit difficult to buy a house in Pakistan. A house that fits your budget and meets your expectations could be much harder to find.
You could give up on a smaller house or a job you didn’t want at first. All that makes it inevitable to borrow a home. A home loan from a bank has its own advantages.
We know that building a house in today’s era can be very difficult due to the rising cost of raw materials, labor and housing tax. You only know how to translate the size of the lot before collecting a loan for your house. Once you know the exact size of your land, then it is easy for you to get a loan with a suitable plan. Fortunately, some banks provide Pakistani citizens with home financing.
You only have to pay the bank a certain amount of money per month. This promotes and promotes the entire construction process. Middle class and upper middle class can enjoy the benefits of their own home, all with home financing.
To see which banks in Pakistan, offer home loan services, we have mentioned very helpful and detailed features of each bank.
Advantages of obtaining a Home Loan form Bank
Before we get started, let’s look at advantages of getting a home loan from a bank.
- High payments Permanent tenure: (home loans have the longest repayment, up to 30 years, among all types of loans, so that the burden of equivalent monthly payments can be reduced by extending the tenure). You can use a home loan EMI calculator to know how your home loan office is changing
- Assess the capital appreciation: So you can prosper with the time of real estate improvement.
- Save you from paying rent: They’re squeezing your monthly budget because rent is pretty high in subway cities. The EMI and families pay well.
- Tax benefits on a second home: In the case of a second home, you are entitled to claim a deduction for the total amount of home loan interest paid under Section 24B of the Income Tax Act.
- Unlike most loans, where loans cause down payment down payments, there are no down payment premiums for floating home loans.
- No down payments: That you can use it to finance part of your home loan and reduce the pressure if you have extra capital. In the case of a revolving home loan, however, down payment fees may be paid.
- Balanced Delivery Facility: In case of home loans, if your loan has a lower cost, you will transfer your home loan to a particular loan company.
- Easy to buy home dreams: For many people, home loans cannot be bought with their own money, as it can be repaid in simple monthly installments, and buying a home is much simpler.
Banks that offer home loan in Pakistan
Pakistani people spend their lives saving money to buy their own house. Yet only a few will truly realize the dream. In such a state of affairs, a mortgage can be a very useful option. It may not be ideal for everyone, but it should be considered for people with a decent monthly income, especially people who live in rented houses.
Here is the list of banks you should look for:
Islamic Commercial Bank (MCB) – Pyara Ghar
For a variety of uses, MCB offers a variety of financial options such as buying a home, building, building or purchasing real estate.
Features
Their domestic financial alternative is available in all major cities like Lahore, Karachi, Islamabad, Faisalabad and Rawalpindi. For 2 to 20 years, MCB offers up to 20 million loans, except for industrial assets that you cannot get the loan from.
Bank Alfalah
Simply put, Alfalah Home Finance offers home loans. The amount for the loan can be claimed in 36 to 240 monthly installments, starting from Rs2 million to Rs.50 million.
Features
The applicant wants a minimum wage of Rs 70,000 and the age limit is between 23 and 60 years. CNIC, salary notes, bank balance and two years of employment for a current employer include the records required for loans. Loan papers
United Bank Limited (UBL) – UBL Address
Under the term “UBL Address,” the UBL provides support for purchasing and construction purposes. These loans are sold at two separate interest rates (so-called floating and adjustable).
Features
You must be a Pakistani citizen and earn a minimum monthly income of 15,000 to apply. Note that although the combined income of both partners reaches 15000, a family can apply for this loan. Using this program, you can get up to 500,000 and larger loans. Brand prices range from 11.99% to 16.5%, and these loans are offered for a period of 3–20 years.
Bank Al Habib
Like other banks, Al Habib Bank also lends 300,000 to 20 million rupees for 240 months.
Features
The minimum wage threshold is Rs. 60,000 and the average age is between 23 and 60 years. CNIC, payments and 12 monthly bank statements are the things needed for paperwork.
Askari Bank
Askari Bank gives loans of Rs 500,000 million to Rs 20 million, charged in a monthly installment of 36 to 300 installments.
Features
Like MCB, Askari Bank’s minimum wage requirement is Rs. 50,000. The age limit is 22-60 years and CNIC, salary invoices and a 12 month bank statement are the documents needed for further processing.
Meezan Bank
At the Meezan bank you are allowed to apply in 24 to 240 monthly installments for a loan amount starting at Rs. 500,000 to Rs. 50 million.
Features
Meezan Bank offers loans to those with Rs. 40,000 monthly salary. The age range varies between 25 and 65 years. A pay cut, a 12-month bank statement and proof of work are expected for the coming years.
Norma Luita
The Standard Chartered Home Finance division also offers loans. Like HBL, this bank also offers an online loan calculator for its customers. It is possible, in 12 to 240 monthly installments, to apply for a loan amount between Rs3 million and Rs30 million.
Features
The financing available with Standard Chartered Bank is up to 75% of real estate valuation. The salary and age criteria are of Rs. 50,000 and Rs. 21 to 60, respectively. If you intend to secure an SC loan, bring your CNIC, your salaries and your employer’s 12-month bank account and a letter with you.
