Loans

Alfalah Home Finance – Green Mortgages

Solar energy can cut down your electricity bill, reduce your dependency and provide you with a steady source of power. Bank Alfalah and its panel of trusted solar experts bring you a complete solar solution. It is an investment that will benefit you in the long run. Alfalah Home Finance works with the industry’s most sophisticated and reliable energy experts, in order to provide you the best energy solution.

 

Get your Green Mortgage from Bank Alfalah and benefit from

  • Competitive mark-up rates
  • Finance up to 5 Million
  • Payment tenure options from 5 to 7 years
  • Balloon payment option
  • Reliable energy providers and financal experts

 

 

4 Steps to Going Solar

Alfalah Home Finance owns every step of the process; from consultation to execution and disbursement of the loan which ensures a hassle-free experience as well as robust customer service.

 

It all begins with calling us at 111 225 111 and 4 easy steps:

1. Consultation

Our dedicated business team will help you complete your documentation and structure a financial package that best fits your requirement.

2. Survey

Our reliable energy partners will create a customised solar solution keeping your financial package in mind.

3. Approval

Once Alfalah Home Finance approves your loan, our trusted and certified solar partner will complete the installation process

4. Installation

After inspections and final connections are made to your local utility, you’re ready to use Alfalah Green Mortgage  Financing.

So call today and invest for a brighter tomorrow.

 

 

Our Partners

• Grace Solar Pakistan™

• JKS Pvt. Ltd.

• EBR Energy Pakistan (Pvt.) Ltd.

 

Frequently Asked Questions

 

How does solar work?

Photovoltaic (PV) panels directly produce electricity from sunlight and use an inverter to change the Direct Current (DC) power to Alternate Current (AC) power.

 

What happens to solar panels when it’s cloudy or raining?

PV panels can use either direct or indirect sunlight, but are more effective in direct sunlight. Solar panels will still work even when the light is reflected or partially blocked by clouds. Rain actually helps to keep your panels operating efficiently by washing away any dust or dirt.

 

Can a residential rooftop installation supply enough electricity to cover the needs of a single house?

Yes, it is possible. The annual production depends on a range of parameters such as the size of the solar panel array, orientation and sloping of the roof, irradiation (latitude, local weather conditions), efficiency (panel type, temperature) etc. In ideal conditions, a rooftop installation can cover the average electricity consumption for a residential house.

 

What is a solar installation made of?

Solar installations are built by assembling solar panels. The manufacturing of the panels starts with silicon, usually in crystalline form. Purified silicon is then cast and cut into wafers a fraction of a millimetre thin, and then assembled into solar cells. The cells are then assembled into solar panels, which link together to generate power output. Depending on the type of application, the “Balance Of the System” (or “BOS”) consists of different components such as the mounting structure (racks/trackers), direct current switches, inverters and meters.

 

What is the estimated lifetime of a solar installation?

The industry’s standard power output guarantee from leading manufacturers is 25 years; however the lifetime of high quality solar panels is estimated to be much longer.

 

How much electricity will it generate?

Power output is determined by the size of the system and solar irradiation in the area. Solar panels are usually installed in areas with many stable sun hours per day.

 

How do I get power at night?

In hybrid and off-grid systems, batteries are charged using power during day time and the energy stored in batteries is used during the night.

 

What appliances can I run?

You can run all electrical appliances e.g. fans, TV, lights, refrigerator, air conditioner etc. depending on the type of the system you have.

 

What kind of maintenance does a solar system require?

Washing the solar array with water a few times a year would suffice but regular dust cleaning is also sufficient.

 

Can this system be purchased from anyone?

If you are availing Bank Alfalah’s Green Mortgage then this system can only be purchased through our panel of partners.

 

Where can I install solar panels?

Solar panels are installed in areas with high irradiation, like a roof. But they can be installed on any surface such as a facade, sunshade, garage or on the ground, usually by constructing a tracker system. They should not be placed in shaded areas (e.g., places that are in the shadow of other buildings or large trees) as it decreases electricity output.

 

What is ‘Energy Payback Time’ or Return on Investment (ROI) for a solar panel?

Solar is a one-time investment. An on-grid system, consisting of solar panels and inverters may work for 20 years or more. This type of system has a payback period of 6 years, and gives you free power beyond this period. A battery backup system needs replacement in 3 to 5 years and has a longer payback period.

 

What type of insurance do you have and what are the benefits?

We are offering two types of insurance; life and property, on very affordable rates. Life insurance covers outstanding facility amount and Property insurance covers the structural damages due to earthquake, flood and fire.

 

Can I repay my loan ahead of schedule?

You can pay/adjust through partial/balloon payment facility. After adjusting your partial payment, you have the option to revise your tenure or equal monthly instalments.

 

What is your mark-up rate?

We are charging 1 year KIBOR+5%. This rate is revised annually to account for any change in the KIBOR.

 

Do I get a Tax Benefit on the Loan?

