Have you ever dreamed of having a house of your own where you would be under no obligations to follow certain fixed rules? Have you ever dreamed to cut off those shackles binding you and live peacefully in your humble abode? Have you ever considered loaning a certain amount from the bank for your home but then feared being enslaved by the banks or felt the necessity to get advice from an expert? If you happen to possess similar bees buzzing in your bonnet, then here is the solution for you.
To secure a loan from a bank, you have to be eligible for it. The eligibility criteria usually revolve around your salary and your service duration and the fact that you are a Pakistani. Secondly, the amount you want to loan and the duration you can pay off the loaned amount. The third factor remains the debt to equity ratio. Since various banks have various standards according to which they operate, providing people with services that vary from bank to bank similarly banks do have different conditions when it comes to lending money.
The eligibility criteria include the borrower being a resident of Pakistan and aged between 21 to 65 years. He must be a salaried individual or a businessman and if salaried the minimum salary should be PKR5000 for Govt. Employees, PKR10,000 for other salaried persons and PKR 15,000 for businessmen or self-employed. The service duration stands at 2 years for salaries and 3 years for business categories.
Standard Chartered Bank
Habib Bank Limited
National bank Of Pakistan
Mentioned above are the updated details from banks holding out a helping hand to people, who intend to buy a house on their own. It is to be noted that Interest is haram (prohibited) in Islam and getting involved in such transactions is considered equally bad. With the inflation prevailing throughout our country and the merger salaries offered by the companies, even the religious are sometimes found to be getting along with the things prohibited.