Top Banks Offering Home Financing Solutions in Pakistan
Owning your own house or apartment may be the ultimate dream, but it is certainly not cheap. The increase in the cost of construction, the rising property prices, as well as inflation have made it extremely difficult for individuals from lower and middle-income groups to buy or build a home using their personal savings. This is why a large section of the population relies on banks to acquire home loans in Pakistan, which allows them to purchase or construct their own place by obtaining medium and long term financing.
Since most people aren’t aware of home financing solutions offered by the leading commercial banks in Pakistan, we have put together a comprehensive guide detailing the top banks that allow you to apply for a home loan in Pakistan.
ALLIED BANK LIMITED
Known as one of the most well-regarded banks in Pakistan, Allied Bank Limited offers a variety of home finance plans with different repayment options in Pakistan, allowing customers to construct or buy their own home at their convenience.
THE ALLIED HOME FINANCE SCHEME
The Allied Home Finance scheme enables Pakistani citizens between 25 to 57 years of age to get a loan of up to PKR 4 crore, which can be repaid within 3 to 25 years. Along with ensuring quick and easy processing, the bank also offers a Loan Transfer facility for its customers on low markup rates, free life insurance, and Solar System Finance Facility under renovation.
Allied Bank Limited is currently offering this home loan facility in eight cities including Islamabad, Lahore, Karachi, Rawalpindi, Faisalabad, Multan, Gujranwala, and Sialkot.
Moreover, the bank offers a Low-Cost Housing Scheme for widows, children of martyrs, differently-abled individuals, and the members of the transgender community. Under this facility, the bank provides applicants with home financing of PKR 5 to 27 lakh, which can be repaid within 12.5 years (including the 6 month grace period). However, to be eligible for this scheme, one must be a citizen of Pakistan and have a verifiable net income of PKR 30,000 per month.
MERA PAKISTAN, MERA GHAR
The initiative titled “Mera Pakistan, Mera Ghar” was introduced under the scheme for markup subsidy on housing finance announced by the State Bank of Pakistan. The lower-income and middle-income groups with access to institutionalized housing finance will be able to meet their housing needs under this scheme.
It is pertinent to mention this financing solution is only meant for first-time homebuyers between 25 to 60 years of age (at the time of maturity). The applicant must hold a valid CNIC and have a minimum net disposable income of PKR 25,000 per month.
CONTACT ALLIED BANK LIMITED
To learn more about these home loans in Pakistan, please contact Allied Bank Limited on the following numbers:
Local callers: 111-225-225.
International callers: +9221-35301094
Yet another top commercial banks in Pakistan, Faysal Bank, offers the following types of home loans in Pakistan.
FAYSAL ISLAMIC HOME FINANCE
Faysal Bank offers medium and long term home financing solutions to the Pakistani citizen between 21 and 60 years of age (at the time of maturity) under its Faysal Islamic Home Finance facility.
This home loan is based on the principles of Diminishing Musharakah, which is a form of a partnership between the bank and the customer. Under the Faysal Islamic Home Finance scheme, the customer and the bank jointly 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.
Currently, Faysal Bank is offering the following facilities:
Home Purchase: This facility is extended to customers who want to purchase a constructed property.
Home Builder/Plot + Construction: This facility enables customers who already own a plot/want to purchase a plot to meet the cost of property construction.
Home Renovation: As the name suggests, this facility is extended to those who already own a home and require a loan to renovate it.
Home Refinance: This facility allows customers to transfer their present home finance facility from another bank to Faysal Bank.
Please note that this Islamic home financing scheme is currently available in Islamabad, Lahore, Karachi, and Rawalpindi.
Faysal Bank also offers Shariah-compliant housing loans as part of the Naya Pakistan Housing Programme (NPHP) in collaboration with the federal government and the State Bank of Pakistan. This initiative is called Faysal Tabeer and it aims to enable lower-middle and middle-income groups to build or buy their own house of an apartment at affordable prices.
This financing tenure for this home loan in Pakistan can extend up to 20 years. However, Faysal Tabeer is only valid for first-time homeowners with a valid Computerized National Identity Card (CNIC).
CONTACT FAYSAL BANK
For more information about the home loan facilities provided by Faysal Bank, please contact them on the following number:
Phone Number: 021-111-06-06-06.
ESCORTS INVESTMENT BANK
Escorts Investment Bank (EIBL) is yet another renowned bank offering home loan in Pakistan for overseas Pakistanis as well as those residing in the country. It allows eligible applicants to buy a house, construct their house, add another floor to a semi-constructed house, as well as transfer their home loan from another facility.
The bank facilitates up to 100% construction financing and releases the funds in up to 4 instalments to adequately manage the construction cost. The EIBL home loan duration is between 3 to 20 years depending on the applicant’s age at the time of maturity, which is 60 years.
Furthermore, this house financing facility is presently available for residential property located in Islamabad, Lahore, Karachi, and Rawalpindi.
