Introduction:

Even in COVID-19, the real estate sector holds prominence regarding growth. Many individuals choose house financing for purchasing their first house. If you are also considering this chance, Business World has collected a List of Banks Providing Home Loans in Pakistan.

Owning a house or apartment could be the best thing that you can have in Pakistan. Being an owner of a property is indeed an exciting investment, and also it tempts several investors.

List of Banks Providing Home Loans in Pakistan

After the orders from the State Bank of Pakistan regarding the markup subsidy service for the construction and purchase of new houses, all of the commercial banks are gearing up to state their strategies and standards to get the home-financing loan policy.

Let’s have a look at the collected List of Banks Providing Home Loans in Pakistan.

Following is the List of Banks Providing Home Loans in Pakistan:

1. House Building Finance Company Limited (HBFCL):

House Building Finance Company Limited (HBFC) is the only housing finance institution in Pakistan. The financing institution was established in 1952 by the Government of Pakistan (GOP). It also comes in the List of Banks Providing Home Loans in Pakistan because it is one of the old financial institutes in Pakistan.

House Building Finance Company Limited (HBFCL)

Moreover, this finance institution proposes numerous schemes to allow people to buy a house or a flat, construct a house and transfer their loans. The HBFCL was corporatized in 2007 and is now a private-public limited company.

Similarly, the State Bank of Pakistan (SBP) and the Government of Pakistan (GOP) jointly hold the capital of HBFC with 90.31% and 9.69% shareholding, respectively.

HBFC provides financing facilities for the construction and purchase of houses through its deep-rooted and national footprint of 51 Branches, 7 Area offices, 3 Regional offices, and a Head Office based in Karachi.

Following 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 18 to 57 years (for salaried) and 18 to 62 years (for self-employed).

Ghar Pakistan Plus Scheme:

The Ghar Pakistan Plus Scheme allows property holders to get home loans of up to PKR 88 lakh on a financing tenure of 3 to 20 years. Both residents and overseas Pakistanis aged 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 wealthy individuals of Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar, and Quetta to take loans 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 aged 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 presented a low-cost housing finance scheme with Prime Minister Imran Khan’s vision to provide affordable housing to lower-income and middle-income Pakistanis.

It is valid for all first-time homebuyers holding a valid CNIC card. Get to know about 65 Business Ideas in Pakistan.

Requirements for Loan Application:

Read these requirements if you want to apply for home financing via HBFCL: 

  • The minimum age requirement for a home loan application is 22 years
  • The candidate must be a Pakistani national
  • The minimum salary requirement for a home loan via HBFCL is PKR 100,000

Contact Number: 021-35641711-15, 0800-42325

2. Dubai Islamic Bank: 

Another name that comes on the List of Banks Providing Home Loans in Pakistan is Dubai Islamic Bank. It is indeed a trustworthy name in house financing in Pakistan for people looking for an interest-free loan.

Dubai Islamic Bank

However, you must be a CNIC holder for a loan application. The bank offers these products under home financing:

  1. Home Purchase
  2. Home Renovation
  3. Purchase of Undivided share of Property Mortgaged by other banks
  4. 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 of PKR 40,000
  • The loan is payable within 3 to 25 years

Contact Number: 111-786-342

3. Habib Bank Limited (HBL):

The next name in the List of Banks Providing Home Loans in Pakistan is Habib Bank Limited, also recognized as HBL. It is one of the most renowned names in the country for offering home financing on easy terms and conditions.

Habib Bank Limited (HBL)

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
  • The minimum salary requirement for a home loan via HBL is PKR 100,000

Contact Number: 111-111-425

4. National Bank of Pakistan:

National Bank of Pakistan is a government entity that offers home loan facilities to satisfy your dreams, whether purchasing a new home, constructing as per your needs, or renovating an old one.

National Bank of Pakistan

NBP is counted in the List of Banks Providing Home Loans in Pakistan because it has a national recognition since 1949.

Requirements for Loan Application:

To avail of home loan facilities via the National Bank of Pakistan, the applicant should fulfill the following criteria:

  • Minimum 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 Number: 111-627-627

5. Standard Chartered Bank: 

Another name that comes in the List of Banks Providing Home Loans in Pakistan is Standard Chartered Bank. The bank is offering home financing facilities to its trustworthy clients on easy-to-understand terms and conditions.

Standard Chartered Bank

Requirements for Loan Application:

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

Contact Number: 111-722–724

List of Other Banks Providing Home Loans in Pakistan:

Following are the other banks that are providing home loans in Pakistan, including:

  1. United Bank Limited
  2. Meezan Bank
  3. Bank Alfalah Islamic
  4. Faysal Bank
  5. Muslim Commercial Bank
  6. Askari Bank Limited
  7. Bank Al Habib
  8. JS Bank
  9. Summit Bank
  10. Bank Islami
  11. Bank of Punjab
  12. Al Baraka Bank
  13. MCB Islamic Bank Limited
  14. Allied Bank Limited
  15. Khushhali Microfinance Bank
  16. Silk Bank

Things to Know Before Applying for a Home Loan in Pakistan:

If you have figured out the financial side of your investment, purchasing a home is a once-in-a-lifetime kind of investment. However, things will be worst if you haven’t found a consistent institution to finance the investment.

While checking key points from various banks and comparing them is extremely important before applying. So, here are some important points that you must consider before applying for a bank loan in Pakistan:

  • Interest Percentage
  • Loan to Value Ratio
  • Loan Processing Fees
  • Turnaround Time
  • Payment Duration
  • Installments and Fee Structure
  • Hidden Charges
  • Terms & Conditions
  • Legal Requirements

Conclusion:

So, this is the article in which we have shared a List of Banks Providing Home Loans in Pakistan, which provide home loan facilities in Pakistan. We have also explained some main points to consider in house financing.

Meanwhile, if you need help with the costs of plots in Pakistan, you must visit our website. For more updates on Pakistan’s real estate sector and investment tips contact Sky Marketing and Tajarat Properties.