Bank Al Habib offers Improvement of Home Financing 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 offered to those customers who have the purpose of improvement of their own constructed house.
Criteria of Financing:
- Financing in the range of three hundred thousand (PKR 300,000) up to fifteen million (PKR 15 M) or up to fifty percent (50%) of the assessed property value whichever is lower.
- Period of financing in the range of one (1) year to twenty five (25) years.
- For primary borrower, the requirement of minimum income in the range of sixty thousand (PKR 60,000).
- The Bullet Payment made by disbursement for one time.
- Requirement of Bill of Quantity (BOQ).
- Repayment will be based on equal installation of monthly.
- Availability option for balloon payments. The balloon payment fees shall be applied on the basis of applicable Schedule of Charges of the given Bank.
Bank al Habibi Home improvement Loan benefits
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
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.
Bank Al Habib Home Loan Markup Rate
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 improvement loans Scheme
Visit to your nearest Bank Al Habib Branch and fulfill the application with required documents as mentioned above.
