The demand for mortgage loans has been increased not only in Pakistan but around the world as well. There is a number of banks that are offering Mortgage Loan in Pakistan at affordable interest rates. We are going to share a list of banks that are offering House Loan in Pakistan with their offering interest rates.
1. Al- Barka Bank
Al Barka Bank is offering home loans to its customers with affordable pricing. They are offering the product with the name of Al Bait Home Finance and currently have the following segments:
- Purchase of House – Outright Purchase
- Land + Construction
- Construction
- Home Improvement/ Renovation
- Asset Transfer Facility
- Shariah Compliant
- Minimum Financing Amount – Rs. 0.3 million
- Maximum Financing – up to Rs. 35 million
- Financing up to 80% of property value
- Minimum Monthly Net take home Rs 50,000/- (for salaried)
- Minimum Monthly Net take home Rs 80,000/- (for SEP/SEB)
- Quick processing time
- Affordable monthly payment
- Term Rescheduling Option
- Early & Partial settlement options as per the applicable terms
2. Bank Alfalah
Bank Alfalah is also offering Home Finance in Pakistan with affordable pricing. They are offering the product with the name of Bank Alfalah Home to their customers.
The policy of Bank Alfalah's Home Finance
- Applicant must hold a Pakistani citizenship irrespective of their country of residence
- Flexible financing tenure option – a minimum of 3 years to a maximum of 20 years
- Up to 50% debt burden of Net Disposable Income may be considered
- Pricing will be based on/or mark up charges. It includes a 1-year KIBOR + Bank margin. It is a floating/variable rate option that changes every 12 months
- Mandatory life and property insurances at combined rates up to 0.40% per annum to secure your financing and your home respectively. First-year is payable in advance and a subsequent portion is built-in installments
- The financing allowed on a reasonable property size located in secure locations with positive market aspect and market value
- Mode of repayment will be 12 post-dated cheques for the first year, direct debit deposits will be accepted from the following year
- A clear legal opinion from the bank’s lawyer on property documents, pre and post disbursement legal requisite
- Fees, charges and government taxes applyAll financing relationships require customer equity injection which differs based on customer’s risk profile and property to be mortgaged
3. Bank Islami
Bank Islami is also offering home loans in Pakistan. They are offering the product with the name of Muskan Home Financing. They have the following product segments:
- Home Purchase
- Home Construction
- Home Renovation
- Home Replacement
Features of Bank Islami's Muskan Home Financing
- Quick Processing
- Financing up to 50% to 70% of the value of the property
- Financing limit Rs. 150 Million
- Tenor up to 25 years
- Flexibility to make partial prepayments
- Flexible & Affordable installments
- Clubbing of family income
- No Negative Area
Interest Rate of Bank Islami Home Finance is 6MK+4.25
4. Dubai Islamic Bank
Dubai Islamic Bank also offering Home Finance to its customers in Pakistan. They are offering the product with the name of Dubai Islamic Home Finance and have the following product segments:- Home Purchase
- Home Renovation
- Purchase of Undivided share of Property Mortgaged by other banks (Balance Transfer)
- Construction Finance
Features of Dubai Islamic Home Finance
- Shari’a Compliant
- Financing Up to Rs. 75 million*
- Swift application processing time
- Affordable and competitive monthly rental
- Financing up to 70% of your property value
- Early & Partial settlement options*
- Tenor rescheduling option*
- Complimentary Property Takaful
Interest Rate of Dubai Islamic's Home Finance is 1YK+4%
5. Faysal Bank
Faysal Bank is also offering Home Finance in Pakistan. They are offering the product with the name of Faysal Home Finance and have the following product segments:- Home Purchase
- Home Renovation
Eligibility criteria for Faysal Bank's Home Finance
- Applicant to be between 21 to 60 years of age.
- A resident of Pakistan or a Non-Resident Pakistani.
- Approved Companies: No Minimum tenure of employment is required if the customer is a permanent employee. Minimum 3 years of employment tenure is required in the same company for Contractual employees.
- GOP Employees: Only permanent employees with minimum 1 year continuous (6 months current) employment.
- Unapproved Companies: Only permanent employees with a minimum of 2 years of continuous (12 months current) employment.
- SEP/SEB: Min. 2 years in current business/Industry required.
- NRP Salaried: Minimum 2 Years continuous.
- NRP SEP only: Minimum 2 Years in current Business/Industry.
- Qualifying income to debt ratio 60:40 (i.e. Max installment not higher than 40% of your Net Disposable Income, which includes all credit commitments as well as Faysal Housing Finance facility).
- An applicant is a taxpayer and holds a valid NTN.
- JS Bank 1yk+4.25
Interest Rate of Faysal Bank's Home Finance is 1YK+4.%
6. MCB Bank Ltd
MCB Bank also offering Home Loans in Pakistan with affordable pricing. They are offering the product with the name of MCB Home Loans and have the following product segments:- Home Purchase
- Home Construction
- Plot + Construction
- Home Renovation
- BTF
Eligibility criteria for MCB Bank's Home Loans
- Applicant(s) must be Pakistani Resident Nationals
- Salaried, Self Employed Businessmen / Professionals
- Satisfactory verifications
- Satisfactory bureau checks
- Satisfactory income estimation, property valuation, and legal opinion
Interest Rate of MCB Bank's Home Finance is 6MK+3.5%
7. Meezan Bank
Meezan Bank also offering Home Finance in Pakistan. They are offering the product with the name of Easy Home Islamic House Finance and have the following product segments:- Easy Buyer
- Easy Builder
- Easy Renovate
- Easy Replace
- Easy Enhancement
Income requirement for Meezan Bank's Easy Home Finance
- Salaried
Minimum Gross Income of PKR 40,000 per month.
100% Co-applicant income may be clubbed in case of spouse only.
- Self-Employed / Business Person
Minimum Gross Income of PKR 75,000 per month.
Interest Rate of Meezan Bank's Home Finance is 6MK+4%
8. Standard Chartered Bank
Standard Chartered Bank is also offering the Home Finance in Pakistan. They are offering the product with the name of Saadiq Home Finance and have the following product segments:
- Home Purchase
- Enhancement to existing Saadiq Home Finance
- Home Credit
- Balance Transfer Facility (BTF)
Benefits of SCB's Home Finance
- Shariah-compliant financing
- Up to 75% financing of the property value
- Up to 25 years financing tenor
- Zero bank processing charges
- Competitive pricing
Interest Rate of Bank Alfalah Home Finance is 1YK+3.5 for Salaried individuals and 1YK+4% for self-employed customers.
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