Renowned Banks Offering Home Loan Financing in Pakistan
Although it is undoubtedly expensive, many people's ultimate desire is to own property in Pakistan.
It has become quite challenging for those from lower and middle income groups to purchase or construct a home using their personal resources as a result of the rise in construction costs mixed with the steep increase in inflation. Due to the ability to purchase or build their own home using medium- or long-term financing, a sizable portion of the population in Pakistan relies on commercial banks to secure home loans.
We have put together a thorough guide outlining the top banks that allow you to apply for a home loan in Pakistan because the majority of prospective buyers are unaware of the home financing options provided by the top banks in Pakistan.
Disclaimer: This blog's information was obtained from the official websites of the relevant banks and is subject to change at the institution's discretion. Additionally, the majority of these provide loans through the Mera Pakistan Mera Ghar Scheme.
TOP BANKS THAT OFFER HOME LOANS IN PAKISTAN
By investigating the house financing options provided by these banks in Pakistan, you may make your aspirations of becoming a homeowner a reality.
HABIB BANK LIMITED
When applying for a loan to purchase or construct a home, you should think about looking into the home financing options provided by Habib Bank Limited (HBL). It is the biggest bank in Pakistan and was founded in 1947. It offers a wide range of goods and services to its clients, including HBL Islamic Home Finance.
HBL Islamic Home Finance
Based on the concepts of diminishing musharakah, which is a type of cooperation between the bank and the customer, it is a Shariah-compliant home financing program. This tool gives candidates an easy and economical method to get the house of their dreams.
Salary applicants must be 25 years of age or older, while self-employed and non-resident applicants must be 30 years of age or older. Additionally, Pakistani citizens are the only ones who can use this facility.
Using HBL Islamic Home Finance, you can purchase a home, purchase land and build a house, repair an existing home, or pay off an existing mortgage. The finance amount for this scheme ranges from PKR 20 lakh to 7.5 crores, according to the official website. The payment period might range from three to twenty-five years, with equal monthly payments. In addition, the bank will lend up to 70% of the value of the property.
Contact HBL
Please call the following number to speak with a representative if you have any questions regarding the HBL home finance options.
Phone Number: 111-111-425
https://www.hbl.com/islamic/finance/personal-financing/hbl-islamic-homefinance
STANDARD CHARTERED BANK
Standard Chartered Bank (SCB), which is well-known for its outstanding financial products and customer care, is well-liked by both Pakistanis living in Pakistan and those living abroad. To apply for the Roshan Apna Ghar Scheme through SCB, you must have a Roshan Digital Account (RDA). However, you can apply for Saadiq Home Finance if you don't have an RDA account.
Saadiq Home Finance
It is a funding option that complies with Shariah and fits into the Islamic concept of diminishing musharakah. Following are the services that Saadiq Home Finance provides:
Home Purchase: Purchasing a new residence.
Home Credit: Borrowing money to renovate your home.
Enhancement to current Saadiq Home Finance: Getting an increase on the current mortgage to pay for a planned home improvement or addition.
Transferring an existing mortgage from another bank to SCB using the balance transfer facility.
Saadiq Home Finance also offers financing terms of up to 25 years. Currently, this house finance option is accessible in a few locations around Islamabad, Lahore, Karachi, and Rawalpindi.
It is crucial to note that non-resident Pakistanis from Malaysia, Singapore, the United Arab Emirates, and Bahrain are currently able to apply directly for the Saadiq Home Finance scheme, according to Standard Chartered Bank.
Contact Standard Chartered Bank
Please call Standard Chartered Bank at the following number for further information on the requirements for this house loan in Pakistan.
Phone Number: 021-111 002 002
https://www.sc.com/pk/saadiq/saadiq-home-finance/
JS BANK
Through its Ghar Apna Scheme, JS Bank could be the ideal financing partner to help you realize your goals, whether you're looking to purchase your dream home or have renovation plans for your current home.
JS Ghar Apna Scheme
This mortgage arrangement offers funding for up to 80% of the market value of the residence. The applicant's family is protected from repayment in the event of disability or death by the bank's additional Home Loan Protector by EFU Life Assurance Limited offering.
You can apply for the Buy Your Ghar scheme to purchase your own home. You may be eligible for home loans ranging from PKR 5 lakh to PKR 7.5 crore through this program for financing your home. In the meantime, if you're searching for a loan to build a house in Pakistan, the JS Build Your Ghar loan enables consumers to receive anywhere between PKR 5 lakh and PKR 5 crores to purchase a plot and build their home. If you already possess the land,
It is possible to lower the maximum credit limit allowed by this facility.
