Learn How to avail HBL Home Loan

Ibn-e-Ameer

The happiest day may be the one when you enter your own home. This is what everyone wants when he has some extra money.  Habib Bank Limited (HBL) is one of the banks that offer loans for homes. People often ask which bank is best for home financing in Pakistan. 

How much house loan can the applicant get in Pakistan? What is HBL Islamic home finance? These are common questions people ask before getting financing for a home in Pakistan. 

15 Tips to avail Home Bank Loan Scheme in Pakistan

In this article, we will discuss financing for a home in Pakistan. Many people do not know how to avail themselves of HBL bank loans for homes. 

I will give you some tips on how you can easily get a loan for a home. 

An HBL loan helps you turn your dream into a reality by helping you purchase your own home. It extends financing to purchasing a home or even buying land to build or renovate your home.

You will be required to pay interest and principal in installments over a determined period.

HBL home loan details

Here are the details of the HBL Home Loan to help you find loan packages.

• You can avail of a loan to purchase a residential property.
• You can avail the offer of a loan to acquire land for the construction of a residential house.
• The bank also provides home loans for renovation.

Another offer is for the extension and financing of residential property.

Other features include benefits, eligibility, and the requirement of documents.

 HBL offers loans at competitive interest rates. You will also have to pay the same interest rate to purchase, construct, renovate, or extend your house.

Islamic Banking

HBL offers a housing scheme under the Shariah-compliant guidelines of the Diminishing Musharakah mode of financing that provides you with a convenient and affordable way to obtain the home of your dreams.

Availability of Loan 

The bank offers a loan to purchase a finished residential property, house construction including land purchase, house/apartment renovation, or replacement (BTF) of an existing mortgage facility

Financing Range

It offers different packages for Home Loans to the customers. 

Financing range ranges from Rs 2,000,000 to Rs 75,000,000.

You can make Monthly payments in equal amounts each month.

The customers can also make payments in a three to twenty-five years term.

It provides financing up to 70% of the property’s value.

CRITERIA

Salaries Persons can also obtain loans for homes.

The applicant must be a citizen of Pakistan.

Applicant must be 25 years of age or older at the time of financing application and 60 years of age or younger/retirement age, whichever is lower, at the time of financing maturity.

His or her monthly income should be Rs 50,000 to Rs 100,000.

Requirement for Self-employed Business Personal/Professionals  

Self Employed Business Personal and professionals should be a citizen of Pakistan.

Applicant must be at least 30 years old at the time of application and at least 65 years old at the time of financing maturity.

They should have a monthly income of Rs 100,000 to 150,000.

Salaried Non-Resident Pakistanis 

• The applicant must be a citizen of Pakistan.
• Applicant must be 30 years of age or older at the time of financing application and 60 years of age or younger/retirement age, whichever is lower, at the time of financing maturity.

They should have a monthly income of Rs 400,000/- or higher.

Application Process

Salaries individuals will have to a copy of a valid CNIC/NICOP/SNIC.

The applicant will have to submit two recent passport-sized photographs.

• They will have to submit an original salary certificate stating the date of hiring and the cadre of employment.

Bank will need three original/attested salary slips from the most recent three pay periods

• A bank account statement for the previous twelve months, with the salary credited.
• Documentation demonstrating a five-year employment history (business or profession)

Self Employed Business Personnel/Professionals

• A copy of a valid CNIC/NICOP/SNIC.
• Two recent passport-sized photographs
• Documentation demonstrating a five-year employment history (business or profession)
• A bank certificate stating the title, CNIC number, account number, account opening date, business entity, and authorized signatory name.
• Last 12 months’ bank statement

Salaried Non-Residential Pakistanis

• Only salaried employees
• Non-Resident Pakistanis living only in GCC countries (UAE, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait)
• The applicant must be a Pakistani citizen.
• Applicant must be 30 years of age or older at the time of financing application and 60 years of age or less/retirement age, whichever is greater, at the time of financing maturity.
• A monthly salary of at least Rs 400,000
• A total of 5 years of work experience (permanent or contractual), including at least 2 years with the current employer.

HBL Home Loan Calculator 

You check your eligibility criteria and amount limit by using HBL Home Loan Calculator for better advice.

The applicant will have to submit property value.

Check HBL Home Loan Calculator

There are three options on a calculator: buy, build, and renovate. You will need to submit property value, term length and choose the option of either salaried person, self-employed, or businessman. 

Mera Pakistan Mera Ghar Program

SBP’s Mera Pakistan Mera Ghar (MPMG) program aims to provide low- and middle-income families with affordable housing options, according to State Bank of Pakistan Governor Dr. Reza Baqir.

On Saturday, he acknowledged the efforts of commercial banks in making the Mera Pakistan Mera Ghar project a success story during an awareness session held in Faisalabad to expand the scheme’s reach.

Citing statistics, he went on to say that commercial banks had approved Rs157 billion under the MPMG so far and had disbursed Rs56 billion to applicants.

That mortgage financing was largely ignored by the banks was lamented.

He lauded the progress that MPMG has made so far, saying that the response has been very positive. It was also his hope that the program would provide a home for each member of a Pakistani family who qualified for it.

As long as the banks continue to operate with the same zeal, they can accomplish this daunting task,” he said.

Baqir urged the Faisalabad business community, including members of the chamber of commerce and business groups, to encourage employees who do not own a home to apply for financing through the MPMG program, promising the banks and SBP his full support.

Mera Pakistan Mera Ghar Financing Facility

In addition, Baqir advised the banks to conduct targeted awareness drives at the premises of major companies in Faisalabad and other cities and to offer the MPMG financing facility to their employees.

He also urged banks to speed up the application process and mobilize more resources for the promotion of housing solutions, particularly for those in the lower-income brackets of the economy.

Banks have taken several steps to promote the MPMG program, including allocating 50 percent of their branches to facilitate financing under the scheme and developing an income assessment model to help applicants with informal incomes.

Additionally, they set up a joint call center to answer potential clients’ questions and concerns.

The banks also introduced e-tracking systems for applicants to monitor the progress of their requests and simplified loan application forms and relevant documentation requirements. They’ve also done a lot of work to spread the word about the program via print and electronic media, as well as social media.

As of 2020, the SBP has taken several steps to support the provision of financial assistance for the housing and construction sector.