In This Post
- HBL
- Standard Chartered Bank
- JS Bank
- HBFC
- Habib Metro Bank
- MCB
- Allied Bank Limited
- Faysal Bank
- Meezan Bank
- Escorts Investment Bank
Owning property in Pakistan is the ultimate dream for many, though it is certainly not cheap.
The increase in the cost of construction combined with the sharp surge in inflation has effectively driven property prices in urban and rural areas, making it extremely difficult for individuals from lower and middle-income groups to buy or build a home using their personal savings. This is why a large section of the population relies on commercial banks to acquire home loans in Pakistan, as it allows them to purchase or construct their own place by obtaining medium- or long-term financing.
Since most prospective buyers aren’t aware of home financing solutions offered by the leading banks in Pakistan, we have put together a comprehensive guide detailing the top banks that allow you to apply for a home loan in Pakistan.
Disclaimer: The information mentioned in this blog has been fetched from the official websites of the respective banks and is subject to change at the discretion of the institution. Moreover, most of these offer loans under the Mera Pakistan Mera Ghar Scheme.
TOP BANKS THAT OFFER HOME LOANS IN PAKISTAN
Turn your dreams of becoming a homeowner into reality by exploring the home financing solutions offered by these banks in Pakistan.
HABIB BANK LIMITED
If you are looking to apply for a loan to buy or build a property, you should consider checking out the home financing plans offered by Habib Bank Limited (HBL). Established in 1947, it is the largest bank in Pakistan that provides its customers with a wide range of products and services – including HBL Islamic Home Finance.
HBL Islamic Home Finance
It is a Shariah-compliant home finance scheme based on the principles of Diminishing Musharakah, which is a form of partnership between the bank and the customer. This facility offers the applicants an affordable and convenient option to get the home that they have always wanted.
In order to apply for this loan, salaried individuals must be aged 25 or older, while self-employed and non-resident individuals should be aged 30 or above. Moreover, this facility is only available to Pakistani citizens.
HBL Islamic Home Finance can be used to buy a residential unit, buy land and construct a house, renovate an existing property, or replace an existing mortgage. As per the official website, the financing limit for this plan starts from PKR 20 lakh and goes up to 7.5 crores. Meanwhile, the payment tenure can be between 3 and 25 years with equal monthly instalments. In addition, the bank can finance up to 70% of the property value.
Contact HBL
For home information about the home financing solutions offered by HBL, please get in touch with representatives by dialling the following number.
Phone Number: 111-111-425
STANDARD CHARTERED BANK
Known for its brilliant customer service and financial products, Standard Chartered Bank (SCB) enjoys a great reputation among domestic and overseas Pakistanis alike. If you are a Roshan Digital Account (RDA) holder, you can apply for Roshan Apna Ghar Scheme through SCB. However, if you don’t have an RDA account, you can apply for Saadiq Home Finance instead.
Saadiq Home Finance
It is a Shariah-compliant financing solution that falls under the Islamic structure of Diminishing Musharakah. Saadiq Home Finance offers the following facilities:
Home Purchase: Buying a new home.
Home Credit: Getting a loan against your home for renovation.
Enhancement to existing Saadiq Home Finance: Getting enhancement on the existing home loan for a planned renovation or extension to your property.
Balance Transfer Facility: Transferring the existing home loan at another bank to SCB.
Furthermore, the financing tenure for Saadiq Home Finance is up to 25 years. This home financing solution is presently available in selected areas within Islamabad, Lahore, Karachi, and Rawalpindi.
It is imperative to mention that Standard Chartered Bank that non-resident Pakistanis from Malaysia, Singapore, UAE and Bahrain are presently eligible to apply directly for the Saadiq Home Finance scheme.
Contact Standard Chartered Bank
For more details on the eligibility criteria for this home loan in Pakistan, please contact Standard Chartered Bank at the following number.
Phone Number: 021-111 002 002
JS BANK
Whether you are looking to buy your dream home or plan to renovate your existing residence, JS Bank could be the perfect financing partner to help you achieve your goals through its Ghar Apna Scheme.
JS Ghar Apna Scheme
This home loan facility provides financing of up to 80% of the property’s market value. The bank also offers Home Loan Protector by EFU Life Assurance Limited to ensure the applicant’s family against the repayment in the event of disability or death.
To buy your own house, you can apply for the Buy Your Ghar plan. Under this home financing scheme, you can get home loans of between PKR 5 lakh and PKR 7.5 crore. Meanwhile, if you are looking for a house building loan in Pakistan, the JS Build Your Ghar loan allows the customers to get a minimum of PKR 5 lakh to a maximum of 5 crores to buy a plot and construct their home. In case you already own the land, the maximum loan limit under this facility can be reduced.
