Housing Finance Product up to Pkr 500,000
First Home Loan
is a loan product for individuals looking to improve their living conditions. Under the product applicant can finance home improvements; e.g. reinforcement of house structure, construction of a room, getting a paint job, plumbing and sanitation improvement, electrical system or appliances installation including UPS / Solar grid installation etc.
| Eligibility Criteria |
- Annual income (net of business expenses) not exceeding PKR 600,000
- Valid CNIC
- Age between 18-65 years
- 3 years Business Experience OR 3 years of permanent employment in any govt. / private / semi-private institution
- Pensioners whose pension is getting credited to a FMFB Account can also avail a loan under this facility
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| Type of Credit |
- Medium & Long Term Finance
|
| Purpose of Credit |
- Non-structural improvements are minor improvements to houses e.g. repairs, paint, carpeting of Floors, plumbing etc
- In case of rented property, the client can only avail loan for movable assets e.g. furniture and fixture, etc.
- These are incremental improvements i.e. major permanent improvement to housing e.g. addition of a room, bathroom, etc.
|
| Lending Methodology |
|
| Loan Amount |
- Minimum: Pkr 150,000
- Maximum: Pkr 500,000
|
| Loan Tenor |
|
| Loan Repayment |
- Equal Monthly Installments
- Equal Quarterly Installments
|
| Security Arrangements |
- 3rd Party Personal Guarantee
- Salary Account Lien Marking
- Pension Account Lien Marking
|
| Other Benefits |
- Credit Linked Life Insurance
|
Other Terms & Conditions Apply Download
