In Pakistan, there are limited facilities for the people when it comes to home finance. To help aspirants in their home financing concerns, Allied Bank Limited has introduced a number of home finance facilities – including house building and house purchase loan packages.
By providing these affordable solutions, Allied Bank has ensured that people will have their own homes. The financial institution also understands that every individual has varying financing needs for constructing or purchasing a house. To facilitate this purpose, Allied Bank has ensured that Allied Home Finance solutions meet the needs of a wide array of customers.
Allied Home Finance Solutions
Allied Bank Limited has formulated a number of financing solutions for its customers so they can fulfil the dream of constructing or buying their own homes. Apart from house construction loan, the Bank is also providing solutions for buying already constructed house or apartment, purchasing land and constructing house on it, and renovating residential property.
Here is a brief detail on the Allied Home Finance options:
- Purchasing: Customers can acquire a house or apartment purchase loan package to buy an already constructed house or apartment
- Construction: This is a basic house building loan where customer can obtain financing for commencing with construction of a house on an available piece of land
- Buying Land & Construction: With this type of home loan, customer can get finance for both land purchase and construction
- Home Renovation: In case you just need financial support for renovating your existing house or apartment, you can choose this option
- Loan Transfer: If you already have a home loan acquired from another bank, you can transfer it to Allied Bank with this facility – at a lower mark-up rate
- Solar Energy System: If you are seeking the installation of a solar energy system in your house, then you can obtain this loan at a discounted mark-up rate under a scheme introduced by the State Bank of Pakistan (SBP)
Eligibility criteria for Allied Home Finance
Allied Bank Limited aims to facilitate a large number of people with its home loan options. Therefore, it has designed a flexible eligibility criteria, which is as follows:
General Requirements:
- Pakistani national
- Age between 25 years and 57 years
Salaried Individuals:
- At least 6-month relationship with Allied Bank or any other bank
- Minimum monthly income of PKR 50,000
- Permanent employee with 3 years of employment
Self-employed Individuals/Businesspersons:
- Minimum 1 year relationship with Allied Bank or 2 years relationship with any other bank
- In case of relationship with Allied Bank, active time of business/profession should be of minimum 2 years
- In case of relationship with another bank, active time of business/profession should be of minimum 3 years
- For Allied Bank customers, minimum net monthly income should be PKR 75,000
- For customers of other banks, minimum net monthly income should be PKR 100,000
When applying for Allied Home Finance options, applicant is required to submit a few documents. Prospective clients can view these requirements on the bank’s website.
Benefits of Allied Home Finance
Financing your dream of constructing or buying your own home with the help of Allied Bank comes with significant benefits, which include:
- Financing amount between PKR 0.5 million and PKR 40 million
- Repayment tenure between 3 years and 25 years
- Easy and quick processing of applications
- Availability of loan transfer facility with lower mark-up rate
- Free life insurance (terms & conditions apply)
Low-cost Home Finance Solutions
Allied Bank has always strived to meet the diverse needs of its customers. Moreover, the Bank thoroughly supports the State Bank’s initiative concerning low-cost housing finance. Complying with SBP’s ‘Refinance Scheme,’ Allied Bank is offering low-cost home financing solutions for:
- Widows
- Special Persons
- Children of martyrs from armed forces and law enforcement agencies and of civilians martyred during terrorist attacks
- Transgenders
- Individuals residing in areas affected by the war against terrorism
To this effect, prospective clients seeking home financing under the special segment can view the particulars of eligibility on Allied Bank’s website www.abl.com
Currently, Allied Bank is offering a full array of variants right from outright purchase of house to construction, renovation, and loan transfer facility to the residents of major cities across Pakistan. These urban centres include Lahore, Karachi, Islamabad, Rawalpindi, Gujranwala, Faisalabad, Multan, Sialkot, and Hyderabad.
For more information on home finance solutions in Pakistan, keep following Zameen Blog.
