Alfalah Ghar Asaan
Alfalah Ghar Asaan – The key to your dream home
Your dream home can now become a reality. Bank Alfalah provides quick and convenient solutions to buy a house / apartment or acquire land for construction of house in easy and affordable monthly installments.
With Alfalah Ghar Assan you get end to end personalized advisory and processing services at every stage.
Product Variants
- Alfalah Ghar Asaan – Home Buy: This type of facility is meant for the purchase of an already constructed housing unit / apartment.
- Alfalah Ghar Asaan – Build a Home: This type of facility is extended to customers who already own a residential plot or intend to buy a residential plot with subsequent construction of house.
Basic Eligibility Criteria
- All Pakistani citizens holding valid CNIC / NICOP / SNIC.
- This subsidized scheme is for first time home owner
- You can avail the facility under the scheme only once.
- Only for construction and first purchase of newly constructed affordable housing units
Salient Features
| Description | Category 1* | Category 2 | Category 3 |
|---|---|---|---|
| Size of Housing Unit | Housing unit / apartment/ flat of up to 125 square yards (up to 5 Marla) with covered area of up to 850 square feet. | Housing unit / apartment / flat of up to 125 square yards (5 Marla) with covered area of up to 850 square feet | Housing unit / apartment / flat of more than 125 square yards up to 250 square yards (10 Marla)
OR apartments/ flats with covered area from more than 850 square feet to 1,100 square feet |
| Maximum Price of Units | Rs.3.5 Million | Rs.3.5 Million | Rs.6.0 Million |
| Maximum Financing Limit | Rs.2.7 Million | Rs.3.0 Million | Rs.5.0 Million |
| Financing Tenor | Minimum 10 years with flexibility to go up to 20 years at customer’s choice | ||
* Only NAPHDA (Naya Pakistan Housing & Development Authority) projects
Subsidized Mark-up/ Profit Rate
| First 5 Years
Fixed Rates |
Next 5 Years
Fixed Rates |
Exceeding 10 Years
Variable Rates |
|
|---|---|---|---|
| Category 1 | 5% | 7% | 1 Year KIBOR + 2.5% |
| Category 2 | 5% | 7% | 1 Year KIBOR + 4.0% |
| Category 3 | 7% | 9% | 1 Year KIBOR + 4.0% |
Key Qualification Criteria
| Description | Details |
|---|---|
| Age (Applicant & Co-applicant) | Salaried Individuals: Minimum 25 years and Maximum 60 years at time of maturity of loan
Non Salaried Individuals: Minimum 25 years and Maximum 65 years at time of maturity of loan |
| Net Monthly Income (Minimum) |
PKR 25,000 per month net disposable income |
| Co-Applicant | Up to 4 co-applicants allowed with 100% income clubbing of co-applicants |
| Financing Cities | All cities of Pakistan where Bank Alfalah has it branch network |
| Employment / Business Tenor | Minimum 5 years |
| Security Requirement* | The financed housing unit / apartment financed will be mortgaged in favor of financing bank as per banks’ policy and SBP prudential regulations |
*Property should be Accessible, Transferable, Mortgage-able, Free of any legal charge with any private or public individual/institution, and an approved map from the concerned authority shall be available
Minimum Documents
- Facility Application Form
- CNIC copy of the applicant / co-applicant
- Proof of income documents
- Copies of property documents / details of property
Your dream home awaits you! Please visit your nearest Bank Alfalah branch or call:
Contact Centre Number: 111 225 111
Dedicated email address: home.finance@bankalfalah.com
Bank’s website: https://www.bankalfalah.com/personal-banking/loans/alfalah-home-finance/
(Terms & Conditions apply)