Which banks are offering home loans on low installments?

[manikaftab820_1 (Real Estate Enthusiast)]

Hello. I have a property in lahore press club housing scheme (aka sahafi colony). A few months ago, i approached the house building finance company (hbfc) in a bid to procure some loan facility to fund my home construction efforts. However, the management told me that sahafi colony and the hbfc had no going agreement between them with regard to home loan provision.

Can anybody at the forum provide any alternative solution or name any other financial institution that could issue me home loans on low installment as well as markup rates. I don’t know if i can trust banks with mortgages.

[hasham.naq (Hasham Naqvi)]

Brother Enthusiast,

Why don't you look up loans being given by the government for NPHDA and NON-NPHDA projects? They are supposed to give you loans up to 31 lacs for construction of 5 and 10 marla houses. The mark-up rate will be between 5-7% for the first five years. As per my search, all these banks are giving loans:

National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank Al Habib, Askari Bank, Meezan Bank, Faysal Bank, JS Bank, Bank of Punjab, Dubai Islamic Bank, Soneri Bank, BankIslami, Habib Metro Bank, Al Baraka Bank, Standard Chartered Bank, First Women Bank and Bank of Khyber.

They have slightly different terms for the loans but the mark-up rates will be the same. You can search through them to find the bank that will suit you the most.

Hope that helps and praying that your house gets completed soon.