2 Minute drive from LDA City interchange, Ring Road, Lahore.

Home Financing

Lump-sum payment of a residential plot in a metropolitan is not feasible for everybody; as the prices of property are rising due to the high inflation rate in the country. Almost every person who desires to reside in Lahore is not financially sound enough to own a house. By recognizing such issues; Park Avenue Housing Scheme (PAHS) is guiding its potential customers on how to get a home loan under the Naya Pakistan Housing Project. If you are looking to build your dream house in Lahore or to get a free consultation upon the matter, fill the form below. We will explain to you the whole procedure that how to get a home loan and will let you know the chances of approval after studying your case.

Housing plays an important role in economic development by contributing to GDP growth, employment generation, and social wellbeing. Further, more than 40 industries and 70 percent of unskilled labor are linked with the housing and construction sector. To provide low-cost houses to the people of the low and middle classes is Imran Khan’s top priority.

Banks have to maintain 5% of their domestic private sector credit by December 31, 2021, to finance housing and construction activities. All commercial banks including Islamic banks and House Building Finance Company Limited (HBFCL) are providing home loan facilities.

ELIGIBILITY CRITERIA

  1. All men/women holding CNIC
  2. First-time homeowner
  3. One individual can have a subsidized house loan facility under this scheme only once
  4. Only for construction and first purchase of newly constructed affordable housing units
  5. This facility is available for salaried class and businessman

As per banks’ credit policy and prudential regulations for housing finance, the financed housing unit will be mortgaged in favor of the financing bank.

PROCESSING TIME

The processing time will be approx. 30 days after submission of all documents by the borrower and the same will be clearly stated in the application form.

LOAN TENURE

Minimum 5 years and maximum 20 years loan tenor, depending upon the choice of customers.

You can get a home loan under Tier 2 and Tier 3.

TIER 2

  1. The purchase of houses up to 5 Marla or 125 sq. yards with a maximum covered area of 850 sq. ft.
  2. The maximum financing for this scheme is Rs. 6 million.
  3. The markup rate will 5% for the first 5 years and then 7% for the next 5 years.
  4. For loan tenors exceeding 10 years, market-rate i.e. bank pricing will be applicable for the period exceeding 10 years.

TIER 3

  1. This category allows subsidized financing for construction or purchase of houses of up to 10 Marla with a maximum covered area from 850 sq. ft. to 1,100 sq. ft.
  2. Maximum financing under this category is Rs. 10 million
  3. The markup rate will 7% for the first 5 years and then 9% for the next 5 years.
  4. For loan tenors exceeding 10 years, market-rate i.e. bank pricing will be applicable for the period exceeding 10 years.

SECURITY REQUIREMENTS

As per banks’ credit policy and prudential regulations for housing finance, the housing unit financed will be mortgaged in favor of the financing bank.