CONTACT ESCORTS INVESTMENT BANK
To learn about the eligibility criteria and application details, please contact Escorts Investment Bank by dialling the following numbers:
Phone Number: 0800-03425
Whether you are looking to buy, build or renovate your dream home, JS Bank has the perfect financing solution to help you out.
JS GHAR APNA SCHEME
This home loan facility provides financing of up to 80% of the property’s market value. The bank also offers Home Loan Protector by EFU Life Assurance Limited to ensure the applicant’s family against the repayment in the event of disability or death.
To buy your own house, you can apply for Ghar Apna Home Purchase Loan. Under this home financing scheme, you can get home loans of between PKR 5 lakh and PKR 10 crore. Meanwhile, if you are looking for a house building loan in Pakistan, the JS Ghar Apna Home Construction Loan allows you to get PKR 5 lakh to 10 crore to buy a plot and construct your home. In case you already own the land, the maximum loan limit under this facility will be reduced to 5 crore.
The financing tenure for both of these home loan facilities is between 1 and 20 years.
Furthermore, the minimum amount for JS Ghar Apna Home Renovation Loan is PKR 5 lakh while the maximum is PKR 2 crore. The financing tenure for this scheme is between 1 and 10 years.
All Pakistani CNIC and NICOP holders are eligible for this loan.
MERA PAKISTAN, MERA GHAR
JS Banks also offers affordable home loans under the government’s markup subsidy scheme for housing finance in collaboration with the federal government and State Bank of Pakistan.
CONTACT JS BANK
For further details about home loans in Pakistan, please contact JS Bank at the following numbers:
Phone Number: 021-111 654 321, 021-3279 9009
HOUSE BUILDING FINANCE COMPANY (HBFC)
House Building Finance Company (HBFC) Limited is usually the top choice among those seeking house building loans in Pakistan. The finance institution offers several different schemes to enable people from different segments of society to buy a house or a flat, construct a house and transfer their loan.
Here are some of the home financing solutions offered by HBFC.
GHAR PAKISTAN SCHEME
Under the Ghar Pakistan Scheme, you can get a loan of up to PKR 45 lakh on a financing tenure of 3 to 20 years. This facility is available for both resident and overseas Pakistanis between the ages of 18 to 57 years (for salaried) and 18 to 62 years (for self-employed).
GHAR PAKISTAN PLUS SCHEME
The Ghar Pakistan Plus Scheme enables property owners to get home loans of up to PKR 88 lakh on a financing tenure of 3 to 20 years. Both resident and overseas Pakistanis between the ages 18 to 57 years (for salaried) and 18 to 62 years (for self-employed) can apply for this HBFC scheme.
GHAR SAHULAT SCHEME
The Ghar Sahulat Scheme enables affluent individuals of Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar and Quetta loan of up to PKR 2.5 crore. Meanwhile, those residing in other cities can get a home loan of up to 1 crore under this scheme. Resident and non-resident Pakistanis between the ages 18 to 57 years (salaried) and 18 to 62 years (self-employed) are eligible for the Ghar Sahulat Scheme.
NAYA PAKISTAN NAYA GHAR
HBFC has also introduced a low-cost housing finance scheme in line with Prime Minister Imran Khan’s vision to provide affordable housing to the lower-income and middle-income Pakistanis. It is valid for all first-time homebuyers holding a valid CNIC card.
You can find out more about the HBFC home loans in Pakistan by checking out our guide on the topic.
CONTACT HOUSE BUILDING FINANCE COMPANY
For more information about the eligibility criteria and financing tenure, please contact HBFC at the following number:
Phone Number: 021-35641711-15, 0800-42325
STANDARD CHARTERED BANK
Those looking to get a home loan in Pakistan can also apply for Saadiq Home Finance offered by Standard Chartered Bank. It provides Shariah-compliant financing solution under the Islamic structure of Diminishing Musharakah and offers the following financing options:
Home Purchase: Buying a new home at competitive pricing.
Home Credit: Getting a loan against your home for renovation.
Enhancement to existing Saadiq Home Finance: Getting enhancement on the existing home loan for a planned renovation or extension to your property.
Balance Transfer Facility: Transferring the existing home loan at another bank to Standard Chartered Bank.
The financing tenure for Saadiq Home Finance is up to 25 years. This home financing solution is presently available in selected areas within Islamabad, Lahore, Karachi, and Rawalpindi.
It is imperative to mention that Standard Chartered Bank is not financing under-construction properties as of right now. Moreover, non-resident Pakistanis are not eligible for this home loan facility.
CONTACT STANDARD CHARTERED BANK
For more details on the eligibility criteria of this home loan in Pakistan, please contact Standard Chartered Bank at the following number.
Phone Number: 021-111 002 002
This brings an end to our guide on banks that provide the best home loans in Pakistan.
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Disclaimer: The information mentioned above has been fetched from the official websites of the respective banks and are therefore subject to change.