Bank Al Habib Home Loan Balance Transfer Criteria

Bank Al Habib offers Transfer of Home Balance Financing Scheme which leads to your dream. Bank Al Habib believes that home is a place where every person’s heart and mind are at peace. Additionally, Bank AL Habib also keeps its long and recognized history for their customers along with oriented products and services.

Additionally, Bank AL Habib provides opportunity to those customers who have already transferred their availed home loan from other banks/institutions in Pakistan with Bank AL Habib in case they have maintained a good repayment history.

Criteria of Financing

1)       Only the amount of outstanding shall be paid on account to the releasing of bank/institution or in the range of maximum amount which should be fifty million (PKR 50 M) whichever is lower.

2)       There will be no enhancement in the financing amount offered to the applicant.

3)       The ownership of property which must be in the name of the primary debtor or co-borrower (spouse).

4)       The customer must provide a letter, authorizing Bank Al Habib official in order to collect and repossess all title documents from the releasing institution/bank.

5)       Availability option for balloon payments. The balloon payment fees shall be applied on the basis of the applicable Schedule of Charges of the given Bank.

Bank Al Habib Transfer of Home Balance Financing Scheme 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

1)       Nationality: Must be Pakistani National.

2)       Relation with Bank: Relation with any bank for 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 a salaried field with salary slip and two year for self-employed business.

5)       Lowest Income: Salaried people have at least Sixty thousand only (Rs.60, 000/-) per month to 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 can be taken 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.

Markup Details

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 Buyers Financing Scheme

v  Visit to your nearest Bank Al Habib Branch and fulfill the application with required documents as mentioned above.

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