Which Bank is Best for House Loans in Pakistan?

Introduction

Are you searching for the best banks for house loans in Pakistan? Or Want to know about the best banks that offer loans for houses in Pakistan? A place to call home is truly a blessing. However, due to the rising costs of raw materials, and property taxes, constructing a home in today’s era is extremely difficult. Luckily, some banks are offering easy house loan facilities in Pakistan. All you have to do is make a monthly payment to the bank. This makes the entire construction process easier and more practical. Home financing allows people from the middle and upper classes to enjoy the benefits of owning a home.

In this blog, we will discuss the details of the banks that are offering house loans in Pakistan. We will go over the procedure, requirements, and criteria for the loan.

List of Banks for House Loans in Pakistan

Here we have different banks that are offering house loans in Pakistan so that you can understand how the loan process works. The names of these banks are as follows:

• NBP (National Bank of Pakistan)
• Alfalah Bank
• Habib Bank Limited
• MCB (Muslim Commercial Bank)
• ABL (Askari Bank Limited)
• UBL (United Bank Limited)
• Bank Al Habib
• JS Bank
• Meezan Bank
• BOP (Bank of Punjab)
• Al Baraka Bank
• Allied Bank Limited

These banks all provide house loans in Pakistan to their customers. The applicant will only have to make monthly payments to these banks in order to repay their loans. Now we will go over these banks in depth and their criteria for house loans in Pakistan.

1 – NBP (National Bank of Pakistan)

The National Bank of Pakistan also offers home loans to its valued customers on favourable terms. Because of its variable annual return policy, NBP Home Loan offers the best home loan rates in Pakistan. The bank offers construction and purchase loans to its customers through the NBP Saibaan programme. The maximum amount you can receive is approximately Rs.35 million over a period of 3 to 20 years.

Requirements/ Criteria for House loan:

To qualify for the loan, the applicant must be at least 22 years old and have a net income of between Rs.10, 000/- (if a government employee) and Rs.15, 000/- (if privately employed).

The applicant must have the following documents to apply for the loan:

• Two passport-sized photographs that have been attested
• Two attested copies of your CNIC are required.
• Two attested copies of the references’ CNIC
• Pay the processing fees with a check.
• For a legal opinion, make a check payable to legal counsel.
• For the valuation report, make a check payable to “Valuator.”
• Property Documents: An attested copy of the title documents is required.
• In the case of HC and LPC, a bill of quantity (BOQ) is required.

2 – Bank Alfalah (Alfalah Home Finance)

Bank Alfalah is the best bank in Pakistan. They provide home loans in Pakistan on simple terms and conditions. You can apply for a loan ranging from 2 million to 50 million. They provide loans for 3 to 25 years.

Additionally, there are the following types of loans available:

• House purchase loans in Pakistan
• Home builder/ Plot + construction loan.
• Home renovation loan

Requirements:

Bank Alfalah required some documents for house loans in Pakistan. These documents are as follows:

• The filer must have a minimum salary of Rs. 70,000.
• The filer’s age should be between 23 and 60.
• A copy of the CNIC is required.
• A salary slip is required.
• A 12-month bank statement is required.

 3 – HBL (Habib Bank Limited)

HBL is Pakistan’s largest bank. It has many branches all over Pakistan. You can apply for a loan amount ranging from 2 million to 15 million through ‘HBL Home Loan’. On their website, HBL also has a loan calculator that you can use to calculate the loan amount. They provide loans for 5 years to 20 years.

Requirements:

Habib Bank Limited required these documents for house loans in Pakistan.

• The person must have a minimum salary of one lac.
• The person should be between 22 and 60 years old.
• A copy of the CNIC is required.
• A salary slip is required.
• A 12-month bank statement is required.
• The person should have Pakistani nationality.

Contact HBL

For more information on the home financing solutions provided by HBL, please contact at the number listed below.

Telephone: 111-111-425

4 – MCB (Muslim Commercial Bank) – House Loans in Pakistan

MCB is a bank in Pakistan with branches in all major cities. MCB also provides home loans to people in the middle class. People can apply for loans up to Rs. 25 million. They offer loans for a maximum of 25 years.

Requirements:

MCB (Muslim Commercial Bank) required these documents for house loans in Pakistan.

• The person must have a minimum salary of 50,000/-
• The person should be between 21 and 60 years old.
• A copy of the CNIC is required.
• A salary slip is required.
• A 12-month bank statement is required.
• The proof of Pakistani residency

Contact MCB:

Do you want to learn more about MCB House Loans? If so, please call the following number(s) to speak with a bank representative.

Phone: 111-000-622, 042-35987979

5 – Askari Bank Limited

Askari Bank Limited is the finest bank in Pakistan, with branches in every city. As a responsible, customer-focused bank, Askari Bank provides inclusive and progressive financial services. Askari Bank offers home loans to people from the lower and middle classes. People can apply for loans ranging from Rs. 5 million to Rs. 20 million. They provide loans for a maximum of three to twenty-five years.

Requirements:

Askari Bank Limited required some documents for the approval of house loans in Pakistan. These documents are as follows:

• The client must earn a minimum of 50,000/-.
• The applicant must be between the ages of 22 and 60.
• A copy of their CNIC is required, as well as a salary slip.
• A 12-month bank statement is required of the client.

6 – United Bank Limited – House Loans in Pakistan

United Bank Limited is a Pakistani multinational commercial bank. It is a division of the Bestway Group of Great Britain Company. Its headquarters are located in Karachi, Pakistan. It is one of the largest banks in Pakistan’s private sector, with over 1,400 branches throughout the country and 19 overseas. This bank has over 4 million customers. UBL is providing loans for houses to its customers. People can apply for loans ranging from one million. They provide loans for a maximum of three to twenty years.

