A home of your own home is the largest blessing indeed. Everybody wants to have his / her own home. Financing mechanism home not only helps you buy home, but also help save on taxes.
However, the banking sector remains quite dynamic in Pakistan, and consumers make extensive use of different types of loans for various purposes, using mortgages or financial services house still is not as frequent as other type of finance. Pakistan People spend their lives in saving money in order to be able to buy home. However, very few can actually get to live that dream. In this state of things, the mortgage can be a very practical option. It may not work perfectly for everyone, but worth taking into consideration people with good monthly income, especially those living in rented houses.
There are a number of different banks offering Home Loan products to their customers and you can use any of them to buy or build your house. Some of these banks mentioned below
United Bank Limited (UBL) – UBL Address
BMW provides funding for the construction and purchase of two heads, under the name of “UBL direction.” These loans are available with two types of interest rates (known as floating and adjustable). To be eligible, you must be a resident of Pakistan and earn a monthly income of at least 15000. Remember that a family may qualify for this loan, even if the total income of both spouses to 15000. One totalizer can reach 500,000 and larger loans, taking advantage of this service. Mark up rates are between 11.99 per cent and 16.5 per cent of the actual amount and these loans are granted for a period of three to 20 years.
Standard Chartered – Home Purchase & Home Credit
Standard Chartered is a well-known name in the banking sector. In Pakistan, Standard Chartered Bank financing for residential properties only complete (does not cover commercial properties). Once you submit the application, check to determine if they meet the eligibility criteria, which reads … borrower’s monthly income must be at least 30 000 per month and he / she should not less than 25 years old. One can get as much as $ 30 million in program funding for the purchase of Standard Chartered Home. Moreover, domestic credit is for people who are going through maintenance or construction work.
Muslim Commercial Bank (MCB)
MCB offers a range of different purposes of financing options, including purchase, renovation, construction or purchase of land. Their financial options in major cities as Lahore, Karachi, Islamabad, Faisalabad and Rawalpindi are available. MCB provides up to 20 million loan 2-20 years; however, you cannot get a commercial property loan.
These are not the only option, see a lot of other banks such as Citibank, HSBC and NBP have their own plan, and. In case you are looking for Home Loan, Should you stop at all of these banks in person and consult with the Bank? After accumulating basic information you can compare the options and choose between the One that suits you best.