The financing tenure for both of these home loan facilities is between 1 and 20 years.
Meanwhile, the minimum amount for the Renovate Your Ghar Scheme is PKR 5 lakh while the maximum is PKR 1 crore. The financing tenure for this scheme is between 1 and 10 years.
All Pakistani CNIC and NICOP holders are eligible for this loan as long as they can provide their income statements.
Contact JS Bank
For further details about home loans in Pakistan, please contact JS Bank at the following numbers:
Phone Number: 021-111 654 321, 021-3279 9009
HOUSE BUILDING FINANCE COMPANY
House Building Finance Company (HBFC) Limited is usually the top choice among those seeking house-building loans in Pakistan. The finance institution offers several schemes to facilitate people from different segments of society to buy a home, construct a house, and transfer their existing loans.
Here 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 to purchase or construct a home. This facility is available for both residents and overseas Pakistanis between the ages of 21 to 60 years (for salaried) and 25 to 65 years (for self-employed).
Ghar Pakistan Plus Scheme
The Ghar Pakistan Plus Scheme enables property owners to get home loans of up to PKR 88 lakh on a financing tenure of 3 to 25 years. Resident and overseas Pakistanis between the ages of 21 to 60 years (for salaried) and 25 to 65 years (for self-employed) can apply for this HBFC scheme.
Ghar Sahulat Scheme
The Ghar Sahulat Scheme enables individuals to get a home purchase and construction loan of up to 3 crores under this scheme. Pakistan citizens between the ages of 21 to 60 years (salaried) and 25 to 65 years (self-employed) are eligible for the Ghar Sahulat Scheme.
HBFC Khaas
The financial institution also offers a home construction loan of up to PKR 27 lakh (including PKR 10 lakh for plot purchase) under HBFC Khaas. This scheme is specifically designed for widows, children of martyred law enforcement officials, armed forces and civilians martyred in terrorist attacks. Furthermore, individuals holding CNIC with disability logos and transgender citizens can apply for this home financing solution.
Contact House Building Finance Company
For more information about the eligibility criteria and financing tenure, please contact HBFC at the following number(s):
Phone Number: 021-35641711-15, 0800-42325
HABIB METROPOLITAN BANK
If you plan to buy or build a home of your own but are struggling with the funds, you may want to apply for the HABIBMETRO Home Finance scheme offered by Habib Metropolitan Bank. This facility allows borrowers to not only purchase a house but also purchase a piece of land to construct their property.
HABIBMETRO Home Finance
Customers can avail the following facilities under this plan.
- Home Purchase: This facility enables borrowers to buy a constructed property.
- Home Builder/ Plot + Construction: Customers who already own land or want to purchase it can use this facility to meet the cost of buying a plot and constructing a home.
- Home Renovation: Those who already own a home and need funds for renovations can apply for this service.
- BTF (Transfer existing home finance facility): The bank extends this facility to customers who want to transfer their existing home finance facility from another bank to Habib Metropolitan Bank.
In addition, HABIBMETRO Home Finance can finance up to 80% of your property value. It also offers affordable instalments with minimal documentation. However, the minimum age to apply for this home financing solution is 27 years while the maximum age is 60 for salaried individuals and 65 for the self-employed.
Contact Habib Metropolitan Bank
For more information, please feel free to visit your nearest branch or call the bank at their 24/7 customer care helpline.
Phone Number: 111-142-242
MUSLIM COMMERCIAL BANK
More commonly referred to as MCB, this top bank in Pakistan is also a good option for those seeking home financing solutions. The application process for MCB Home Loans is rather straightforward and the documentation is also minimal.
MCB Home Loans
The bank offers home loans at competitive prices, allowing borrowers to buy a house, construct a house on an existing plot, or buy a plot to build a home. In addition, one can also renovate their home through this facility.
The financing tenure for this plan is between 2 and 25 years. Moreover, the financing range for MCB Home Loans can go up to PKR 5 crore, or even higher. The facility is available for salaried persons, self-employed persons, pensioners, and landlords.
Contact MCB
Do you need more information about MCB Home Loans? If yes, please free to call on the following number(s) to speak to the bank representatives.
Phone Number: 111-000-622, 042-35987979
ALLIED BANK LIMITED
Considered one of the leading banks in Pakistan, Allied Bank Limited (ABL) offers a variety of home finance plans with different repayment options, allowing customers to construct or buy their own homes at their convenience.
