Own your dream home with ease
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 (Including Plot Purchase) of new housing unit.
Enjoy the Exclusive Benefits
- Widows
- Children of Martyrs (Shaheed) of law & enforcement agencies, armed forces and Civilians martyred in terrorist attacks.
- Special persons holding CNIC / SNIC with disability logo/ symbol.
- Transgender
- 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.
All customers must fulfill the following requirements to be eligible for Bank AL Habib low cost housing finance for special segments
- Must be a Pakistani national.
- Valid CNIC / SNIC / NICOP
- 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:
- 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).
- Existing individual customers maintaining satisfactory relationship. Minimum 6 months of active relationship with Bank AL Habib
- Bank AL Habib Corporate/Commercial Relationships
- Minimum Income PKR, 30,000/- with 1 year Employment/business proof
- Installment not to exceed 40% of the monthly take home income
- The aggregate Debt Burden should not be more than 50%
- Sale or renting out of housing unit, financed under this scheme, shall not be allowed until full adjustment of outstanding finance or five (5) years after the date of first disbursement or, whichever is earlier
- 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 with no charges.
Pricing
- Fixed at 5%.
Security:
- Equitable/Token mortgage with lien marking at the respective authority
- Life Insurance & Property Insurance Coverage
Charges:
Documents Required
- 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
FAQ's
- 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.
Fixed at 5.0%.
12½ years for all Special Segments.
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.
The stages are as follows:
- Plinth Stage 30%
- Structure completion 30%
- Finishing Stage 40%
We will assess your income by acquiring all such documents that are verifiable and prove your income.
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.
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.
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.
There is no penalty on early settlement
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
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