Both of these house loan programs have a financing term that ranges from one to twenty years.
The Renovate Your Ghar Scheme has a minimum and maximum of PKR 5 lakh and PKR 1 crore, respectively. This scheme's financing period ranges from one to ten years.
All Pakistani CNIC and NICOP holders who can furnish their income statements are eligible for this loan.
Contact JS Bank
Contact JS Bank at the following numbers for further information on home loans in Pakistan:
Phone Number: 021-111 654 321, 021-3279 9009
https://jsbl.com/calculators/js-gharapna-home-loans/
HOUSE BUILDING FINANCE COMPANY
The most popular option for those looking for financing for home construction in Pakistan is often House Building Finance Company (HBFC) Limited. The financial organization provides a number of programs to help members of various societal groups purchase homes, build homes, and refinance their existing debt.
Here are a few of the home financing options that HBFC provides.
Ghar Pakistan Scheme
To buy or build a home, you may be eligible for a loan under the Ghar Pakistan Scheme with a maximum amount of PKR 45 lakh and a financing term of 3 to 20 years. Ages 21 to 60 (for salaried) and 25 to 65 (for overseas Pakistanis) are the eligibility ranges for this facility (for self-employed).
Ghar Sahulat Scheme
Individuals can obtain a home purchase and building loan of up to 3 crores through the Ghar Sahulat Scheme. The Ghar Sahulat Scheme is open to Pakistani nationals between the ages of 21 and 60 (salaried) and 25 and 65 (self-employed).
HBFC Khaas
The lending company additionally provides an HBFC Khaas home construction loan up to PKR 27 lakh (PKR 10 lakh for plot purchase). This program is especially intended for widows, children of law enforcement martyrs, members of the armed forces, and innocent bystanders who lost their lives in terrorist incidents. Additionally, CNIC holders with disability logos and transgender residents are eligible to apply for this home loan program.
Contact House Building Finance Company
Please get in touch with HBFC at the following number(s) for further details regarding the eligibility requirements and financing duration:
Phone Number: 021-35641711-15, 0800-42325
HABIB METROPOLITAN BANK
If you wish to purchase or construct your own home but lack the necessary cash, you might choose to apply for the HABIBMETRO Home Finance program provided by Habib Metropolitan Bank. With the help of this facility, borrowers are able to buy both a home and the land on which to build their future home.
HABIBMETRO Home Finance
The following services are available to customers under this package.
Home Purchase: With the help of this facility, borrowers can purchase a built-in property.
Home Builder/ Plot + Construction: Customers can use this facility to cover the cost of purchasing a plot and building a home, whether they currently own land or want to buy it.
Home Renovation: Applicants for this service must already own a home and require money for upgrades.
Customers who desire to transfer their current house financing from another bank to Habib Metropolitan Bank may do so using the BTF (Transfer Existing Home Finance Service) facility offered by the bank.
Additionally, HABIBMETRO Home Finance offers financing for up to 80% of the value of your home. Additionally, it provides low-documentation instalments at reasonable rates. While the maximum age for those receiving a salary is 60 and 65 for self-employed people, respectively, the minimum age to apply for this home financing option is 27.
Contact Habib Metropolitan Bank
Please feel free to contact the bank's 24/7 customer service helpline or stop by the branch that is closest to you for further information.
Phone Number: 111-142-242
https://www.habibmetro.com/home-finance/about-home-finance/
MUSLIM COMMERCIAL BANK
This leading bank in Pakistan, more popularly known as MCB, is a wonderful choice for people looking for home financing options. For MCB Home Loans, the application procedure is rather simple, and there isn't much documentation required.
MCB Home Loans
The bank provides affordable home loans that enable customers to purchase a home, build a home on an existing plot of land, or purchase land on which to build a home. Additionally, with this resource, one can renovate their house.
This plan's financing period ranges from two to twenty-five years. Additionally, the funding range for MCB Home Loans might go as high as PKR 5 crore. Salaried people, self-employed people, seniors, and landlords can all use the facility.
Contact MCB
Do you require more details regarding MCB Home Loans? If so, feel free to contact the bank officials at the following number(s).
Phone Number: 111-000-622, 042-35987979
https://mopss.mcb.com.pk/home_loan_calculator.jsp
ALLIED BANK LIMITED
As one of the top banks in Pakistan, Allied Bank Limited (ABL) provides a range of home financing solutions with various repayment schedules, enabling clients to build or purchase their own homes whenever it is most convenient for them.