The Allied Home Finance Scheme
The Allied Home Finance scheme enables Pakistani citizens between 25 to 57 years of age to get a loan of up to PKR 4 crores, which can be repaid within 3 to 25 years. Along with ensuring quick and easy processing, the bank also offers a loan transfer facility for its customers at low markup rates, free life insurance, and a solar system finance facility under renovation.
It is also important to mention that ABL presently offers a wide range of products, such as home or apartment purchases, home construction on previously owned land, home renovation, as well as purchasing land and constructing a home.
Allied Bank Limited is currently offering this home loan facility in eight cities including Islamabad, Lahore, Karachi, Rawalpindi, Faisalabad, Multan, Gujranwala, and Sialkot.
Moreover, the bank offers a Low-Cost Housing Scheme for widows, children of martyrs, differently-abled individuals, and members of the transgender community. Under this facility, the bank provides applicants with home financing of PKR 5 to 27 lakh, which can be repaid within 12.5 years (including the 6-month grace period). However, to be eligible for this scheme, one must be a citizen of Pakistan and have a verifiable net income of PKR 30,000 per month.
Contact Allied Bank Limited
To learn more about ABL home loans in Pakistan, please contact the bank at the following numbers:
Local callers: 111-225-225.
International callers: +9221-35301094
FAYSAL BANK
With branches located all over the country, Faysal Bank facilitates future homeowners with its Faysal Islamic Home Finance scheme. It is also based on the principles of Diminishing Musharakah.
Faysal Islamic Home Finance
This scheme offers medium- and long-term home financing solutions to Pakistani citizens between 21 and 60 years of age (at the time of maturity).
Under the Faysal Islamic Home Finance scheme, the customer and the bank mutually purchase a property creating joint ownership. The bank then rents out its share to the customer, who continues to purchase the assets from the bank. Once the customer has bought all the units of ownership in the property, they become its sole owner.
Currently, Faysal Bank is offering the following facilities under this plan:
- Home Purchase: This facility is extended to customers who want to purchase a constructed property.
- Home Builder/Plot + Construction: This facility enables customers who already own a plot/want to purchase a plot to meet the cost of property construction.
- Home Renovation: As the name suggests, this facility is extended to those who already own a home and require a loan to renovate it.
- Home Refinance: This facility allows customers to transfer their present home finance facility from another bank to Faysal Bank.
Please note that this Islamic home financing scheme is currently available in Lahore, Islamabad, Rawalpindi, and Karachi.
Contact Faysal Bank
For more information about the home loan facilities provided by Faysal Bank, please contact them at the following number:
Phone Number: 021-111-06-06-06
MEEZAN BANK
Meezan is among the top banks in Pakistan offering Islamic home financing solutions. Its interest-free facility is called Easy Home and follows the principle of Diminishing Musharakah, where the homeowner partners with the bank to get joint ownership of a property. Hence, the bank does not lend you money but co-owns the property.
Easy Home
If you have been looking for Shariah-compliant home financing facilities, Meezan Bank should be at the top of your list. When you apply for Easy Home, you are essentially requesting the bank to provide a certain amount of funds for ownership of your home.
The institution offers maximum finance against the value of the property and allows borrowers to make partial prepayments. However, to apply for Easy Home, you must be a citizen of Pakistan aged between 25 and 65 (at the time of maturity).
ESCORTS INVESTMENT BANK
Escorts Investment Bank (EIBL) is yet another renowned bank offering home loans in Pakistan for overseas Pakistanis as well as those residing in the country. It allows eligible applicants to buy a house, construct their house, add another floor to a semi-constructed house, as well as transfer their home loan from another facility.
EIBL Housing Finance
The bank facilitates up to 100% construction financing and releases the funds in up to 4 instalments to adequately manage the construction cost. The EIBL home loan duration is between 3 to 20 years depending on the applicant’s age at the time of maturity, which is 60 years.
Furthermore, this house financing facility is presently available for residential real estate located in Islamabad, Lahore, Karachi, and Rawalpindi.
Contact Escorts Investment Bank
To learn about the eligibility criteria and application details, please contact Escorts Investment Bank by calling the following numbers:
UAN: 042 111 555 222
There you have it – a complete guide to the top banks offering home financing solutions across the country. For more information on home loans in Pakistan, please feel free to check out the following blogs:
- How to determine if you can afford a home loan
- The eligibility criteria to apply for home loans in Pakistan
- 7 steps to follow when taking a home loan
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