Islamic Banking Apni Car Finance
Leading to your dreams
Bank AL Habib ApniCar Auto Finance facility leads to your dream car through convenient repayment plans.
ApniCar Auto Finance Features and benefits
Free Accident Insurance up to PKR 500,000
Financing available for Brand New, Used & Imported Cars
Financing Upto 7 years (Financing for 6-7 years is only for Toyota, Honda, and Suzuki vehicles)
Easy monthly installments
Pre-payment is allowable
Partial payments option
Choice of reputable insurance companies at competitive rates
Quick processing and minimal documentation
Also available under Islamic Finance (Diminishing Musharaka)
Who can apply for Bank-AL-Habib ApniCar Auto Finance
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Pakistani Nationals
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Account holder of any Bank
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Salaried person, Businessman or Self-employed
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Individuals having other source of income i.e. Remittance, Rental, or Investments may also apply if they maintain satisfactory account at Bank AL Habib
Visit your nearest branch
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Our highly trained executives will take care of your financing requirements
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The only thing you need to worry about is choosing the car and its colour
Documents Required
- Salaried Individual
- Two recent photographs
- Copy of Computerized / Smart National Identity Card (CNIC / SNIC)
- Proof of employment, salary and work experience of minimum 1 year (Salary Slip/Employment Certificate)
- Bank statement of last 6 months with reflection of salary credits
- Self - Employed Individual
- Two recent photographs
- Copy of Computerized / Smart National Identity Card (CNIC / SNIC)
- Acceptable proof of business
- Bank statement of last 6 months
Frequently Asked Questions
- Can I avail the ApniCar Auto Finance facility?
Yes if you are:
- Pakistani National Citizen holding valid CNIC / SNIC
- Having satisfactory credit history
- Which cars can I apply this loan for?
Following Categories are being offered in Bank AL Habib Car Financing:
- Brand new vehicle for personal use
- Registered used / Imported cars above 1000cc; not older than 5 years from the date of manufacturing
- Registered used / Imported cars upto 1000cc; not older than 3 years from the date of manufacturing
- Unregistered used / Imported cars not older than 5 years from the date of manufacturing
- What is the maximum finance I may avail?
Upto PKR 3,000,000/-. Above PKR 3,000,000/- financing may also be considered on case to case basis.
- What is the tenor of the car loan?
The loan can be availed from 1-5 years. 6-7 years financing is allowable for brand new Toyota, Honda, and Suzuki vehicles.
- How much initial down payment do I have to make?
- Minimum 15% for Brand New Vehicles
- Minimum 20% for Used Vehicles
- Minimum 25% for Imported Vehicles
Minimum Down Payment varies in accordance with the variant and the model of vehicle
- What would be my total up-front payment?
You have to pay equity in the vehicle price, processing fee, and first year’s insurance premium.
- Who will insure the vehicle?
We have arrangements with various renowned insurance companies which offer special rates for Bank AL Habib customers.
- How do I repay the Financing ?
You need to repay through Direct Debit Authority.
- Can I repay the car loan before the maturity?
Yes, you have the option to repay the loan at any time during the tenure of the loan.
- Is there an option to make partial payments?
Yes. Partial payments can be made twice a year without any fee(after every six months) with a minimum of PKR 50,000/-.
- How old can the used, reconditioned/imported vehicle be for me to avail the finance facility?
The reconditioned/imported car should not be older than 5 years from the date of manufacturing if it is above 1000cc or unregistered. If the vehicle is registered and upto 1000cc, than it should not be older than 3 years from date of manufacturing.
- Who will evaluate the price of Used, Imported /Reconditioned cars?
The Bank arranges for the valuation through its panel of approved surveyors/valuators.
- What is the security of the loan?
The vehicle is the security, which will be hypothecated in favor of Bank AL Habib through Motor Registration Authority.
- What is the first step I need to take?
- Visit the nearest Bank AL Habib Branch
- Call our 24X7 Helpline
- Email at apnicar@bankalhabib.com
Housing Finance
Bank AL Habib makes it easy to own a dream home
We offer financing from PKR 300,000 up-to PKR50 million, for a period of up to 25 years, not exceeding 75% of the appraisal value of a built up house whichever is lower.
