15 Tips to avail Home Bank Loan Scheme in Pakistan
We all have a dream to the owner of our own house because the rent houses have many problems, like expensive high rent, and our privacy is safe in the rental house.
There are also many other issues that we have faced in rental houses. That’s why owning a home is a great blessing of Allah (God).
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If you want to build your home, then the Government of Pakistan provides you with a loan system to get a loan to construct your home.
You can pay the loan amount in straightforward installments. But in this era of high cost, it is a complicated process to build your own home because of the increasing cost of raw materials, labor, increased property tax, and other financial issues.
The Government has started many programs to facilitate the people to construct their own homes and live here without any rental facing problems.
Many banks in Pakistan provides you home financial loan on straightforward terms and conditions. You have to pay the whole amount in installments every month; it depends on how much money you can provide each month.
It doesn’t matter which family you belong to, like middle class or upper class. The bank doesn’t matter what job you are doing right now; you have to return the loan amount in installments every month.
Every bank has different terms and conditions and can check them on the internet or by visiting the bank branch near your step. You can change the payback amount.
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The loan amount depends on an area, like what place you have that you have to construct, for example, five marlas or whatever.
The cost of the five marla houses in Islamabad is 26 lakh which is considered a very reasonable amount. Many construction companies provide their services at very affordable prices.
1: Government Loan for Houses in Pakistan
The Government also provides many loan programs so that everyone can build their own house quickly. Many banks give you government loan schemes to benefit from it to make your own home.
The Government takes this step because they promise that every Pakistan will have their own home to live with their family quickly.
The loan for houses from the Government has very soft terms and conditions, and you have to pay a minimal amount of the interest on the loan.
2: Home Loan Interest Rate All Banks in Pakistan
The interest rate in Pakistan is different from bank to bank, but the average interest rate in Pakistan is 10 to 20 percent; that is a tiny amount, and you can pay this in monthly installments.
Some banks have zero interest rates, and you have to return only the loan amount. The bank that claims that they have an Islamic system of loans takes zero interest from their customers.
You check the interest rate of any bank by going to the official website of that particular bank. We also discuss some of the famous banks of Pakistan that offer you home loans in easy installments.
3: Home Loan Eligibility
Many people ask if they want to get a loan and what are the qualities for getting a loan from any bank in Pakistan. The eligibility of getting a loan is different for every bank, but there are some things that you should do to get a home loan in Pakistan.
First of you have a Pakistani national identity card and are 22 years old. Then you have to provide your source of income like about your salary, business or you say that you are a self-employ.
You have also provided all of your financial information for getting a home loan.
4: Home Loan Calculator
This calculator tells how much amount you can get from a loan that is the basis of your salary, business, and source of income.
You can check the loan calculator from your bank online by the official website of that bank. This calculator will tell you the amount of your loan the interest rate, and the amount of money deducted from your salary or bank account.
This calculator will show you all the details of your payback time and many other things that will help you.
3: Meezan Bank Home Loan Calculator
5: Meezan Bank Home Loan
Meezan Bank offers you a home loan scheme to build or purchase your own and live happily with your family in your own house.
The Meezan bank has a system Mera Pakistan Mera Ghar, in which you can easily take loans and construct your own home to fulfill your desire that most of us have of our house.
According to the Shariah-compliant, the Meezan bank provides you with a loan, and you have to return the loan amount in easy monthly installments.
6: HBL Home Loan
The HBL is the most extensive banking network in Pakistan; they have branches in all of Pakistan’s leading and small cities.
The HBL provides you an opportunity to make your dream into reality, and now you can make your house quickly by taking a loan from the HBL on straightforward terms and conditions.
You can check their procedure by visiting the HBL branch that is nearest to you. You can quickly return the loan amount in 20 years, and you can also change this period by increasing the installment amount if you want.
7: Bank Alfalah Home Loan
Now it’s time to make your dreams into reality, and the bank Alfalah provides you with an easy home loan in-home finance program.
