For renovation maximum financing limit up to RSI. 2. 5 million. The investment is repayable in affordable installments over a maximum period of 20 years depending upon the customer’s age and repayment ability. The overall cost in acquiring housing under the scheme is moderate as compared with other banks; Early unit purchase option after the lock out period (lock out period means first 3 years during which advance units purchase to the customer is prohibited). After lock-out period the customer can purchase as many number of units as the customer wishes, once in a year subject to repayment charges.
By making advance payment, the customer will avail two benefits I. E. Get revised and reduced his/her monthly installment on lower side or get reduced the period of loan. Shari compliant scheme. Hassle free repayment facility. Equitable Mortgage: 100% equitable mortgage in the leasehold residential properties in large cities I. E. Karachi, Lahore, Rawlins/Alasdair, Manual, Fusillades, Hydrated, Equate and Appeaser subject to observance of the following:- Requirements: The facility of investment for the purchase of finished house will be available in Urban areas of Thesis and District Headquarters only.
The maximum age of the house having ‘A’ Class construction should not exceed 45 I. E. A house aged 40 years shall be coastal areas except for the front row of Sea View Township and Darkish Villas, Clifton Karachi subject to submission of soundness Certificate from the Pakistan Banks Association approved values. Further at Thesis level subject to the condition that the property intended to be purchased is built with “A” class construction having all basic amenities of life. More-so, the value of the house as per existing policy has en got valued from the ABA approved values.
House purchase facility is available in Urban Area at District Quarter/Thesis subject to the condition that construction should be “A” Class & all basic amenities of life should be available. Sale Agreement, Title Deed, Valuation and Soundness Certificate (as per format) from an approved Architect are required in addition to other documents. Investment is released in one trance/installment. Eligibility: Age of applicant and co-applicant/guarantor must be minimum of 18 and maximum of 60 years. However, maximum age allowed for self employed persons would be 65 ears.
Primary or three co-applicants/guarantors are allowed. Guarantor must be a family member and with an inheritance rights in the property, to be mortgaged/ assigned with HOFF Ltd. In deserving cases I. E; cases of widows, divorces, useless couples and unmarried women aged 30 and above, the guarantees of other blood relatives, who do not have inheritable rights in the property, such as brothers, sisters, other adult children (niece and nephew), son-in-law, daughter-in-law etc, may be also accepted. All Muslim or non-Muslim citizens of Pakistan, Sad Kashmir, Northern Areas are eligible.
The customer should be employed / self-employed and have sufficient repayment capacity to meet the investment obligations; must provide Salary Certificate, Affidavit, Tax Return. Either the customer possesses ownership of floors/additional rooms to the house is intended to be raised. The vendor should have clear and marketable title free from all encumbrances and the house/flat should not be more than 45 years old. House purchase facility is available in Urban areas of District Quarters/Thesis subject to the condition that construction should be “A” class and all basic amenities of life should be available.