Eligibility Criteria
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Pakistani national.
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Having valid CNIC / SNIC / NICOP
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Existing customers maintaining satisfactory relationship of minimum 6 months with Bank AL Habib
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Corporate/Commercial Relationships with Bank AL Habib.
Income Criteria
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Self Employed Professionals / Business Individuals – minimum PKR 100,000/- per month net verifiable income
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Salaried Individuals – minimum take-home salary of PKR 60,000/-
Age Criteria
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Between 25 to 60* years for Salaried individuals
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Between 25 to 65* years for Business/ Self-Employed
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*Maximum age at the time of muturity of financing
Applicable Financing Rate
For Salaried individuals having Salary Transfer Accounts at
Bank AL Habib
1 Year KIBOR + 3% p.a
For Self Employed Professionals / Business Individuals, or Salaried Individuals (Salary Accounts With Other Banks)
1 Year KIBOR + 3.5% p.a
Rate revision on each category will be on loan anniversary.
Mortgage Protection Policy
Equitable Mortgage of financed property along with Token Registered Mortgage. Life & Property Insurance Coverage.
Home Financing Charges
As Per Bank's Schedule of ChargesDocuments Required
- For Salaried Individuals
- Loan Application Form (to be filled-in by the applicant).
- Computerized CNIC / SNIC
- 3 recent photographs (passport size).
- Employment Letter with current designation, joining date.
- Salary Slip/Certificate (at least 3 months).
- Current paid utility bill of current residential address.
- 1 Year Bank Statement with reflection of salary credits.
- Declaration of other loan liability (CF-1).
- Current Credit Card bill (If Applicable).
- Any other Document Required by the bank.
- For Businessmen & Sep (Self Employed Professional)
- Loan Application Form (to be filled-in by the applicant).
- Borrower’s Basic Fact Sheet.
- Computerized CNIC / SNIC.
- 3 recent photographs (passport size).
- Business Proof (At least 2 years).
- 1 Year Bank Statement.
- NTN Certificate / Form A & 29.
- Current paid utility bill of current residential address.
- Declaration of other loan liability (CF-1).
- Current credit card bill (if applicable).
- Any other Document Required by the bank.
Frequently Asked Questions
- How to apply for Bank AL Habib Housing Finance?
- Fill the application form and visit your nearest branch of Bank AL Habib.
- What is the Mark-up rate for Bank AL Habib Home Mortgages?
Variable Rate i.e. 1 Year KIBOR (subject to review on each anniversary of loan) plus bank’s spread (fixed during the entire tenure of the loan)
- What will be the home loan tenure options?
For Buying, Construction, balance transfer & Renovation 1 to 25 years. - What are the minimum and the maximum home loan that can be acquired?
Purchase PKR 0.3M to 50M Construction PKR 0.3M to 35M Renovation PKR 0.3M to 15M Balance Transfer PKR 50 Million - Who is eligible to apply?
- Pakistani Nationals.
- At least 3 years of Professional/ Business/ Employment experience, or 2 Years experience in Salaried Employment.
- Minimum take-home verifiable income of PKR 20,000 per month.
- Installment not to exceed 45% (Debt Burden) of the monthly take-home income.
- Who will assess the value of property?
Bank AL Habib has exclusive arrangements with PBA approved valuators for this purpose.
- What are the different disbursement stages for payments in the home construction loan?
The stages are as follows:
Plinth Stage 30% Structure completion 30% Finishing Stage 40% - I am a Businessman/Self Employed Professional, how will you assess my income?
From last 1 year bank statement or income estimation whichever is applicable.
- What is the process of income estimation?
A representative from our approved income estimation agency will visit your place of business/work and appraise your income level, by going through the documents provided by you.
- What will be the Repayment method for the loan?
An account for you will be opened at the branch, closest and the most convenient to you. You will be required to deposit funds sufficient to afford a monthly installment in that account. A direct debit instruction from you in favor of Bank AL Habib would then allow us to debit the installment amount from your account on monthly basis.
- What if I already have an account with Bank AL Habib?
