Allied Bank Limited is committed to help you find the right Home Finance plan for your needs. We understand that every borrower is different, and we have a variety of repayment options to meet your individual requirements.
You are eligible for home financing from Allied Bank if:
- You are a Pakistani National
- You are 25 to 57 years old
In case of Salaried Individual
- Minimum six (06) months’ relationship with ABL and / or any other bank
- Minimum net monthly salary of Rs.50,000/-
In case of Self-Employed Business Person / Self-Employed Professional
- Maintaining minimum one (01) year relationship with ABL or minimum two (02) years’ relationship with any other bank
- Length of respective business / profession is minimum two (02) years in case of relationship with ABL or minimum three (03) years in case of relationship with any other bank
- Minimum net income of Rs.75,000/- per month in case of relationship with ABL or Rs.100,000/- per month in case of relationship with any other bank
Features & Benefits
- Easy & Quick Processing
- Financing Up to Rs.40 million
- Repayment tenure ranging from 3 years to 25 years
- Loan Transfer facility on low Markup rates
- Free Life Insurance
- Solar System Finance Facility under renovation
This facility is currently being offered in eight cities only including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Gujranwala, Sialkot and Multan.
LOW COST HOUSING FINANCE
In Compliance of SBP Circular IH&SMEFD Circular no. 5 of 2019 (as amended from time to time), low cost housing finance facility under refinance scheme will be offered to the following individuals only:
- Children of martyrs (Shaheed) of law & enforcement agencies and armed forces and civilians martyred in terrorist attack
- Special persons holding CNIC with disability logo / Symbol.
- Transgender and
Financing under Special Segment: Minimum 0.5 to 2.7MN
Minimum Net Income (verifiable): 30,000/-
Tenure: Up to 12.5 years including 6 months grace period or advised by SBP from time to time
Following basic documents are required to apply for Allied Home Finance:
- 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 signed “Application Form”
* Any additional document may be requested
FAQs for Allied Home Finance
Q: What options does Allied Home Finance offer?
A: Allied Bank is offering wide range of products including:
- Home/Apartment Purchase
- Home Construction (Land already owned)
- Home Renovation
- Buy Land & Construct Home
- Loan Transfer Facility
- Solar Financing under renovation
Q: Can I mortgage my property and obtain financing for any other purpose?
A: No, the finance amount shall be used only for afore-mentioned purposes.
Q: In which cities can I apply for Allied Home Finance facility?
A: Currently you can avail Allied Home Finance facility for residential properties located in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Gujranwala, Sialkot and Multan.
Q: Does Bank finance in all locations of the above mentioned cities or Bank is maintaining a negative list of locations?
A: Bank is not maintaining any negative list though Bank will prefer to finance on properties where it can secure its interest.
Q: Is Allied Home Finance facility available for overseas non-resident Pakistanis?
A: Only for Pakistani residents.
Q: What is the criteria age for applying under Allied Home Finance Facility?
A: Min: 25 Years Max: 57 Years
Q: From where can I check for the list of properties acceptable for ABL for Financing?
A: Bank is not maintaining any positive or negative locations list you just have to choose a residential property in the market and get back to us to apply for finance. We will seek clear legal option from the bank’s lawyer on property title documents. Further we will seek an internal review to make sure the property you selected is marketable with free access. Consequently, you will be informed if the property is not acceptable to us, you will further be advised about other secured property options. Hence, we are not bound by any sale commitment that you may have made with the seller.
Q: Do I need to get any verification on the Property Title Document prior to buying?
A: Yes, for your piece of mind and to check the authenticity of the property title documents, we seek Clear Legal Opinion from Bank’s solicitor for all pre and post disbursement legal requisites.
Q: How the price of property will be determined?
A: The price of requested property will be determined by evaluation by an Evaluation firm on ABL’s approved panel.
Q: Who is eligible for Allied Home Finance facility?
A: Allied Home Finance facility is offered to individuals maintaining depository relationship with ABL
Q: What is the minimum and maximum amount of financing under Allied Home Finance facility?
A: For Home/Apartment purchase: Maximum 40 million
Buy land & Construct Home: Maximum 40 million
Construct Home: Maximum 40 million
For Home Renovation: Maximum 7.5 million
Minimum amount of financing one can avail is Rs. 0.5 million
Q: For what term ABL is offering the Home Loan Facility?
