Many people in Pakistan have a dream to their own house, though it is certainly not cheap. There is an increase in the cost of construction combined with inflation and ever increasing prices as effectively raised the prices of property in urban as well as in areas, this has made extremely difficult for people belonging from lower to middle income cars to buy their own home, using their personal savings. This is the reason that many people in Pakistan rely on commercial banks to acquire loans for their homes. This allows them to purchase or construct their own house and to own a property.
Top Banks That Offer Loans For Home In Pakistan
There are several banks that provide home loans in Pakistan. All of these have different options available, choose by exploring home financing solution according to their own needs.
- Habib bank Ltd:
Habib bank is one of the top choices of people requiring loans for homes in Pakistan if one wants to apply for a loan he should check out all the home financing plans which are offered by the bank. Bank Ltd was established in the year 1947 and it is considered as the largest bank of Pakistan providing its customers with a huge range of products and services.
Habib bank Ltd Islamic home finance:
This home finance scheme is based on sharia. It works on the principles of diminishing Musharakah which is considered as a form of partnership between the bank and customer scheme of us, the customers with an affordable and easy option to get loans for their homes.
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There are several conditions to apply to be eligible for this loan. One must be aged 25 years or older. He must be salaried, self-employed and non-resident individual should be around 30 years or above. Furthermore, this option is only available for citizens of Pakistan.
This HBL Islamic home finance loan can be used to buy a residential home, a residential plot, buy land, construction of house, renovation of existing property and to replace mortgage.
The financial limit of this plan usually starts from 20 lakhs up to 7.5 crores.
The payment can be done between three and 25 years in monthly instalments. Furthermore, the bank can finance up to 70% of the property value.
- Standard Chartered Bank:
Standard charter bank also provideS solutions. It is known for its excellent customer services and financial products. It enjoys good reputation in Pakistan as well as overseas alike. If a person is eligible for Roshan digital account he can apply for Roshan apna ghar scheme through standard chartered bank. If you have someone who does not have RDA account, you can easily apply for Saadiq Home finance.
Saadiq Home Finance:
This is a home financing solution, which is Shariah based in falls under the Islamic structure of diminishing Musharakah. It offers following facilities:
- Purchase home
- Getting loan for renovation
- Enhancing existing Saadiq Home finance
- Transfer of balance facility
However, the tenure for Sadiq home finance is around 25 years. This solution of home finance is available in selected areas, including Islamabad, Lahore, Karachi and Rawalpindi.
Non-resident Pakistanis from Malaysia, Singapore, UAE in Bahrain also eligible to apply for this one financing scheme by standard chartered bank.
- JS Bank:
JS bank provides financing solutions of up to 80% of market value of the property. JS bank is the perfect solution to achieve at home through its Ghar Apna Scheme.
JS Ghar Apna Scheme:
This home loan financial scheme to ride up to 80% of properties market value. This bank also offers home loan protector by EFU life insurance Ltd, to ensure family of the applicant against the repayment in case of disability or death.
You can apply to buy your ghar plan to buy your own house. Under the scheme one can get loans to build your home of between five lac and up to 7.5 crore.
The tenure for these homeland facilities is between one and 20 years.
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However, the minimum amount for renovation in this Ghar theme is around five lac while the maximum is around one crore ender. Can you of this financial scheme is between one and 10 years.
All people having Pakistani nationality and NICOP are eligible for this loan as they can provide their income statements.
- HBFC Bank:
HBFC bank usually provides its customers, especially those from low-income and middle-income groups with a great opportunity to build or buy your house.
Housing Building Finance Company HBFC Ltd is the top choice of people who are seeking for a house building loan in Pakistan. It offers a large number of schemes to assist and help people from different segments of the society to buy a home, construct a home, renovate it or transfer their existing loans.
Ghar Pakistan Scheme:
Under the name of Ghar Pakistan scheme, you can get a loan of around 45 lacs on a financing tenure of around 3 to 20 years to purchase or to construct a home. This financial facility is available for overseas Pakistanis, as well as the residents of Pakistan between the age group of 21 to 60 years for salaried people and 25 to 65 years for self-employed people
Ghar Pakistan Plus Scheme:
Ghar Pakistan plus scheme allows property owners to get loan for their homes of up to 88 lacs in a financial tenure of 3 to 25 years.
The residents of Pakistan as well as overseas Pakistanis between the age of 21 to 60 years for salaried people and 25 to 65 years for self-employed people.
Ghar Sahulat Scheme:
This is another scheme, which enables individuals to get a loan for producing in construction of home of up to 3 crores. This scheme allows Pakistani citizens between the age of 21 to 60 years salaried and 25 to 65 years self-employed to get the home loan under Ghar Sahulat Scheme.
HBFC Khaas:
This financials scheme provides its customers with home construction loan of up to 27 lacs, which include 10 lacs for purchasing of plot. This scheme is designed for videos. Children of martyred law-enforcement officials, Armed Forces martyrs and civilian martyrs in terrorist attacks. Moreover, individuals with disability and transgender citizens can also apply for this type of home financing solution.