If you already have an account with Bank AL Habib, you can give direct debit standing instructions in favor of Bank AL Habibwhich would allow us to debit the installment amount from your account on monthly basis.
- Other information you should know
We have provided you the basic information you need to know about Bank AL Habib Home Loan. If you wish to know more, you may visit any of our Bank AL Habib branch. Our designated Retail Credit /Account Officers in branches are available for your guidance.
- Visit and meet account officer at Bank AL Habib branch
- If you meet our criteria, you need to fill up application form and provide required documents.
Once you have decided on the amount you want, fill the Application Form available in all the branches and pass it on to us, together with the required documents for a formal process of the loan application and initial approval.
We carry out a property valuation, legal opinion on property documents through our approved valuators and lawyers, life & property insurance coverage.
Our Relationship Managers shall get in touch with you to complete Finance & Charge documentation for execution and signing.
Our legal advisor and bank’s representative will accompany you to the Registrar’s office on the appointed date with our cheque for final transaction.
All applications to be processed as per bank's internal procedure, and applicable laws and regulations.
Low Cost Housing Facility for Special Segment
Bank AL Habib has now also started to cater Financing Facility for Low Cost Housing for Special Segments. The purpose of the loan is to make low cost housing affordable to lower middle and low income segment for only Construction of his/her house.
Special Segment:
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Widows.
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Children of Martyrs (Shaheed) of law & enforcement agencies, armed forces and Civilians martyred in terrorist attacks.
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Special persons holding CNIC / SNIC with disability logo/ symbol.
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Transgender.
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Persons who desire to construct (including plot purchase) housing units in the Mohmand, Bajaur, Orakzai, Kurram, Khyber, North Waziristan and South Wazirstan districts of Khyber Pakhtunkhwa.
Eligibility Criteria:
All customers must fulfill the following requirements to be eligible for Bank AL Habib low cost housing finance for special segments:
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Must be a Pakistani national.
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Valid CNIC / SNIC / NICOP
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Borrower’s Age:
Minimum 18 years
Maximum 60 years for Salaried*
65 years for Self Employed Professional/ Business Persons*
70 years for Widows*
*at loan maturity -
Individuals in the above categories can avail financing subject to following eligibility criteria / conditions:
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The borrower must not own any residential housing unit /flat / apartment. The borrower must not have availed housing finance previously from any bank/DFI. The loan shall be available only for construction (including plot purchase) of new housing unit. Maximum value of the housing unit, being financed under this scheme, shall be PKR 3 million (including plot value).
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Sale or renting out of housing unit, financed under this scheme, shall not be al-lowed until full adjustment of outstanding finance or five (5) years after the date of first disbursement or, whichever is earlier.
Financing for Home Construction
- This facility will be extended to individuals who never had a house owned in his/her or spouse name for plot purchase + construction thereon.
- Only Spouse can be made as Co-borrower for income clubbing or property ownership. Income of spouse can be clubbed with primary borrower after obtaining his/her written consent for income clubbing and making him/her co-borrower in the case. However other credit parameters of the co-borrower will be as of the basic borrower.
- Maximum Financing amount PKR 2.7 Million for plot purchase + construction thereon.
- The financing for plot, to be purchased for the purpose of constructing house shall be allowed up to 1 million only.
- Financing under any of the above conditions will be based upon net income of the applicant to ascertain repayment capacity.
- Financing shall be available for a maximum period of 12½ years, which includes maximum grace period of 6 months.
- Disbursement will be made in tranche percentage wise according to construction phase.
- Plinth & Foundation 30%
- Structure 30%
- Finishing 40%
- Land/Property valuation(s) will be made from an approved PBA valuator on Bank’s panel.
- Legal requirements to be completed by applicant as deemed necessary by the Bank’s Legal Counsel.
- Repayment in equal monthly installments based on the tenure of financing (including 6 months grace period for construction, where only mark up is to be serviced).
- Customer will have the option of making balloon payments. Balloon payment fees shall be levied as per the applicable Schedule of Charges of the Bank.
