Dear folks, i am just exploring my options. I am interested in buying a house in islamabad's settled sectors. My range is 1 crore to 2 crores. I would like to know which banks should i consult with regarding getting a loan. I live overseas and i own a business and can prove my income and assets. I do have accounts in pakistani banks too which were opened nearly 5-8 years ago. Kindly advise and kindly let me know of an honest and trustworhy agent or agency that i can deal with.
Regards,
AA,
Meezan bank provides loan on islamic terms or you can call it islamic loan.
Of course overseas Pakistanis can apply for loans and for this purpose, they can directly contact any lender, financial institute or bank. The terms and conditions for such a loan are of course slightly different than those offered to resident Pakistanis.
Read Clause III of Act 6 here for details.
Spoiler Alert though, loans are offered for purely for residential purpose, that is to say you can use the loan only to buy a house/apartment or a land on which you intend to construct a house. Agricultural land is commercial and therefore not covered by any 'Home Finance' product of any bank.
ASKARI BANK,
ALFALAH ISLAMIC,
BURG BANK,
AL BARAKA
DUBAI ISLAMIC
As far as i know there is no single Islamic bank in Pakistan is working on 100% sharia principles. All banks in Pakistan are working under State bank of Pakistan principles,procedures and instructions.State bank of Pakistan does not work on Islamic principles.Even my self i have account in of these Islamic bank but i am not satisfied at all.
Dear shaz
most of pakistani banks have heavy compound loan interests and they charge you with hidden fee or some sort of crap..in my humble opinion its not worth it,i mean 2 crore rupees is a decent figure,you can get a small house or build one in this budget if you play it smart...good luck