List of 14 Banks Providing Home Loans in Pakistan 2023

Owning a home is a cherished dream for many individuals and families in Pakistan. However, the cost of purchasing a house can be quite overwhelming. This is where home loans come to the rescue, enabling individuals to fulfill their dream of becoming homeowners while managing their finances more effectively. 

This blog aims to provide you with a list of banks providing home loans in Pakistan, assisting you in making an informed decision. However, It is important to note that the content of this blog is sourced from the official websites of the banks mentioned and is subject to potential changes by the respective bank. Therefore, it is advisable to visit the respective bank’s website for more accurate and up-to-date details.

Askari Bank

Askari Bank stands out as one of the leading banks in Pakistan for providing home loans. Their diverse loan options, flexible repayment plans, and reasonable eligibility criteria make homeownership more accessible to individuals from various backgrounds. They offer home loans from Rs. 500,000 to a generous limit of 100 million, with flexible repayment options spanning 3 to 25 years.

Eligibility Criteria 

1. The minimum salary requirement is Rs. 50,000.
2. The age limit for borrowers is between 21 and 65 years
3. Applicants must have at least 1 year and 6 months of employment with their current employer

Required Documents

• Copy of valid CNIC
• Salary slip/proof of income
• Bank statement
• 2 passport-size photographs
• Biometric verification

Askari Bank is committed to providing highly affordable housing finance to needy people. They have introduced the “Meri Pakistan Meri Ghar” scheme, which offers a subsidized markup rate. This initiative aims to empower homeless individuals and enable them to become homeowners rather than remain dependent on rented accommodations. The scheme is designed to make the dream of owning a house a reality for a wider section of society.

Bank Alfalah

Bank Alfalah emerges as a leading player in the banking sector, providing flexible and accessible home loan options to suit various needs. With a comprehensive range of loan amounts and flexible repayment terms, Bank Alfalah ensures that the path to homeownership is within reach for many Pakistanis.

Bank Alfalah offers home loans starting from Rs. 2 million, extending up to Rs. 50 million. This extensive range allows prospective homeowners to find a loan amount that aligns perfectly with their budget and desired property. Moreover, Bank Alfalah provides flexible repayment terms to ensure affordability and convenience for its customers. The repayment period ranges from 36 to 240 monthly installments, allowing borrowers to choose a tenure that best suits their financial capabilities. 

Eligibility Criteria

1. Prospective borrowers should have a minimum salary of Rs. 70,000 monthly. 
2. Applicants must have a minimum of two years of continuous employment with their current employer

Documents Required

• Recent salary slips
• 12-month bank statements
• CNIC for applicant’s identity and citizenship

MCB Bank

MCB understands the diverse needs of its customers. Therefore, offers a range of options to suit various requirements. Whether you aspire to buy a house, construct a house on an existing plot, buy a plot to build a home, or renovate your existing property, MCB’s Home Loans have covered you. The bank’s commitment to customer satisfaction is evident in the features and benefits it provides.

MCB offers home loans at competitive interest rates, ensuring borrowers can finance their homes. It provides a great financing range, up to 50 million or even higher. The financing tenure ranges from 2 to 25 years, allowing borrowers to select a repayment plan that suits their financial capabilities.

Eligibility Criteria

1. Applicants should have a minimum monthly salary of Rs. 50,000
2. Applicants should fall within the age bracket of 21 to 60 years. 

Required Documents 

• A valid CNIC
• Salary slips
• 12-month bank statements
• Proof of Pakistani residency

Habib Bank Limited (HBL)

HBL offers various home loan options ranging from Rs. 2 million to Rs. 15 million, which can be repaid in 60 to 240 monthly installments. This flexibility allows individuals to choose a loan term that suits their financial capabilities and long-term plans.

Habib Bank limited offers an Islamic home finance scheme for those seeking Shariah-compliant financing options. Based on the principles of Musharakah, this scheme operates as a partnership between the bank and the customer. This Islamic financing solution provides applicants an affordable and convenient avenue to acquire the home they have always desired while adhering to their religious beliefs.

Eligibility Criteria

1. The minimum salary requirement is set at Rs. 100,000
2. Applicants should be between 22 and 60 years old
3. Both residents and non-resident Pakistanis should have Pakistani nationality.

Required Documents 

• A valid CNIC
• Salary slips
• 2-month bank statement
• 5 years of employment experience
• Letter from the employer

Bank Al Habib Limited

Bank AL Habib Housing Finance offers a range of options to suit your specific needs. Whether you wish to purchase a piece of land for construction, buy a built property, or renovate your existing home, Bank AL Habib supports you every step. With their flexible and convenient loan options, you can easily embark on your home ownership journey.

