This type of loan is extended to customers who already own a piece of land and need funds to meet cost of constructing of house on that land. The disbursement of this loan is made in tranches during the construction phase depending upon the Bills of Quantity (BOQ) submitted by the customer duly verified by Bank’s approved valuation agency.
As the name suggests, this type of loan is meant for the purchase of an already constructed house.
This loan type is extended for the customers who want to buy a plot and construct a house on that plot. The disbursement of this loan is made in tranches for the purchase of plot and then during the construction phase depending upon the bills of quantity (BOQ) submitted by the customer duly verified by Bank’s approved valuation agency.
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 duly verified by Bank’s approved valuation agency.
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 Mortgage loan with the other financial institute should be with positive credit history. 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 40 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)|
|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.