Mortgage Finance

Build a Home:

This type of loan is extended to customers who already own a piece of land and need funds to meet cost of constructing property on that land. The disbursement of this loan is made in four tranches during the construction phase depending upon the Bills of Quantity (BOQ) submitted by the customer and the quantity and quality of construction done.

Buy a Home:

As the name suggests, this type of loan is meant for the purchase of an already constructed property.

Buy a Plot and Construct:

This loan type is extended for the customers who want to buy a plot and construct a property on that plot. The disbursement of this loan is made in lump sum for the purchase of plot and then in four tranches during the construction phase depending upon the bills of quantity (BOQ) submitted by the customer and the quantity and quality of construction done. The bifurcation of limit for purchase of plot and construction will be applicable as per prevailing SBP prudential regulations.

Renovation:

This loan is offered to customers who already own a house and require funds for renovation/improvement. Disbursement will be made in two tranches only after customer has provided BOQ and an undertaking for utilization of this facility for the purpose of renovation/improvement.

Balance transfer facility:

This kind of loan is offered to existing borrowers of other institutions, who may want to switch over to Askari Bank Limited because of service, pricing or relationship reasons. The loan with the other financial institute should have been paid in accordance with the bank’s credit history and debt burden requirements. Balance transfer facility is strictly not allowed for properties that are still under construction.

An Individual must fulfill the following requirements to be eligible for applying Home Loan:

  • Must be a tax payer
  • Must have a valid Computerized National Identity Card (CNIC)

The portfolio acquired through Mortgage Finance program shall include properties only in urban residential areas of major cities. New cities can be added only after setting up verifications & collections infra-structure.

Aggregate debt burden will be considered. Debt burden inclusive of all existing and proposed liabilities should not exceed 50% of net disposable income OR as per SBP Prudential in force.

Lien Marking, Equitable plus Token registered mortgage/full registered mortgage/mortgage under section 58(f) of transfer of property act 1882.

Features Details
Loan Amount:
  • Minimum: Rs. 500,000
  • Maximum: Rs. 50,000,000
Loan Tenor:
  • Minimum: 3 years
  • Maximum: 20 years
Maximum Age of Property: The maximum age of property in case of built house should not exceed 30 years at the time of maturity
Insurance Requirements: Property insurance will be mandatory, however Life Insurance is optional

 

Primary Borrower’s Age
Salaried:   
  • Minimum age: 22 years
  • Maximum age: 60 years at time of maturity
SEB/P:
  • Minimum age: 21 years
  • Maximum age: 65 years at time of maturity

 

Co-Borrower’s Age
Co-Borrower:
  • Minimum age: 21 years
  • Maximum age: 60 years at the time of maturity
  • Parents, son and spouse can be considered as co-borrower
  • Co-borrower’s income can be clubbed
  • Clubbing of property ownership (spouse “house wife only”) can be considered as co-borrower

 

Pricing Criteria (Base rate and frequency of revision)
Armed Forces 12 months Kibor + 2% per annum
AKBL Branch Customers 12 months Kibor + 3% per annum
Non Branch Customers 12 months Kibor + 4% per annum


  • Or otherwise according to a corporate deal between Askari Bank Ltd and a corporate entity
  • The rates will be based on a floating rate arrangement wherein the loans linked to 12 month Kibor will be reviewed after a 12 month interval based on the calendar year i.e. 1st January of every year till maturity

Along with a filled out application form where all details & mandatory fields are duly filled, the following documents will be required:

Features Details
Salaried Individuals:
  • Attested copy of CNIC
  • Two passport size photographs
  • Last two months original salary slips or attested photo copies
  • Last 1 year bank statement
  • Copies of the documents/other supporting documents of the property to be placed with the bank as security
Sole Partnership Concerns:
  • Attested copy of CNIC
  • Two passport size photographs
  • Proprietorship certificate from bank indicating title and account opening date
  • Copy of title documents or rent deed of business premises
  • Last 1 year bank statement (business/personal)
  • Copy of the title documents/other supporting document of the property to be placed with the copies as security
  • Copy of the latest income tax return or NTN Certificate or other levy able payment receipts
Partnership Concerns:
  • Attested copy of CNIC
  • Two passport size photographs
  • Partnership Deed and Bank Certificate indicating title and account opening date
  • Copy of title documents or rent deed of business premises
  • Last one year months bank statement (business/personal)
  • Copy of the title documents/other supporting document of the property to be placed with the copies as security
  • Concerns of the latest income tax return or NTN Certificate or other levy able payment receipts
Director of Limited Companies:
  • Attested copy of CNIC
  • Two passport size photographs
  • Bank Certificate indicating title & account opening date.
  • Copy of the title documents or rent deed of the business premises
  • Last 1 year bank statement (business/personal)
  • Copy of the title documents/other supporting documents of the property to be placed with the bank as security
  • Copy of the latest income tax return or NTN Certificate or other levy able payment receipts
  • Memorandum and Articles of association
  • Form 29 and Form A

Repayment Frequency and Mode etc…

Equal monthly installments comprising principal and mark-up according to the amortization schedule based on pricing and tenure. The amortization schedule will be revised consequent upon review of the floating rate at the specified intervals.

You can apply by visiting our Branches or by calling at our 24 hrs call center at 111-000-787. Our dedicated staff will help you complete your loan application form and other formalities.

You can also submit your details here, our staff will contact you.