This bank provides a wide range of loan amounts ranging from Rs. 300,000 to Rs. 20 million. The repayment period is also flexible, ranging from 1 to 25 years,

Eligibility Criteria

1. You must be a Pakistani national
2. You should have at least a one-year relationship with any bank(s). 
3. The age requirement for salaried individuals is a minimum of 25 years and a maximum of 60 years, while for self-employed professionals and businesswomen, it is a maximum of 65 years
4. Minimum employment/business tenure of two years,
5. The minimum income requirements are set at Rs. 60,000 per month and Rs. 100,000 per month for self-employed professionals
6. A satisfactory credit history is also essential.

Documents Required

• Bank’s prescribed Application Form
• Valid Computerized National Identity Card
• 3 recent photographs (passport size)
• Employment proof of last 2 years
• Salary Slips for the last 3 months
• 1-year Bank Statement with the reflection of salary credits

Habib Metropolitan Bank

HABIB METRO Home Finance is a specialized product offered by Habib Metropolitan Bank, catering to the diverse needs of individuals seeking financial assistance for various home-related purposes. The loan amount ranges from a minimum of PKR 500,000 to a Maximum of PKR 100 Million during 1-25 years of tenure.

Eligibility Criteria

• The age requirement to apply for this home financing solution ranges from 27-60 years.
• The minimum income should be PKR 100,000/-
• The applicant should have a Minimum of 2 Years of employment under the same employer. 

Documents Required

1. Filled out the application form
2. CNIC copy of the applicant
3. Proof of income documents
4. Copies of property documents/details of property

Escorts Investment Bank

EIBL’s home loan program, EIBL Housing Finance, is tailored to meet the diverse needs of applicants. The duration of an EIBL home loan ranges from 3 to 20 years, depending on the applicant’s age at the time of maturity, which is set at 60 years.

One of the standout features of EIBL’s housing finance is its provision of up to 100% construction financing. This means eligible applicants can receive the necessary funds to cover the construction cost. EIBL ensures the construction process is smooth and manageable by releasing funds in up to four installments, allowing borrowers to manage their construction expenses effectively.

Summit Bank 

Summit Bank is a reliable and customer-centric financial institution offering comprehensive home loan solutions to meet the diverse housing needs in Pakistan. Whether you want to buy, build, renovate, consolidate debt, or purchase land, Summit Bank Home Finance provides flexible options and competitive interest rates. The loan amounts available range from Rs. 300,000 to Rs. 100 million, with repayment tenure ranging from 1 to 20 years,

Eligibility Criteria

Certain eligibility criteria need to be met to apply for a home loan from Summit Bank. The applicant should have a minimum base pay of Rs. 80,000 per month and fall within the age bracket of 23 to 60 years. 

Required Documents 

• CNIC
• Salary slips
• 12-month bank statement
• Letter from the employer.

Meezan Bank

Meezan Bank offers home loans starting from Rs. 500,000 up to Rs. 50 million. This flexible loan amount ensures that whether you are looking for a small apartment or a spacious house, Meezan Bank has you covered.

Eligibility Criteria

To be eligible for a home loan from Meezan Bank, individuals must have a minimum monthly income of around Rs. 40,000. The age bracket for applicants is 25 to 65 years.

Required Documents

• Salary slips
• A 12-month bank statement
• Two years of employment proof

Standard Chartered

Standard Chartered Bank’s Saadiq Home Finance is a financing option structured according to the principles of Diminishing Musharakah, making it compliant with Islamic banking practices. This solution offers customers various facilities, including home purchases, home credit, and enhancements to existing home finance.

Eligibility Criteria

1. Nationality: Pakistani & Non-Resident Pakistanis residing in Singapore, Malaysia, UAE, Bahrain
2. Cities: Karachi, Lahore, Islamabad/Rawalpindi
3. Age: 25 Years to 60 Years (Salaried) & 65 Years (Self-Employed)
4. Income: PKR 300,000 (Salaried), PKR 300,000 (Self Employed)

Documents Required

• Copy of Valid CNIC
• Salary Slip/ Bank Statement
• Employment Letter
• National Bank of Pakistan (NBP)

The National Bank of Pakistan offers home loans with a maximum amount of approximately Rs.35 million. This substantial loan amount enables prospective homeowners to secure their dream house or undertake renovations and expansions. Additionally, the loan duration ranges from 3 to 20 years, allowing borrowers to select a repayment period that suits their financial capabilities.