The Allied Home Finance Scheme
With the Allied Home Finance program, Pakistani nationals between the ages of 25 and 57 can borrow up to PKR 4 crores with a 3- to 25-year repayment period. The bank offers its clients quick and simple processing, free life insurance, a loan transfer option with low markup rates, and a solar system finance option that is now being renovated.
It's also vital to note that ABL currently provides a wide range of products, including buying homes or apartments, building homes on previously owned land, renovating homes, and buying land and building homes.
Allied Bank Limited is currently offering this home loan facility in eight cities including Islamabad, Lahore, Karachi, Rawalpindi, Faisalabad, Multan, Gujranwala, and Sialkot.
Additionally, the bank provides a Low-Cost Housing Scheme for widows, children of martyrs, people with disabilities, and transgender people. The bank offers candidates home financing using this program in the range of PKR 5 to 27 lakh, repayable over a period of 12.5 years (including the 6-month grace period). However, in order to qualify for this program, a person must be a Pakistani citizen and have a documented net income of PKR 30,000 per month.
Contact Allied Bank Limited
Please call the bank at the following numbers if you would like more information about ABL house loans in Pakistan:
Local callers: 111-225-225.
International callers: +9221-35301094
https://www.abl.com/personal-banking/consumer-finance/allied-home-finance/
FAYSAL BANK
Faysal Bank, which has locations all across the nation, provides future homeowners with assistance through its Faysal Islamic Home Finance program. Additionally, it is founded on the ideas of Diminishing Musharakah.
Faysal Islamic Home Finance
This program provides Pakistani nationals between the ages of 21 and 60 with medium- and long-term home financing options (at the time of maturity).
The customer and the bank jointly buy a property through the Faysal Islamic Home Finance program, resulting in joint ownership. The consumer continues to buy the assets from the bank after the bank rents out its portion to them. The consumer becomes the sole owner of the property once they have acquired all of the ownership units in it.
At this time, Faysal Bank is providing the following services under this arrangement:
Home Purchase: Customers who want to buy a built-in property are given access to this option.
Home Builder/Plot + Construction: customers c who currently own a plot of land or want to buy a plot can use this facility to pay for the cost of building a house.
Home Renovation: This option is provided to those who already own a home and need a loan to renovate it, as the name implies.
Refinancing a home: Through this option, customers can transfer their current home financing from another bank to Faysal Bank.
Please be advised that Lahore, Islamabad, Rawalpindi, and Karachi now offer this Islamic house finance option.
Contact Faysal Bank
Contact Faysal Bank at the following number for more details about the home loan services they offer:
Phone Number: 021-111-06-06-06
https://www.faysalbank.com/en/islamic/personal-banking/consumer-finance/home-finance/
MEEZAN BANK
Meezan is one of the leading banks in Pakistan that provides options for Islamic house finance. Its interest-free program, known as Easy Home, operates under the Diminishing Musharakah theory, in which the homeowner collaborates with the bank to acquire joint ownership of a piece of real estate. As a result, the bank owns a portion of the property but does not lend you any money.
Easy Home
Meezan Bank should be at the top of your list if you've been seeking for Shariah-compliant home finance options. You are essentially asking the bank to give you a set amount of money when you apply for Easy Property so that you can own your home.
The organization allows borrowers to make partial prepayments and offers the maximum amount of financing based on the value of the property. However, you must be a Pakistani citizen between the ages of 25 and 65 in order to apply for Easy Home (at the time of maturity).
ESCORTS INVESTMENT BANK
Escorts Investment Bank (EIBL) is another well-known bank that provides house loans in Pakistan for both locals and Pakistanis living abroad. It enables qualified applicants to transfer their home loan from another facility, buy a house, build their home, add a floor to a partially built home, and buy a house.
EIBL Housing Finance
To effectively manage the development cost, the bank offers up to 100% construction financing and disburses the money in up to 4 installments. Depending on the applicant's age at loan maturity, which is 60 years old, the EIBL home loan can be repaid in three to twenty years.
Furthermore, the residential real estate in Islamabad, Lahore, Karachi, and Rawalpindi can currently take use of this house financing opportunity.
Contact Escorts Investment Bank
Please call Escorts Investment Bank at the numbers listed below to learn more about the requirements for eligibility and the specifics of the application:
Phone Number: 0800-03425
UAN: 042-111-003-425
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