You have been dreaming of buying a lovely house to live in but where do you go for finance? Are you likely to be eligible, or is that dream home likely to remain as far away from reality as ever? There are lending institutions in Pakistan that will provide you with a home loan to turn your dream into a reality, offering loans up to 80% of the value of the property. Repayment can be arranged for terms up to 20 years and, if you want to borrow a particularly high amount, you may be given the opportunity of adding the income of your spouse and any blood relatives as well so that the total income of the family members adds up to the sum required by the bank as proof of adequate income, prior to lending.
Does this sound like a pipe dream to you? These favorable options are what Standard Chartered Home Loans is offering as part of their home loans in Pakistan package. For you to obtain one of these packages being offered by Standard Chartered Home Loans in Pakistan, your overall net income must be at least Rs 20,000 per month. The person applying to borrow the home loan needs to be at least 25 years old and below retirement age by the time the loan matures. In other words, you need to be in a position to have paid off the loan completely by the time you are 65. Moreover, Standard Chartered Home Loans in Pakistan offers a particularly attractive feature: they enable you to make partial payments when money is tight or fuller payments as and when you have more funds available, at the convenience of their customers.
Now that is unique. Standard Chartered Home Loans in Pakistan also provide you with the assurance that, as long as all the required documentation is available and provided on time, your loan will be ready for you within 15 days – all for a mark-up rate of around 17%. Meanwhile the Dubai Islamic Bank also offers attractive home loans in Pakistan for individuals to purchase their own home. They provide a range of options, such as Istisna which is designed to provide money to finance the cost of construction your property if you already have a plot of land purchased.
If you haven’t yet purchased your plot of land, you may be interested in their Murabaha financial package which is available for you to fund the purchase of land and also to build the property on that land. This may, however, prove more expensive than you are in a position to pay: if this is the case, you can apply for a diminishing Musharaka whereby the bank buys a share in your current property, with that share owned by the bank diminishing over a period of time. Another option that the Dubai Islamic Bank offers is Ijara. With this particular financial product the bank purchases the property for you and you then lease it back from the bank with the option, in the future when your prospects have improved, to purchase the property from them.