Mortgage Finance for Low & Middle Income Segments

This product is specifically designed for Low and Middle Income Segments to cater for their home financing requirements, such as buying, building, renovating home, or transferring existing home loan.

It offers mark-up rate as low as 14.99% fixed for 3 years (to be reviewed after every 3 years).

Particulars Low Income Group Middle Income Group
Minimum Net Salary / Income
(For all Segments)
Salaried Income:
Permanent : Rs. 50,000/- Month
Contractual : Rs. 60,000/- Month
SEB/SEP (Average Balance):
Rs. 100,000/- Month
Rs. 100,001/- (Individual)
Rs. 140,001/- (Household*)
Maximum Net Salary / Income
(Net of taxes & Provident Fund etc.)
Rs. 100,000/- (Individual)
Rs. 140,000/- (Household*)
Rs. 200,000/- (Individual)
Rs. 250,000/- (Household*)
*Household Income Household income means collective income of family members –spouse/son/un-married daughter/parents only
Eligibility Criteria – Salaried Individuals For Both Income Groups
  • Minimum – overall 1 year continuous employment
  • Minimum – 6 months service with the current employer
Eligibility Criteria – Self Employed Individuals (SEB/SEP) For Both Income Groups
  • Minimum – 1 year in same line of business/profession (Branch Customers)
  • Minimum – 2 years in same line of business/profession (Non-Branch Customers)
Loan Amount
(Subject to 50% DBR)
Minimum : Rs. 0.50 M
Maximum : Rs. 4.50 M
Minimum : Rs. 0.50 M
Maximum : Rs. 8.80 M
Maximum Property Value Rs. 5,000,000/- Rs. 11,000,000/-
Loan Tenor Minimum: 03 years
Maximum: 25 years
Age of Borrower / Co-Borrower Minimum age: 21 Years
Maximum age: 60 years at the time of loan maturity (salaried)
Maximum age: 65 years at the time of loan maturity (other than salaried)
(Maximum age of Co-Borrower: 60 years at the time of loan maturity)
Mark up Rates Branch Customers : 14.99% Per Annum (Fixed for 3 Years)
Non-Branch Customers : 15.49% Per Annum (Fixed for 3 Years)
The mark up rate shall be revised after 3 years, as follows:
Branch Customers : 3 Years KIBOR + 2.0%
Non-Branch Customers : 3 Years KIBOR + 2.5%
Branch Customer A customer will be considered as a Branch Customer, if a checking account is opened with any AKBL branch at least 6 months before, at the time of applying for this loan
Equity Requirement Minimum 25% of Forced Sale Value of the Mortgaged Property
Purpose of Mortgage Finance This mortgage loan may be availed for:

  • Purchase of House/Apartment/Flat/Residential Unit
  • Construction of House/Residential Unit
  • Financing for Residential Plots plus Construction.
  • Renovation of House/Apartment
Periodical Revision / Resetting of Markup Rates The mark up rate will continue to be reviewed/reset during the tenure of financing, after completion of every 3 years term. However, revision in mark up rate is subject to change in benchmark rate, without any change in Bank’s own spread, once agreed with customer.
Applicable Charges All charges shall be applicable as per prevailing “Schedule of Charges of AKBL

 

  • Application form duly filled in all respect
  • Copy of valid CNIC
  • One latest salary slip / proof of income
  • Recent bank statement
  • Valuation / BOQ / legal opinion / income estimation
  • Any other document deemed necessary by the bank.

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.

1. For what purpose can I avail this loan?
This mortgage loan may be availed for:

  • Purchase of House/Apartment/Flat/Residential Unit
  • Construction of House/Residential Unit
  • Financing for Residential Plots plus Construction.
  • Renovation of House/Apartment

2. Who falls under low income group?
Under this scheme, an individual earning a monthly income upto Rs. 100,000/- falls under low income group.

3. Who falls under middle income group?
Under this scheme, an individual earning a monthly income more than Rs. 100,000/- upto Rs. 200,000/- falls under middle income group.

4. What is maximum loan amount for low & middle income group?
Rs. 4.5 Million & Rs. 8.8 Million respectively.

5. Is there any minimum financing limits?
Yes. Minimum loan amount is Rs. 500,000/-

6. What is the equity contribution of borrower?
At least 25% of Forced Sale Value of property.

7. What is the maximum Tenor of this loan?
25 years.

8. What are the mark-up rates?
Branch Customers : 14.99% Per Annum (Fixed for 3 Years)
Non-Branch Customers : 15.49% Per Annum (Fixed for 3 Years)

The mark-up rate shall be revised after 3 years, as follows:

Branch Customers : 3 Years KIBOR + 2.0%
Non-Branch Customers : 3 Years KIBOR + 2.5%

9. Are mark-up rates same for all segments or individuals?
Yes. There is no discrimination, except for Branch & Non-Branch Customers as mentioned above.

10. What if the Maximum Value of property is greater than 11 Million?
Financing shall not be allowed against such property, as same is intended for Low & Middle Income Group only.

11. What documents are required to apply for this loan?

  • Application Form duly Filled in all respect
  • Copy of Valid CNIC
  • One Latest Salary Slip/Proof of Income
  • Recent Bank Statement
  • Valuation/BOQ/Legal Opinion/Income Estimation
  • Any additional document may also be obtained, if required.


12. Can I apply for multiple home loans from Askari Bank?
No. You can avail only one mortgage loan from Askari Bank.

13. How do I have to pay my monthly Instalments?
If you are Askari Bank account holders, then monthly instalments will be deducted from your account or you have to submit Post Dated Cheques (PDCs) for 3 years.

14. Can I repay my loan before maturity date?
Yes. However, it is subject to a charge as per Bank’s “Schedule of Charges“.

15. Is partial/balloon payment allowed?
Yes. However, it is subject to a charge as per Bank’s “Schedule of Charges“.

16. Is there any charges for Valuation & Legal Opinion?
Yes. Customer has to pay valuation/legal charges at actual.

17. Can I avail this loan against commercial property?
No, Mortgage facility is only available against residential properties.

18. How can I apply for a loan?
You can apply by visiting our Branches or by calling at our 24/7 call center at 111-000-787. Our dedicated staff will help you to complete your loan application form and other formalities