A: Minimum 3 years and maximum 25 years.
Home Renovation: Minimum 3 year and maximum 10 years.
Q: What is the minimum monthly income required to apply for Allied Home Finance?
A: Monthly net income of Rs: 50,000 is required to be eligible for this facility
Q: Does Allied Home Finance allow Co-Borrower under its eligibility criteria?
A: No, currently Allied Home Finance is not entertaining Co- borrower application
Q: How much down payment/ equity shall be required?
A: Home/apartment Purchase and Home construction: 25%
Buy Land and build home: 30%
Home Renovation: 70%*
*Value of land as well as existing structure will be counted towards equity
Q: What Markup is being offered under Allied Home Finance?
A: Allied Home Finance is offering variable (floating) mark-up rate calculated on the basis of prevailing 1 year KIBOR + 3.5% (maximum) per annum.
Q: Will the given mark-up rate remain the same throughout the term of the facility?
A: No, annual repricing will be done on each loan anniversary in line with revised 1 Year KIBOR however; the spread will remain the same.
Q: Can I take finance for commercial property?
A: No, Allied Home Finance facility is restricted only for residential properties.
Q: What will be total cost of application Processing?
A: It will be as per prevailing Schedule of charges (SOC).
Q: Do I have an option of early settlement of my Home Loan?
A: Yes, you can opt for early settlement however this would attract charges which will be in line with prevailing Schedule of charges (SOC).
Q: Can I make partial loan payments?
A: After completion of two years, four (4) balloon payments are allowed during the tenure of the loan. Each balloon payment should be equivalent to EMI (equal monthly installments) of 6 months. 2nd and subsequent balloon payments shall be allowed after I year gap. Revised repayment schedule would be issued accordingly after each balloon payment.
Q: What is the insurance arrangement?
A: Under Allied Home Finance facility, mandatory Life Insurance / Loan Protection Insurance shall be arranged by the Bank through its approved insurance companies covering total financing amount. However; if assurer charges premium over and above the agreed rate due to any abnormality observed in medical examination borrower shall bear the cost of additional premium over and above the premium agreed with Bank. Life Insurance / Loan Protection Insurance shall be arranged by the Bank on behalf of the Obligor. In addition, Property Insurance, excluding Land, will also be mandatory through approved insurers of the Bank.
Q: Can I avail a loan transfer facility from ABL, already finance from any other Bank?
A: Yes, Customers can apply for a loan transfer facility after satisfactory repayments of three years with existing Bank.
Q: What else do I need to pay other than ABL’s mark-up?
A: One-time processing fee will be charged. This fee shall be recoverable once your loan has been sanctioned and you have signed and submitted all necessary documentation. Additionally; there would be charges pertaining to legal opinion on property, valuation, duties and stamp charges & due insurance premium will be borne by you.
Q: How do I have to make the repayment?
A: Repayments shall be directly deducted from your account maintained at ABL; therefore please ensure that required funds are available in your account on due date.
Q: What if I don’t make my re-payments in accordance with the schedule?
A: If you don’t make repayment in accordance with the schedule the Bank has the right to recover late payment charges as per SOC.
Q: When and how can I get the “Statement of my Allied Home Finance loan” account?
A: Bank will issue annual “Statement of Accounts” of your Allied Home Finance. The statement would include detail on principal, mark-up repayments, and penalties (if any) charged during the year and outstanding balance. Statement of account will be sent to your respective branch and you will be required to receive it from there after signing it off.
Q: From where can I apply and where shall I get the assistance/ inquire about my case/ application?
A: You may apply for Allied Home Finance facility from any nearest ABL’s Branch may or call on the helpline 111-225-225.
Q: Is there a specific period in which I have to complete the construction?
A: Yes, for all purposes, the construction is to be completed within 12 months from the date of first disbursement.
Links for Housing scheme status
Following are the links of KP and punjab for Provincial Central Data Bank of All Approved/UnApproved Housing Societies/Schemes/Projects. Already Linked at naphda website www.naphda.gov.pk (EODB >Provincial Central Data Bank of All Approved/UnApproved Housing Societies/Schemes/Projects)