Submitted by adminkmbl on Thu, 03/11/2021 - 18:16
Apna Makaan Banner

Product Name

Khushhali Apna Makaan

Product Type

Individual Micro-housing Loan 

Product Purpose

Loan for New construction and Structural Changes or Renovation in the existing house.

Loan Eligibility Criteria

  • Age: 25 -60 years (65 years for Pensioners)
  • Annual income of Applicant (net of business expenses) should exceed the limit as set by SBP from time to time.
  • Residing in the house/ ownership of the house (if the property has been given on rent) for at least 1 year
  • Salaried individuals must be working with the current employer for at least 2 years
  • 2 years business experience
  • NADRA CNIC/ SNIC holder

Tenure

6-120 Months

Repayment Options

  • Equal Monthly Installments

Collateral

FOR PROPERTIES HAVING CLEAR TITLE

Loan amount up to PKR 350K

  •     Proof of Residence (copy of ownership documents given as annexure) will be attached with credit case. (Mandatory) 
  •    Guarantor- (applicable where salary/pension not transferable).
  •    Co-borrower (where applicable)
  •    DP Note
  •    Preferably Salary / Pension Account to be transferred to KMBL for salaried/pensioners where possible. 

For Loans PKR. 350,001 up to PKR 1,000,000

  •     Equitable Mortgage OR Registered Mortgage
  •     In case of Equitable Mortgage, the original title document will be retained at branch and MODTD shall be issued. Verified photocopy of title document will be attached with credit case.
  •     Guarantor (Mandatory in case salary pension is not transferred to KMBL)
  •     Co-borrower (where applicable)

For Loans PKR 2,000,001 up to PKR. 3,000,000:

  •     Registered Mortgage only                                                                                                                .

For Salaried/ Pensioners where Properties Having Ownership on Stamp Paper/ Shamilat (Against Affidavit)
A.    Loan amount up to PKR 01 Million:

  •     Salary / Pension Account is transferred into KMBL (Mandatory)
  •     For cases against properties having ownership on stamp paper as proof of residence, original stamp paper will be retained at branch whereas copy will be attached with credit case (Mandatory) Memorandum of Deposit of Title Deed (MODTD) on stamp paper shall also be issued. 
  •     Shamilat property includes; Title Deed (Registry), Fard, Mutation (Inteqal) and Demarcation. Stamp paper of property is itself a title document.

       OR

  •     In case where proof of residence is provided on printed on stamp paper with utility bill etc., original affidavit will be retained at branch whereas copy of the same (along with utility bill) will be attached with credit case (Mandatory).

       AND

  •     Co-borrower (where applicable)

      AND

  •     Guarantor (Mandatory)

AND (for Self Employed)

  •     Collateral/Mix Collateral (Gold, NSC, TDC, APB/ Property Mortgage other than property against which loan is sanctioned) 
  •     Execution value of collateral should not be <100% of the loan amount sanctioned along with a positive monthly cash flow.

B.    Loan amount from 01 Million to PKR 02 Million: *

  •     Salary / Pension Account is transferred into KMBL (Mandatory)

AND

  •     Equitable mortgage

*All eligible purposes under housing will be allowed


Note

  •     External Valuation Criteria:

External valuation should be carried out where;
a.    Loan ticket size is above PKR 2.0 Million, irrespective of collateral (property/ plant/ machinery) value
AND/ OR
b.    Collateral (property/ plant/ machinery) value is above PKR 3.0 Million, irrespective of loan size.
Note: Above mentioned changes are not applicable on agri loans (development & production) i.e. loans against agri pass books/ PLRA.

  •     Stamp paper, Shamillat property & affidavit-based financing will only be allowed in case of salary/pension account transfer to KMBL (loan amount up to PKR 01 Million only).
  •    Only Home renovation/improvement loans can be sanctioned against personal guarantees/collaterals other than Mortgage. For purchase of land/home or construction of home, property will be mortgaged in favor of KMBL.
  •    The amount disbursed for purchase of plot (for construction of home) must not exceed the 90% of the market value/cost of land/plot and 50% of the financing limit. The remaining amount shall be disbursed for construction there-upon.
     

Loan Ticket  (minimum & maximum)

PKR 50,000 to PKR 3,000,000

Service charges

As per SOC, for more information please contact on our helpline 051 111 047 047