Housing Finance
Home Buyer
  • Financing from Rs. 300,000 up-to Rs.20 million or entitlement should not exceed 80% of the appraised value of a built up house whichever is lower
  • Financing period 20 years.
  • Disbursement made as Bullet Payment (one time).
  • Repayment in equal monthly installments based on the tenure of financing.
Home Construction
  • Financing from Rs.300,000 up to Rs.20 million or entitlement should not exceed 80% of the appraised property value (land + estimated cost of construction) which ever is low.
  • Financing period 20 years.
  • Disbursement of Payment in 3 stages as follows:
    1. Plinth Stage. 30%
    2. Structure completion. 30%
    3. Finishing Stage 40%
  • Repayment in equal monthly installments based on the tenure of financing (1 year grace period for construction is also included, where only mark up is to be serviced).
Home Renovation
  • Financing up to Rs.5 million or entitlement should not exceed 70% of the appraised property value which ever is low.
  • Financing period 1-10 years.
  • Disbursement made as Bullet Payment (one time).
  • Bill of Quantity also required.
  • Repayment in equal monthly installments based on the tenure of financing.
Eligibility Criteria
  • Existing individual customers maintaining satisfactory relationship.
  • Salaried employees of our Corporate/Commercial Relationships.
  • Self Employed professionals (Doctors, Engineers, Chartered Accountants, Architects, etc).
  • Have age between 23 to 60 years.
  • Possesses minimum net monthly take home income of Rs.20000.
  • Salaried individual at least 1 year of permanent service.
  • SEP/Businessmen? 2 years of business proof.
  • Installment not to exceed 45% (Debt Burden) of the monthly take-home income.
  • The aggregate Debt Burden should not be more than 50%.
Pricing
  • Variable Rate Option i.e. 1 Year Kibor + 3% With Salary Transfer (for Salaried Person).
  • 1 Year Kibor + 3.5% (for Businessmen/SEP).
  • Rate revision on each category will be on loan anniversary.
Documents Required
(BUSINESSMEN & SEP)
  • Loan Application Form (to be filled-in by the applicant).
  • Borrowers Basic Fact Sheet.
  • Computerized NIC.
  • 2 recent photographs (passport size).
  • Business Proof ( at least 2 years).
  • NTN Certificate.
  • 3 months Bank Statements.
  • Direct Debit Authority (Repayment mode).
  • Current paid utility bill for current residential address.
  • Declaration of other loan liability.
  • Current credit card bill (if applicable).
DOCUMENTATION CHECK LIST (SALARIED INDIVIDUAL)
  • Loan Application Form (to be filled-in by the applicant).
  • Borrowers Basic Fact Sheet.
  • Computerized NIC.
  • 2 recent photographs (passport size).
  • Employment Letter with current designation, joining date.
  • Salary Slip/Certificate (at least 3 months).
  • Current paid utility bill for current residential address.
  • 3 months Bank Statements.
  • Direct Debit Authority (Repayment mode).
  • Declaration of other loan liability.
  • Current Credit Card bill (If Applicable).
Security
  • Equitable Mortgage in favor of Bank.
  • Life (Mortgage Protection Policy) & Property Insurance.
Charges
1.Processing Fee:
2.Prepayment:
3.Delayed Payment:

4.Returned cheques:
5.Property Valuation:
6.Lawyers fee:
7.Income estimation:
8.Life & Property Insurances:
Rs. 3,500/-
3% of Principal outstanding amount
Rs. 400/- per late payment of installment
Rs. 500 per case
At Actual
At Actual
At Actual
At Actual
Distribution:

All Branches of BAHL are authorized for booking Home Loans.


FAQ’s

What is the Mark-up rate for Bank AL Habib Home Mortgages?


Segments Salaried Self Employed Professionals/Business
Home Purchase All 3 products will be based on Variable Rate Option 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)
Home Construction
Home Renovation

What will be the loan tenor? 

For Buying & Construction: up-to 20 years.
For Renovation – up-to 10 years.

What is the minimum and the maximum loan amount that can be acquired? 

Home Purchase – Rs. 0.3M to 20M
Home Construction – Rs. 0.3M to 20M
Home Renovation – Rs. 0.3M to 5M

Who is eligible to apply?

  • Pakistani Nationals.
  • Have age between 23 to 60 years.
  • Should have at least 3 years of Professional/ Business/ Employment experience & 2 Year experience in Salaried Employment.
  • Have a minimum take-home verifiable income of Rs. 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:

1.Plinth Stage. 30%
2.Structure completion. 30%
3.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 which ever is applicable.

What is the process of income estimation?

A representative from our approved chartered accountant firm 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 BAHL, you can give direct debit standing instructions in favor of BAHL 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?

The penalty on early settlement of loan is 3% on principal loan outstanding.

How to Apply
  1. We provide you with all the information you need about Bank AL Habib Home Mortgages. This can be through a face-to-face meeting with our Relationship Managers, or over the telephone, or through the mail / email.

  2. You give us some basic information about your income and the financing you need so that we can give you a tentative qualifying loan amount for your ready reference.

  3. 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.

  4. We carryout a property valuation, legal opinion on property documents through our approved valuators and lawyers, life & property insurance coverage at least for the loan amount in order to send you our “Facility Advice Letter”.

  5. You accept the Facility Advice Letter and return it to us.

  6. Our Relationship Managers shall get in touch with you to complete Finance & Charge documentation for it's duly execution and signing.

  7. 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.

  8. However, the bank reserves the right to reject the application at any stage with out assigning any reason.
Contact Us

For further details, please contact your nearest Bank AL Habib Limited Branch, or Home Loans, Consumer Banking Division, 111-111-176 Ext 201,Direct: 0213-2463079.

Note: All loan processing and approvals as per Bank’s Credit Policy.