Everything about home loans from the banks of Pakistan required documents, process, and eligibility criteria
How you can get Home Loans from Banks in Pakistan?. To buy the dream home is the desire of every Pakistani but all can’t afford to purchase home easily. Now it’s very easy to purchase your dream home easily in Pakistan with the home loans offered by the different banks in Pakistan.
The home loans enables you to purchase your dream home easily. To get the homes loans from the banks in Pakistan is very simple you can get the home loans and home renovation loans easily by fulfilling the requirements of the banks including required documents, process, and eligibility criteria. Those who always dream of having their own house but cannot afford it and consider it impossible for them they can now have their own house. A number of banks in Pakistan are offering home loan schemes to fulfill your dream. You can get financing to construct your home on an empty plot.
Today you will find here the complete details on how you can get the home loans from the banks in Pakistan. You will find here the home loans process from the Islamic bands and conventional banks in Pakistan. In our country there are a number of banks that are operating and financing home loans under Islamic values as well.
What is home loan?
Home loan is a fixed amount of money that you borrowed from a financial organization or bank to buy a house. Home loans contain an adjustable or fixed interest rate and payment terms.
Here are some of the Islamic banks that are offering the home finance loans by following the Islamic values.
- Bank Alfalah Islamic
- MCB Islamic Banking
- UBL Islamic Banking
- Dubai Islamic Bank
- Meezan Bank
- HBL Islamic Banking
- Bank Al Habib Islamic Banking
Here are some of the conventional banks in Pakistan that are also financing home loans.
- Faysal Bank
- United Bank Limited
- HBL bank
- Standard Chartered
- Soneri Bank
Here are the complete details about the required documents, process, and eligibility criteria for having the home loans from banks in Pakistan.
The eligibility criteria for getting home finance loan varies from bank to bank. You can here find the details of the general rules of eligibility criteria that will help you for applying for the loan
- The candidate is a self-employed expert, a businessman or a salaried person.
- The minimum income of the salaried person must be between Rs. 40,000 to Rs. 50,000.
- Candidate from the age of 23 to 65 years can apply for the home finance loan.
- The applicant must be a Pakistani citizen.
- Rest of the criteria can be asked by the specific bank from you want to have loan.
Required Documents for Home Finance Loan:
The candidates need the below mentioned documents before applying for the home finance loan;
- Personal Credentials Documents
- CNIC card duplicate of the applicant
- CNIC card duplicate of the co-applicant
- Recent passport-size two photographs of both the applicant and co-applicant.
- Duplicates of last paid utility bills
- Duplicates of CNICs of legal heirs
- Conditionally required documents are the photocopies of credit card bills, degree / certificate, rent agreement, and also the income identification documents (if required).
Required Documents For Businessman / Self Employed
Last 3 years tax returns or bank statements with the copy of the National Tax Number (NTN) Certificate.
Duplicate of partnership agreement.
Documents for Salaried Person
- Employment letter
- Salary slips, date of joining and present job title
- Proof of previous job if any.
- Last one year bank statement of the salary account
Process to Get Home Loan from banks in Pakistan
The complete process for getting the home finance loan is very easy just gather all the required documents and visit the bank you selected to have loan.
You first need to fill the application form for the bank or you can also download the application form from the website of specific bank.
Provide you correct information and attach all the required documents with your application.
Submit the application by visiting the nearby bank branch and also pay the processing fee and external costs.
What will bank do after the submission of you application?
Once you submit your home finance loan application the bank will verify your office and housing address.
The bank will also conduct a necessary credit assessment, income valuation and due diligence based on the given information.
After getting all the providing information verified the bank will issue you a conditional offer letter.
Then you required to open the account with the bank and sign legal documents for getting the loan.
Finally the authorized lawyer of the bank will take you and the retailer of the property to the bank or registrar’s office for handover of the property.
To fulfill the formalities on the behalf of the bank the lawyer will have the property papers and give the pay order to the property retailer.
Home Loan Interest Rates
The candidate after having the home financed loan need to pay interest rate to the bank. The total interest rate calculated usually on the loan amount. Home loan interest rates are mostly reviewed after 6 months or every year.
The loan interest rate also differs from bank to bank so before applying for the loan must calculate interest rates and other charges of the banks.