Bank Al Habib offers Home Buyers Finance Scheme which lead to your dream. Bank Al Habib believe that home is a place where every person heart and mind are at peace. Additionally, Bank AL Habib also keeping its long and recognized history for their customer along with oriented products and services.
Additionally, this product is prolonged to those customers who already have own land and need funds to fulfill the construction cost. It also provides to those customers, who have already begun construction of home and have completed it up to a certain level.
Ban Al Habib Loan Criteria
1) Availability of financing in the range from three hundred thousand only (PKR 300,000) up to thirty five million (PKR 35million) or hundred percent (100 %) of quantity bill or seventy percent (70%) of the cost of construction and appraised of land value whichever is lower.
2) The period of financing is the range from one (1) to twenty five (25) years.
3) Requirement of the minimum income for primary debtor is PKR 60,000 and co-debtor is PKR 30,000. Only Spouse can be made as co-borrower for income banging or ownership of property.
4) Distribution of Payment in three stages as follows:
a. a) Plinth Stage = thirty percent (30%)
b. b) Structure completion = (30%)
c. c) Finishing Stage = (40%)
5) Repayment will be based on equal installation of monthly which based on the financing tenure at least two (2) years period of grace which included construction, where only markup is to be examined.
6) Availability option for balloon payments. The balloon payment fees shall be applied on the basis of applicable Schedule of Charges of the given Bank.
Product Features
1) Financing Tenure: 1-25 years
2) Repayment will be based on equal installation of monthly
3) Competitive and low mark-up rates
4) No charges for balloon payment and early settlement
5) Insurance of free life
6) Availability of Co-Applicant option (i.e. Father, Spouse, Son and Mother)
Eligibility Criteria For Loan
1) Nationality: Must be Pakistani National.
2) Relation with Bank: Relation with any bank at least 1 year.
3) Age Limit: At least 25 Years and up to 60 years for employees. Similarly, sixty five 65 years for those who have self-based employed professional and Self Employed Business men at financing maturity.
4) Business/ Employment Contract: At least two year experience in salaried field with salary slip and two year for self-employed business.
5) Lowest Income: Salaried person have at least Sixty thousand only (Rs.60, 000/-) per month take home and SEP/SEB have at least One Hundred Thousand (Rs.100, 000/-) per month.
6) Credit History: Having satisfactory credit history
7) Co-borrower Income: At least thirty thousand only (30,000) net income on monthly basis which take home and may be added for income banging and property ownership purposes.
Required Documents For Home Loan
1) Required Documents for Salaried Individuals:
a. Application Form of Bank’s prescribed
b. Have valid Computerized National Identity Card (CNIC)
c. Have three (3) recent passport size photographs
d. Having of latest salary slip and letter of employment with joining date
e. Having of last three months’ salary slips
f. Statement of Bank at least one (1) with reflection of salary credits
2) Required Documents for Businessmen/ Self Employed Professional:
a. Application Form of Bank’s prescribed
b. Have valid Computerized National Identity Card (CNIC)
c. Have three (3) recent passport size photographs
d. Business proof with acceptable documents
e. Statement of Bank at least one (1) with account maintaining certificate
Insurance of Property:
1) At customer cost, the coverage of property insurance.
Applicable Financing Rate: ( Markup )
1) For Salaried individuals the financing rate = 1 Year KIBOR + 3% p.a
2) For other than salaried individuals the financing rate = 1 Year KIBOR + 3.5% p.a
How to Apply for Home Construction Scheme
v Visit to your nearest Bank Al Habib Branch and fulfill the application with required documents as mentioned above.