Requirements:

United Bank Limited required some documents for the approval of house loans in Pakistan. The following documents are included:

• The client must earn a minimum of 50,000/- per month.
• The applicant must be between the ages of 23 and 65.
• A copy of their CNIC is required, as well as a salary slip from their company.
• Bank statement
• Proof of Pakistani residency
• Proof of 12 years of employment

7 – Bank Al Habib – House Loans in Pakistan

Bank Al Habib is a Pakistani commercial bank. It is owned by the Dawood Habib family. It is one of Pakistan’s largest banks. The bank has 1075+ branches in 408+ cities across Pakistan, as well as six branches in other countries.

With Bank AL Habib Housing Finance, customers can make a home a reality by purchasing a plot of land for construction or purchasing a built property. They provide loans for 1 year to 25 years.

Requirements:

Bank Al Habib required some documents for the approval of house loans in Pakistan. The following documents are included:

• The client must earn a minimum of 60,000/- monthly.
• The applicant must be between the ages of 23 and 60.
• A copy of their CNIC is required, as well as an original salary slip.
• The client must provide proof of Pakistani residency.
• A client will have to provide a good bank statement.
• The client has to provide proof of their employment.

8 – JS Bank

JS Bank also offers you the chance to become a homeowner through “JS GharApna Home Finance”. The customer can obtain financing to purchase, construct, or renovate their home at the best market rates and terms possible.

JS Bank offers home financing and requires these documents for house loans in Pakistan. These documents are copies of CNIC and bank statements.

Term in the Office of Financing:

• Loans are payable from one to twenty-five years.
• Insurance for Real Estate Houses at 0.08% of construction value and flats at the purchase price
• Purchase financing of up to PKR 75 million is available.
• Plot + construction financing up to PKR 50,000,000
• Home renovation loans of up to PKR 20 million are available.
• Home construction financing of up to PKR 50 million is available.

Eligibility Criteria

• The job length of the client must be 2 years for house loans in Pakistan.
• Permanent employees salaries should be 70,000/-
• The contractual employee’s salary should be at least one lac.
• A CNIC copy must be provided.

Please contact JS Bank:

Please contact JS Bank at the following numbers for more information on house loans in Pakistan:

Phone #: 021-111 654 321, 021-3279 9009

9 – Meezan Bank – House Loans in Pakistan

Meezan Bank was Pakistan’s first Islamic bank and opened in 2002. The headquarters of this bank is located in Karachi, Pakistan. Meezan Bank has over 890 branches in Pakistan. They are offering house loans for the customer to buy their homes for 3 to 25 years.

Housing Loan Meezan Bank Criteria:

The housing loan Meezan Bank criteria is as follows:

• Meezan Bank makes loans to people with monthly incomes of around Rs. 40,000.
• For a house loan, you must be between the ages of 25 and 65.
• Salary slip
• Bank statements
• The client must provide two years of employment proof.

10 – BOP (Bank of Punjab)

Bank of Punjab is one of Pakistan’s fastest growing commercial banks and one of the top banks for receiving remittances. This bank has a large network of over 780 branches in Pakistan, covering over 400 major cities. The BOP also provides house loans in Pakistan that start at Rs10 million and up for 3 to 25 years.

• The person should earn around Rs. 40,000 monthly.
• They should be between the ages of 21 and 55.
• They should also bring their CNIC, salary slips, bank statements, and a copy of their utility bills.

11 – Al Baraka Bank

Al-Baraka provides house loans in Pakistan ranging from Rs 0.3 million to Rs 35 million for 2 to 25 years. It also required some documents or formalities for house loans in Pakistan, such as:

• The minimum salary requirement is Rs. 50,000, and the applicant should be between the ages of 21 and 60.
• Copies of some documents, such as the CNIC, salary slip, and bank statement

These are all the documents required for an Al-Baraka Bank house loan in Pakistan.

12 – ABL (Allied Bank Limited)

Allied Bank Limited is one of the most well-known banks that offer low-interest house loans in Pakistan. If you are a Pakistani citizen between the ages of 25 and 55 with a monthly net income of 50,000, you are eligible for a house loan. The applicant will get Rs.40 million and repay it over a period of 3 to 25 years, depending on their preferences and budget.

Currently, the bank offers the following types of loans:

• Purchase of a house or flat
• Construction of a house
• Home renovating
• Purchase land and build a house.

Requirements for Loan:

Here are some requirements for ABL house loans in Pakistan:

• Last six months’ bank statement (ABL or another bank, as applicable)
• CNIC/Smart NIC copy
• Income documentation
• The application form must be completed and signed.

Please contact Allied Bank Limited:

To learn more about ABL house loans in Pakistan, please call the bank at the numbers listed below:

For Pakistani callers: 111-225-225

For international callers: +9221-35301094

What you should know before Applying for a House Loans in Pakistan

The client should know some points before applying house loans in Pakistan.

• If you fail to make the required monthly payments or installments, the bank has the authority to initiate an action against you. In the worst-case scenario, you may be forcibly removed from your home and the bank will take possession.
• Any action you take in response to the information on this website is entirely at your own risk. Visit the bank’s official website for more information on house loans in Pakistan.
• The banks mentioned above provide loans with favorable terms and conditions. You can easily obtain a house loans in Pakistan if you meet all of their requirements.

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