- Habib Metropolitan Bank:
If you want to buy land or buy a home of your own, but you are struggling with your financial status. You can apply for Habib Metro home finance scheme, which is offered by Habib metropolitan bank. This bank provided customers with options do not only purchase a home, but also a piece of land to build or construct their own home.
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Habib Metro Home Finance:
Under this Home finance plan, customers can avail, all of the facilities which are listed below:
- Purchase home
- Purchase plot or construct home
- Renovate homes: those people who want to learn with their homes can apply for the scheme
- BTF transfer existing home finance facility: this facility is available for those customers who want to transfer the existing home facilities from another bank to this bank
Furthermore, Habib, Metropolitan bank home finance up to 80% of your property value. It also provides you with affordable instalments and requires minimal documentation. The minimum age to apply for this loan for home financing solution is 27 years by the maximum age is around 60 years for salaried individuals and 65 years for those who are self-employed.
- Muslim Commercial Bank MCB:
MCB requires a minimum amount of documentation for home loans. This is one of the power banks in Pakistan, which provide good options for people who are seeking to get home financing solutions. Application process of MCB home financing loan is very simple and straightforward and the documentation is also not so lengthy.
MCB Home Loans:
MCB bank offers home financial loans and competitive prices and allows the borrowers to buy a house a house on an existing plot or to buy a plot as well. Furthermore, when can also borrow alone in order to renovate their home through this facility.
The financing tenure for this home financing plan is between two and 25 years and financial range of MCB home loans can go up to 5 cruise or even higher.
This facility is widely available for a salary persons, self-employed, pensioners and landlords as well.
- Allied Bank Ltd. (ABL):
Like other banks, Allied bank Ltd also offers several home financing solutions for the Nationals of Pakistan. It is considered as one of the top banks in Pakistan which offers a variety of home financing solutions for borrowers. It has a wide range of the payment options by allowing customers to construct or by their home or also to renovate at their own convenience.
Allied Home Finance Scheme:
This home finance scheme enables all citizens of Pakistan, which belong to 25 to 57 years to get a loan of up to 4 crores, which can be easily paid back within the tenure of 3 to 25 years. It also ensures quick and easy processing and offers alone transfer facility for its customers at very low markup rates. It also provides free life insurance, and a solar system finance facility under renovation.
It is imperative to mention that ABL, presently offers a huge range of products such as apartments or home purchase, home construction on already purchased plots, home renovation, as well as producing new land in constructing a home.
Currently Allied bank Limited is offering its homeland facility in eight cities of Pakistan, including Islamabad, Lahore, Karachi, Rawalpindi, Faisalabad, Multan, Sialkot, and Gujranwala.
Furthermore, this bank also provides a low-cost housing scheme for widows, Children of martyrs, differently abled individuals, and members of transgender community.
Under the scheme of home financing solution, the bank provides financing of 5 to 27 lacs, which can be repaid within the tenure of 12.5 years.
However, in order to be eligible for the scheme, one must be a citizen of Pakistan and must have a net income of 30,000 per month.
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- Faysal Bank:
With branches located all over the country, Faysal Bank facilitates future homeowners with its Faysal Islamic Home Finance scheme. It is also based on the principles of Diminishing Musharakah.
Faysal Islamic Home Finance
This scheme offers medium- and long-term home financing solutions to Pakistani citizens between 21 and 60 years of age (at the time of maturity).
Under the Faysal Islamic Home Finance scheme, the customer and the bank mutually purchase a property creating joint ownership. The bank then rents out its share to the customer, who continues to purchase the assets from the bank. Once the customer has bought all the units of ownership in the property, they become its sole owner.
Under this Home finance plan, customers can avail all of the facilities which are listed below:
- Purchase home
- Purchase plot or construct home
- Renovate homes: those people who want to learn with their homes can apply for the scheme
- Home Reliance: this facility is available for those customers who want to transfer the existing home facilities from another bank to this bank
- Meezan Bank:
Meezan bank is offering home financing solutions that interest free facility of Meezan bank is called easy home, and it follows the principles of diminishing musharakah. In which the homeowner partners with a bank to joint ownership, of a property, therefore the bank does not lend you money instead it co owns the property.
Easy Home:
If you are someone who has been looking for shariah compliant financing solution for your home, Meezan bank provides you with the best facilities. When you are applying for easy home through Meezan bank, you are actually requesting the bank to provide a certain amount of fund and to be the owner of your home along with you.
Meezan bank offers maximum financing solution against the value of your property and allow the borrower to make payments in instalments as well.
Nonetheless, in order to be eligible to get this loan, you must be a citizen of Pakistan having age between 25 and 65 years.
Escorts Investment Bank:
Escorts bank has the facility of up to hundred percent construction financing. It is one of the renowned bank which offers home loan solutions in Pakistan for overseas Pakistanis as well as those who are residing in the country. It provides customers with the facility to buy a house, construct their house and add another floor to a semi constructed house as well as transfer their home loan from another facility.
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EIBL Housing Finance:
EIBL housing finance provides up to hundred percent construction financing religious funds in total four instalments. The duration of this loan is between 3 to 20 years, depending on the age of the applicant at the time of maturity, which is 60 years.
This house financing facility is available for residential real estate of Islamabad, Lahore, Karachi, and Rawalpindi.