Eligibility Criteria

Applicants must fulfill certain eligibility criteria to qualify for a home loan from the National Bank of Pakistan. Firstly, the individual must be at least 22 years old. Additionally, the net income requirement for government employees is approximately Rs.10,000, while privately employed individuals should have a net income of approximately Rs.15,000.

Required documents

• CNIC
• Passport-size photographs.
• Cheque for the processing charges.
• Cheque in favor of legal counsel for a legal opinion.
• Cheque in favor of Valuator for valuation report.
• Cheque in favor of income Estimation Company for income estimation report, if applicable.
• Property DocumentsBill of quantity (BOQ) in the case of HC and LPC.

Faysal Bank

Under the Faysal Islamic Home Finance scheme, the bank and the customer enter into a joint ownership arrangement for purchasing a property. The bank initially acquires a share in the property, which it then rents out to the customer. Simultaneously, the customer purchases the bank’s share in the property until they become its sole owner. This unique approach ensures that customers can acquire their dream homes while adhering to Islamic principles.

Eligibility Criteria

For salaried individuals, the net income should be at least Rs. 100,000, and the age limit for the loan ranges between 21 to 60 years. 

Required Documents

• Copy of CNIC
• Two passport-size photographs
• Last six months’ salary slips.
• Salary/employment certificate 
• 12 months bank statement 
• Copy of complete property documents

Allied bank Limited 

Under the Allied Home Finance Scheme, ABL provides up to Rs. 40 million in home loans. The loan tenure can range from 3 to 25 years, depending on your preference and budget. 

Eligibility Criteria

1. Individuals between the age bracket of 25 to 57 years
2. Net monthly income of at least Rs. 50,000
3. The individual should have Pakistani nationality 
4. Minimum six (06) months’ relationship with ABL or any other bank
5. Minimum length of employment of 3 years

Required Documents

• Complete and duly signed the “Application Form.”
• Last six months’ bank statement (ABL / any other bank, as the case may be)
• Copy of CNIC/ Smart NIC
• Proof of income
• Complete and duly sign the “Application Form.”

United Bank Limited (UBL)

Whether you are purchasing a new property, constructing a house, or renovating an existing one, UBL’s home loans cater to a wide range of housing needs. They offer home loans starting from Rs. 1 million, which can be repaid in 36 to 240 monthly installments. 

Eligibility Criteria

1. Individuals should have a minimum monthly income of Rs. 50,000
2. Age bracket of 23 to 65 years.

Required Documents

• CNIC (Computerized National Identity Card)
• Salary slips
• 12-month bank statement
• Proof of Pakistani residency
• Evidence of 12 years of employment.

Silk Bank 

Silk Bank’s home loans are designed for individuals with a one-time borrowing need to purchase or construct a house. Whether you’re a first-time buyer or looking to upgrade to a larger home, Silk Bank can provide the financial assistance you require. Depending on your requirements and eligibility, Silk Bank provides up to Rs. 2 million in home loans. 

Eligibility Criteria

1. Pakistani Residents
2. Foreign Nationals with Approved Company Guarantee
3. The age requirement range from 21 to 65 years.

Key factors to consider before taking a home loan 

If you are considering taking a home loan, it is essential to clearly understand the available options and the responsibilities that come with it.

• It’s important to note that when you acquire a home using a home loan, you won’t immediately become the complete owner of the property. Ownership is obtained only after you have made all the necessary loan payments.
• Home loans typically require a much longer repayment period, ranging from 10 to 20 years. Before committing to such a significant financial undertaking, assessing your financial stability and ensuring that you are prepared for this long-term commitment is essential.
• If you fail to make the required installments, the bank has the right to take legal action against you, potentially resulting in eviction and the bank taking possession of the property.
• Understanding the terms and conditions, interest rates, and repayment schedules offered by various banks will help you choose a home loan that aligns with your financial goals and capabilities.

Conclusion

The above list of banks providing home loans in Pakistan offers valuable options for individuals and families looking to purchase their dream homes or invest in real estate. The variety of banks included in the list ensures that prospective borrowers can find a suitable lender based on their specific needs and preferences. Whether it’s a national bank with a wide reach and established reputation or a local credit union with personalized service, choices are available for everyone.

Securing a home loan is a significant milestone in one’s life, and choosing the right bank is equally important. By exploring the options provided in this blog, potential borrowers can confidently make informed decisions and embark on their homeownership journey. Remember, consult with multiple lenders, compare offers, and seek professional advice when needed to ensure the best possible outcome for your home loan experience.