Eligibility Criteria:
All customers must fulfill the following requirements to be eligible for Bank AL Habib housing finance product:
- Must be a Pakistani national.
- Existing individual customers maintaining satisfactory relationship. Minimum 6 months of active relationship with Bank AL Habib.
- Bank AL Habib Corporate/Commercial Relationships.
- Valid CNIC / SNIC issued by NADRA (NICOP card holders having businesses/employment in Pakistan may be accepted with conditions applicable).
- Self Employed professionals (Doctors, Engineers, Chartered Accountants, Architects, etc) having at least 2 years of valid business proof with minimum PKR.100,000/- net verifiable income.
- Self Employed Businessmen having at least 3 years of valid business proof with minimum PKR.100,000/- net verifiable monthly income.
- Salaried individual having at least 2 years of permanent service and Possesses minimum net monthly take home salary of Rs 60,000/-.
- Age must be 25 to 60 years for salaried individual & maximum 65 years for Business / Self Employed Professionals at the time of loan maturity.
- Installment not to exceed 40% of the monthly take home income.
- The aggregate Debt Burden should not be more than 50%.
Pricing
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Fixed at 5%.
Security:
- Equitable Mortgage in favor of Bank AL Habib along with Token or Full Registered Mortgage as advised by our Legal Counsel
- Life Insurance & Property Insurance Coverage
Charges:
As Per Bank's Schedule of ChargesDistribution:
Nearest Branch of Bank AL Habib
Documents Required
- Document Check List
- Financing Application Form completely filled and signed.
- 3 recent passport size photographs of primary & co-applicant.
- Valid CNIC / SNIC of primary/co-applicant (Old NIC will not be acceptable).
- Declaration of other loan liability (CF-1).
- Latest 3 months salary slips (if any)
- Latest Salary/employment certificate (if any)
- Last one year bank statement; where salary is being credited (if any)
- 1 Year Business Proof (if self Employed / Self Business)
- Verifiable income proof.
- Any other document deemed necessary
Frequently Asked Questions
- Who is eligible for Bank AL Habib Low Cost Housing for Special Segments?
- Widows
- Children of martyrs (Shaheed)
- Special persons (Disable logo appearing on CNIC / SNIC)
- Transgender
- Persons who desire to construct (including plot purchase) housing units in the Mohmand, Bajaur, Orakzai, Kurram, Khyber, North Waziristan and South Waziristan districts of Khyber Pakhtunkhwa.
- What is a markup rate for Bank AL Habib Low Cost Housing for Special Segments?
Fixed at 5.0%.
- What will be the loan tenor for Special Segments?
12½ years for all Special Segments.
- Who will assess the value of property?
Bank AL Habib has exclusive arrangements with PBA approved valuators for this purpose.
All expense incurred on property valuation / BBQ assessment will be made borne by the
customer. - What are the different disbursement stages for payments in the home construction loan?
The stages are as follows:
Plinth Stage 30%
Structure completion 30%
Finishing Stage 40% - How will you assess my income?
We will assess your income by acquiring all such documents that are verifiable and prove your income.
- What is the process of income estimation?
If necessary a representative from our approved evaluation firm will visit your place of business/work by taking a prior appointment with you and appraise your income level, by going through the documents and data provided by you.
- What will be the Repayment method for the loan?
An account for you will be opened at our branch, closest and the most convenient to you. You will be required to deposit funds sufficient to afford a monthly installment in that account. A direct debit instruction from you in favor of Bank AL Habib would then allow us to debit the installment amount from your account on monthly basis.
- What if I already have an account with Bank AL Habib?
If you already have an account with Bank AL Habib, you can give direct debit standing instructions in favor of Bank AL Habib which would allow us to debit the installment amount from your account on monthly basis.
- What is the penalty on early settlement of the loan?
As per bank’s Schedule of Charges
- To whom payment will be made?
If the case is to purchase plot plus construction then maximum Rs.1 million can used for plot purchase and payment will be made to the original seller. The remaining Rs.1.7 million will be paid to applicant in stages as defined above
Cash Finance
Need cash without encashing your savings?
