House Loan in Pakistan

House Loan in Pakistan Guide and Updates

We all want to get the greatest house possible. However, with property prices skyrocketing, making the ideal a reality may be a step too far. The good old house loan comes to the rescue here.

Taking out a home loan is a big move. A home loan can often appear overwhelming to those considering it for the first time, from the vast amount of financial preparation required to the lengthy process of getting accepted for one. But it doesn’t have to be that way! The first step toward determining the exact answers to questions vary from “what is a house loan?” to “what is a home loan process?” We’ll help you with that and in this article:

  • What is a house loan?
  • What is the housing loan application process?

Let’s go over the fundamentals of a home loan in Pakistan.

What is a House Loan in Pakistan?

A home loan, as the term suggests, is a sum of money borrowed from a bank or financial organisation to purchase real estate. The individual must then repay the bank in Easy Monthly Installments (EMI) at a fixed house loan interest rate.

List of Home loan scheme:

Naya pakistan housing scheme loan apply online

Apna ghar loan scheme

Mera pakistan mera ghar housing scheme

Ehsaas housing scheme

Solar Loan Pakistan

Why House Loan in Pakistan is Important?

Real estate is a growing asset. Obtaining a house loan allows you to purchase a property today that will most likely increase in value tomorrow. Given that India is a young country with a growing desire to own a home, residential property will remain a rewarding investment.

The cost of real estate properties in Pakistan has constantly risen over the last few decades. Many experts believe that the capital growth of real estate holdings has been far greater than the interest paid on the home loan.

For example, if you take out a loan of ten lakh rs at a 10% interest rate and the value of the property rises by 20% by the end of the loan term, the capital growth will be greater than the interest you pay. The capital appreciation will allow you to cover your expenses while also profiting from the sale of the home.

Housing loans have long repayment terms and are available with both fixed and variable interest rates. In the event of floating mortgage interest rates, you will almost certainly benefit from declining ROIs at some point throughout your cycle.

Banks Providing House Loans in Pakistan

1. Muslim Commercial Bank (MCB)
2. Habib Bank Limited (HBL)
3. Alfalah Home Finance
4. United Bank Limited (UBL)
5. Meezan Bank
6. Bank Al Habib
7. JS Bank
8. Askari Bank Limited
9. MCB Islamic Bank Ltd
10. Summit Bank
11. Bank Islami
12. Bank of Punjab
13. Silk bank
14. Standard Chartered Bank
15. Allied Bank Limited
16. Faysal Bank
17. Dubai Islamic Bank
18. National Bank of Pakistan (NBP)
19. Khushhali Microfinance Bank
20. Al Baraka Bank

End Words

Because purchasing a home is a significant financial and emotional choice, you should evaluate all of the above criteria and select the appropriate loan type and amount that will not burden you afterwards. Furthermore, before selecting a lender, it is best to conduct extensive research online. A short Google search may yield better deals on interest rates and other costs. However, make sure to chat with your primary lender as well, as they will be able to provide you with the finest deals and service.

Back to top button