Yes, you get tax benefit on loan payments made during a financial year. After receiving your request for a mark-up certificate, our operation department will fully cooperate with you and send it through courier within the lowest TAT. The Markup payment certificate will help you get a rebate on your annual income tax  return.
 

 Installment Calculator

Property Option
Current Property/Completion Value (per valuation) Rs.
Building Value (in case of house) Rs.
Financing (Bank’s participation) Rs.
Total Financing Tenure
Mark-Up Rate Options*Variable Rate: 1 Year KIBOR + 3.5% for Salaried person and 1 Year KIBOR + 4.5% for Business People / Self-employed and Overseas Pakistani (both salaried and self-employed) %
Total Monthly Approx. Installment. Rs.
Note: The above mentioned installment does not include Life Insurance & Property Insurance. It will be added separately.

 

*Rate shall be reviewed on yearly basis on each anniversary of finance by taking into account the then prevailing KIBOR. Schedule of Charges

 

Product Features

Markup : 1 year KIBOR + 5% Loan
Loan Size : PKR 1 Million to 5 Million
Financing Tenure : 5-7 years
Processing Fee : PKR 5000/- (with FED @16%)
Insurance : Life Insurance @ 0.329 % p.a. subject to honest completion of Insurance company’s Health questionnaire & test results. 1st year full premium payable in advance & subsequent year’s premium built in monthly installments. Property Insurance @ 0.09 % p.a. First year payable in advance & subsequent portion built in installments
Balloon Payment : Maximum two allowed in a year with a minimum of 10% & maximum of 20% of the outstanding balance. However no balloon payment shall be allowed during 1st year of disbursement without levy of penalty.
Co-Borrower Option : Allowed (Spouse, Parents / Siblings (Real Brother & Sister) / Real Children)
Early Settlement Option : 7% in first year and 6% afterwards till maturity of facility
Mode of Re-payment : 12 post dated cheques for 1st year. Direct Debit or Payment directly deposited in Repayment Account onwards.

Eligibility Criteria

Salaried & Expatriate Segment

Age : Between 23 years to age of retirement (65 years) less 3 years, at the time of application.
Min. Salary – Local : Verifiable monthly regular income of Rs. 200,000/= per month (from all sources)
Min. Salary – Expat : Verifiable monthly regular income equivalent to $4000 or SAR 12000 per month (from salary)
Employment Tenor–(Permanent) : Currently employed with total employment experience of at least 2 year
Employment Tenor– (Contractual) : Currently employed with total employment experience of at least 3 years

Self-Employed & Professionals Segment

Age : Between 23 years to 65 years, at the time of application
Income : Verifiable and regular monthly income of Rs. 300,000/= per month (from all sources)
Business Tenure : Experience of at least 5 years

Documentation

Basic

  • Complete application documents with customer’s signatures.
  • Copy of valid CNIC.
  • 2 latest photographs.
  • Processing fee cheque.
  • Bank statements.
  • Photocopies of property documents.

Salaried Segment

  • Employment certificate.
  • Salary slips for last 3 months attested by employer.
  • 6 months bank statement.
  • Employment verification form on BAL format
  • Cash vouchers (In case of cash salary).

Expatriates

  • Copy of Pakistani Passport for at least 6 months validity and NICOP attested from Pakistani Consulate/Employer’s HR Manager (BAF’s representative office where available can also attest the documents to facilitate transaction).
  • Copy of Contract / Work Permit / IQAMA / Residence Permit.
  • Specific declaration/undertaking that he/she does not own any property outside Pakistan
  • Personal guarantee of a resident Pakistani as acceptable to the Bank (where required as an approving condition)
  • Proof of clean past credit history report of consumer loans if availed in that country (where applicable and available).
  • Copies of last three years Tax Returns (not applicable to for Middle Eastern and other countries where tax is not mandatory or tax exception is held).

Self-Employed & Professionals

  • Income estimation report to be arranged from Bank’s approved firm (where income is not otherwise ascertainable).
  • Copy of current professional association / membership / trade body membership certificate (where applicable).
  • Copy of partnership deed, copy of form C, Bank’s certificate stating partnership’s credit worthiness & names of partners.
  • NTN certificate (Co. & personal)
  • Copy of CNIC of all partners/directors.
  • Copies of last 3 year income tax returns. Proof of business (min. tenure 5 years).
  • Copy of last Form 29 duly attested by the SECP, letter from the company secretary confirming the status, share holding and remuneration paid to the customer (where applicable and a copy of Form A.
  • Bank certificate mentioning status of his current position.

Co-Borrower

  • Copy of CNIC/NICOP.
  • 2 latest Photographs.
  • SBP & Bank specified forms.
  • Separate Health Questionnaire for joint insurance cover.
  • Complete income documents, as applicable – if earning any regular monthly income.

24/7 Customer Support

For details about our Products & Services call our Phone Banking Service at 111-225-111