Buying a property is an exciting investment and it tempts many investors. Since the country’s real estate sector holds growth, many individuals prefer house-financing for buying their first home. If you are also considering this opportunity, we’ve compiled a list of banks providing home loans in Pakistan.
Let’s begin!
Banks Providing Home Loans in Pakistan
Here’s a list of banks that provide house-financing in Pakistan:
- Askari Bank
- Bank Alfalah
- Dubai Islamic Bank
- Faysal Bank
- Habib Bank Limited
- National Bank of Pakistan
- Standard Chartered Bank
- United Bank Limited
Askari Bank
If you are looking for the best home loan facilities in Pakistan, you should know that Askari Bank is a well-known name in the banking sector. The bank provides financing facilities for the following needs:
- Buying a readily-made home
- Building a home on a piece of land
- Home renovation and remodelling
Requirements for Loan Application
Planning to apply for a mortgage via Askari Bank? You should fall into the below-mentioned category:
- Minimum age of the borrower should be 21 years.
- Your income should not be less than PKR 50,000.
- The minimum loan amount is PKR 500,000.
- The loan amount is payable in 3 to 25 years.
Contact Information Alfalah Bank
Official Website: https://askaribank.com/
Contact Number: 111-000-787
Bank Alfalah
Bank Alfalah offers a vivid spectrum of financing facilities for property investors and genuine home buyers under the umbrella of ‘Alfalah Home Financing’. As per the official website, the experts at Bank Alfalah are committed to providing the best customer support, advice, and suggestion to their clients regarding home financing.
Requirements for Loan Application
In order to apply for a mortgage via Bank Alfalah, you need to fulfil the below-mentioned criteria:
- The minimum age requirement for a loan application is 23 years old.
- The applicant must have a monthly income of PKR 70,000.
- The loan applicant must be a Pakistani National.
Contact Information
Official Website: https://www.bankalfalah.com/
Contact Number: 111-225-111
Dubai Islamic Bank
Dubai Islamic Bank is, yet another, reliable name in house financing in Pakistan for individuals looking for an interest-free loan. However, you need to be a CNIC holder for a loan application. These products are offered by the bank under home financing:
- Home Purchase
- Home Renovation
- Purchase of Undivided share of Property Mortgaged by other banks
- Customer Finance
Requirements for Loan Application
These are the minimum requirements for loan application via Dubai Islamic Bank:
- The candidate must be 25 years old with a monthly income PKR 40,000.
- The loan is payable within 3 to 25 years.
Contact Information
Official Website: https://www.dibpak.com/
Contact Number: 111-786-342
Faysal Bank
If you dream about owning a house in Pakistan – Faysal Bank will make your dream come true with Faysal Home Finance service. The home loan facility provided by this bank is based on the principles of Diminishing Musharakah – where the bank and customer invest in the asset jointly. After the customers pay for all the units, they become the rightful owner of the property. Currently, the bank is offering below-mentioned products:
- Home Purchase
- Home Builder
- Home Renovation
- Home Re-finance
Requirements for Loan Application
Here are the requirements for loan application in Faysal Bank:
- The candidate must be Pakistani national and should reside in either Karachi, Lahore, Islamabad, or Rawalpindi.
- The minimum income of the application must be PKR 100,000.
- 21 years old is the minimum requirement for loan application via Faysal Bank.
Contact Information
Official Website: https://www.faysalbank.com/
Contact Number: 111-06-06-06
Habib Bank Limited (HBL)
The next name in our list of best banks providing home loans in Pakistan is Habib Bank Limited or most commonly known as HBL. It is one of the most famous names in the country for providing home financing on easy terms and conditions.
Requirements for Loan Application
Read these requirements if you want to apply for home financing via HBL:
- The loan amount is payable within 5 to 20 years, depending on the type of loan you avail.
- The minimum age requirement for a home loan application is 22 years.
- The candidate must be a Pakistani national.
- Minimum salary requirements for a home loan via HBL is PKR 100,000.
Contact Information
Official Website: https://www.hbl.com/
Contact Number: 111-111-425
National Bank of Pakistan
National Bank of Pakistan is a government entity that offers home loan facilities to fulfil your dreams whether they are about purchasing a new home, constructing as per your needs, or renovating an old one.
Requirements for Loan Application
In order to avail home loan facilities via the National Bank of Pakistan, the applicant should fulfil the following criteria:
- Minimum of 22 years of age.
- The applicant should be a Pakistani CNIC holder with a minimum income of PKR 10,000.
- The maximum loan amount issued to a person is PKR 35 million and payable within 3 to 20 years.
Contact Information
Official Website: https://nbp.com.pk/
Contact Number: 111-627-627
Standard Chartered Bank
Standard Chartered Bank is providing home financing facilities to its valuable customers on easy-to-comprehend terms and conditions.
Requirements for Loan Application
In order to avail home loan from Standard Chartered in Pakistan, you need to be aware of the following requirements:
- Applicant must earn at least PKR 50,000 per month
- Home loan is provided to individuals who are at least 21 years old.
- Candidates are required to pay back the borrowed amount within 1 to
Contact Information
Official Website: https://www.sc.com/
Contact Number: 111-722–724
United Bank Limited (UBL)
United Bank Limited (UBL) is among the most reliable banks providing home loans in Pakistan. The bank is offering different products under hoe finance with competitive rates.
Requirements for Loan Application
You must complete the following requirements to process your loan application at UBL:
- Pakistani national with valid CNIC.
- Minimum age of 23 years.
- Monthly income should be PKR 50,000.
Contact Information
Official Website: https://www.ubldigital.com/
Contact Number: 111-825-999
Things to Know Before Apply for a Home Loan in Pakistan
Purchasing a home is once-in-a-lifetime kind of investment. If you have figured out the financial aspect of it. Things can easily go south if you haven’t found a reliable institution to finance the investment.
Checking key facts from different banks and having a comparison between them is extremely crucial before applying for a home loan in Pakistan. That being said, here are some key points that you should look for before applying for a mortgage in Pakistan are:
- Interest Percentage
- Loan to Value Ratio
- Loan Processing Fees
- Turnaround Time
- Payment Duration
- Installments and Fee Structure
- Hidden Charges
- Terms & Conditions
- Legal Requirements
So, this is where we talk about the gist of our blog. We have shared a list of banks that provide home loan facilities in Pakistan, along with some key points to consider in house financing.
Meanwhile, if you need help with property registration or property transfer, navigate to our recently published guides.
For more updates on Pakistan’s real estate sector and investment tips, keep visiting JagahOnline Blogs and JagahOnline Facebook. Subscribe to our e-newsletters and receive the updates in your inbox.