Bank AL Habib Cash Finance is a hassle-free secured personal loan that provides cash for your need sat the most competitive rate against your National Savings Certificates, Pak Rupee/Foreign Currency Bank AL Habib Deposits & First Habib Cash Fund units
Al Habib Cash Finance works in two ways
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Running Finance Facility (RF), a Revolving line of Credit with quarterly mark-up servicing
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Term Finance Facility (TF), 1 Year to 5 years, repayments in equal monthly installments.
What makes AL Habib Cash Finance a great option?
Prompt & Hassle-Free Processing
No Processing Fee
Balance Transfer Facility
Documentation Charges at Actual
No Pre-payment Penalty
Third Party security of Bank AL Habib Deposit/National Saving Certificates
Free ATM/ Debit Card
Free Online Banking
Free eStatement/ iBanking Facility
Who can avail AL Habib Cash Finance facility?
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Resident Pakistanis such as Salaried, Self Employed & Business Individuals.
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Having Requirement of funds for personal use.
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Having Satisfactory Credit History.
Finance Amount
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Minimum Finance amount is PKR 50,000/-.
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Maximum 90% against PKR Deposits / Encashment value of Securities and 85% on Foreign Currency Deposits.
Securities and Pricing
Financing upto PKR 5.0 Million Against Bank AL Habib PKR Deposits
Running Finance
2.00% over Deposit Rate
Term Finance
1.50% over Deposit Rate
Financing upto PKR 5.0 Million (Against Foreign Currency Deposits and Permissible Government Securities)
Running Finance
2.00% over 3 Months KIBOR
Term Finance
1.50% over 1 Year KIBOR
For Financing of over PKR 5.0 Million
Running Finance
1.50% over 3 Months KIBOR
Term Finance
1.25% over 1 Year KIBOR
Documents Required
- Documents Required
- Bank's prescribed Application Form
- Copy of CNIC / SNIC
- Latest salary slip / Salary Certificate (For salaried person)
- Bank Account Statement for last six Months (For Business Person) Any other document of income proof, if available
- Liability declaration (CF-1)
Open a Cash Finance Account
- Visit nearest Bank AL Habib Branch for an Account Opening Form
- Submit the duly completed form with all supporting documents
Frequently Asked Questions
- What kind of financing facility does the Bank provide under AL Habib Cash Finance?
We offer both Term Finance (TF) & Running Finance (RF) Facility for individuals to meet their personal, family or household needs.
- What is the amount of financing offered under AL Habib Cash Finance?
Minimum Finance amount is PKR 50,000/-. Maximum (90% against PKR Deposits or Encashment value of Securities, and 85% on Foreign Currency Deposits).
- What is the mark-up rate?
For amount up to 5 Million:
In case of PKR Deposit with Bank AL Habib as security, 2.00% spread on deposit rate for Running Finance and 1.50% spread on deposit rate for Term Finance.
In case of Foreign Currency Deposits and Permissible Government Securities taken as security, 2.00% spread over on 3 Months KIBOR for Running Finance and 1.50% spread on 1 Year KIBOR for Term Finance.
For Finance above PKR 5 Million:
Running Finance Term Finance 1.50% over 3 Months KIBOR 1.25% over 1 Year KIBOR - What is the frequency of mark-up repayment?
Quarterly mark-up in Running Finance is payable within 15 days of it’s becoming due. Monthly mark-up payable will be included in Equal Monthly Installment for Term Finance. Late Payment charge of PKR 500 shall be applicable after due date
- What is the security that I will have to offer to avail AL Habib Cash Finance?
Bank AL Habib Deposit and/OR Defence Saving Certificates, Special Savings Certificates & Regular Income Certificate issued by the Government of Pakistan under the National Saving Schemes and purchased through Banks, State Bank of Pakistan Offices and National Saving Centers shall be acceptable as security.
- Will third party security be acceptable?
Yes, Bank AL Habib Deposit/ Govt Securities both are acceptable.
- Can my Behbood Certificates be considered as security?
No. As per SBP regulations, only DSCs, SSCs, RICs are acceptable.
- What is the processing fee for this facility?
There is no processing fee for the AL Habib Cash Finance Facility; however, documentation charges are at actual.
