FIRST Home Loan
Housing Finance Product up to PKR 1,000,000
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.
| Eligibility Criteria |
- Annual income (net of business expenses) not exceeding PKR 600,000,or as instructed by the regulatory limitby State Bank of Pakistan, from time to time
- Valid CNIC
- Age between 18-64 years
- Salaried Individuals:Permanent employment in government / private / semi-government institution, with minimum length of employment
- Self Employed Individuals:3 years of business experience in the same business
- Pensioners:Pensioners can also avail the Housing Financing Facility
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| Type of Credit |
- Medium & Long Term Finance
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| Purpose of Credit |
- Housing loans can be given for non-structural improvement, structural improvement or new construction
- 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.
- Structural Improvements are incremental improvements in the existing home i.e. major permanent improvement to housing e.g. addition of a room, bathroom, etc.;
- New Construction includes construction of housing structure on plot, completion of a new structure etc.
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| Lending Methodology |
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| Loan Amount |
- Non-Structural Improvement: Minimum: Pkr 150,001, Maximum: Pkr 300,000
- Structural or New Construction: Minimum: Pkr 300,001, Maximum: Pkr 1,000,000
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| Loan Tenor |
- Non-Structural: Up to 3 Years
- Structural or New Construction:Up to 15 Years
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| Loan Repayment |
- Equal Monthly Installments
- Equal Quarterly Installments (Only in selected mountainous areas)
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| Security Arrangements |
- Personal Guarantee (Own and Third Party Guarantee)
- Salary Account Lien Marking
- Pension Account Lien Marking
- Equitable Mortgage
- Cash/Near-Cash Collaterals (National Savings Certificate, FMFB Current or TDR account Lien Marking)
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| Other Benefits |
- Credit Linked Life Insurance
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| Other Important Information |
- Bank reserves the right to re-price the loan after 3 years based on its pricing policy
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| Schedule of Charges |
- Bank Charges & Government Taxes will be deducted as per prevailing Schedule of Charges, available on FMFB’s website and nearest branch.
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Other Terms & Conditions Apply Download
