Lahore: The Habib Bank Limited (HBL), through a notification in a publication today (September 15), shared the details regarding its Islamic home finance scheme that offers a fixed 10.99% rental rate for a period of up to 20 years. The scheme can be utilized for home renovations, mortgage balance transfers, and the purchase of a house or property.
Reportedly, the HBL’s Islamic home financing option will provide finances ranging between PKR 2,000,000 and PKR 50,000,000. In addition, the loan will be provided for up to 70% of the value of the property and can later be paid back in equal monthly instalments. Along with the finance scheme, the applicants are also provided with free property takaful.
The terms and conditions for the scheme are expected to differ for salaried and self-employed individuals. They are also expected to vary between HBL customers and new customers — with separate rates applying to different categories of individuals.
