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.
As the name suggests, this type of loan is meant for the purchase of an already constructed property.
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.
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.
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:
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.
|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|
|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|
Along with a filled out application form where all details & mandatory fields are duly filled, the following documents will be required:
|Sole Partnership Concerns:||
|Director of Limited Companies:||
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.