Alfalah Ghar Asian under the Mera Pakistan Mera Ghar provides your home loan on very soft terms and conditions. You can check all the requirements if you want to apply for this scheme by the official website of the Alfalah Bank or by visiting the bank branch.
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You can benefit from two offers, one is that you have to construct a new house and the second one is that you have to buy an already-built home.
8: UBL Home Loan
Like any other bank, UBL also provides a home financial loan program to its customers who want to make their own house.
The UBL provides you with a home loan to pay back the loan amount in monthly installments. You can set the installment amount and also change it according to your budget.
For further information, keep visiting the UBL branch or checking the official website of the UBL; if you want to make your own home get a loan quickly from the UBL, the start making your home today.
9: Home Loan Interest Rates
The interest rate varies from bank to bank, and you can quickly check the interest rate on the internet or by visiting the bank from which you want to get a loan.
Some banks give you a loan at zero interest rate, but they have complicated terms and conditions, and you have to pay back the amount in a short time. But you can choose any bank which is convenient for you.
The State Bank of Pakistan also provides a list of home loans in Pakistan.
10: Repayment of Home Loan (Tenure and Installments)
This depends on your financial conditions and the business you are doing. This information you will only get by visiting the branch or checking online from that bank’s website from which you want to take a loan.
Most of the banks in Pakistan have a tenure of 5 to 20 years. At this time, you will have to pay the entire loan amount; otherwise, you will be extra charged.
You have to pay the amount in monthly installments; you also can change the tenure if you can pay them a high installment.
11: Prime Minister House Loan Scheme
The Prime Minister House loan scheme is a massive project by the Prime Minister of Pakistan, Imran Khan.
According to this scheme, you can make your own home because the Government provides you with a loan for building your house on straightforward terms and conditions.
You can benefit from this program easily if you are a Pakistani resident and have a national identity card.
12: PM Housing Loan Scheme Pakistan Apply Online
You can easily apply for the PM housing loan scheme in Pakistan. You have to download the form from the NADRA website, fill it out, pay the fee, and verify it from the NADRA officer.
After confirmation, you can get a loan for your home. Then you visit any bank that offers you a PM housing loan scheme and get the loan for your home and make your dreams into reality.
You can also visit any bank affiliated with this program get the form from the bank and fill it out.
13: Interest-Free Home Loan in Pakistan
If you want to get a home loan with a zero percent interest rate, it is challenging to check the PM housing scheme loan either they charge an interest rate or provide you a free loan with a zero interest rate.
But if you want to get a minimum interest rate, you can get a loan from the National Bank of Pakistan. This bank provides your home loan on a bit of amount of the interest rate.
You can get a loan from 2 lakh to 35 million for 3 to 25 years. But overall, it is very complex to get a home loan without interest in Pakistan, for you can visit the banks that claim that they give zero interest rates according to Islamic laws.
14: Personal Loan against Property in Pakistan
If you are a property owner, you can also get a loan in Pakistan, and you have to submit the property papers to the bank from which you obtain the loan.
Once you return the loan amount, your property papers will be returned to you without any damage. You can also get a loan from the gold, you have to submit the gold to the bank, and you will get a loan.
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The loan amount will depend on the gold price. All the Pakistani banks provide you with this opportunity to meet your financial problems.
15: Home Loan in Pakistan for Overseas Pakistani
Suppose you are a Pakistani and want to get a loan to make your home or start your business in Pakistan without any financial problems.
In that case, the Government of Pakistan provides you with a loan even if you are living abroad.
This will depend on your credit history, and if you meet all the requirements for the home loan for an overseas program, you will get a loan quickly without facing any problems.
Final Verdicts
Living in your own home is also a great blessing of Allah. But some people in Pakistan are living in rental houses and face a lot of problems.
But now, there are many opportunities to build your own home in Pakistan. Making your own home is a costly process these days due to the cost of everything that touches the sky.
However, this is not impossible, and now you can get a loan, construct your home, and return the loan amount in 20 years.
This article briefly describes the housing loan scheme and many other things that will help you before getting a home loan from any bank in Pakistan.
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