Complete Process to Get House Loan From Bank

Calculation of House Loan in Pakistan from Banks

No doubt it’s become much easier to get house loan in Pakistan and anyone can get the house loan in Pakistan. If you have your own business or working in any industry, you can apply for house loan. As bank always prefer to pay loan to people those are well settled and they can pay them back a handsome amount on month basis. Do not apply for any bank loan without reading this complete article. Because this article will help you a lot to learn more and more about bank loan in Pakistan.

Across the world all the banks pay loan to obligors/customer those are looking for bank loan. All the banks working for profit and not only the banks make money from these customers, government of each country also make money from customers/some of the percentage always there for government.

If you have some sort of settled business or have well settled job you can apply for bank loan. Keep in mind low return become much difficult for everyone to complete/return the bank loan. Do not get bank loan if you don’t have enough money to pay back to bank, following calculations will help you to pay back to banks without major loss.

If someone get loan from bank for whatever the purpose PKR 1,000,000 for seven years on 22% interest rate as its usual here in Pakistan. Personal will pay extra amount PKR 1,199,168. Personal who take loan will return PKR 2,199,168 against PKR 1,000,000. Now you can understand what you should do and what should you think before taken any bank loan. For this purpose team Jobs in Pakistan will update you time by time but for now these details are enough for you to understand the basics of the bank loan. Do not forget to use bank loan calculator before applying for any bank loan – because most of the people do not know much about these things and they get the bank loan and after all they are unable to return the bank loan.

Benefits of House Loan in Pakistan from Banks

There are several benefits of house loan in Pakistan – major benefit of house loan is you have your own house and all the house rent goes to your own pocket nothing more than this help you but there are several disadvantages of house loan as mentioned below.

Disadvantage of House Loan from Banks

There are thousands disadvantages of bank house loan – some of the major bank house loan disadvantages are mentioned below.

It is not recommended for people those are unable to return less than PKR 100,000 per month – if you have such enough resources then you should wait for some time and then use it for this purpose do not go with any of the bank. As this article is not to motivate you to leave the bank facilities but still we are not recommending to get bank loan.

If you are working in any of the industry which one is not stable and you do not know that how much time you will survive with such organization. Keep in mind do not get any house loan from bank. Because not a single bank across the world pay loan without proper collateral or recovery plan. So, whenever you fall in any trouble they will recover your amount by selling your property or things those you have, so always make right decisions.

Year(s) Bank Loan Interest (%) Annual Charges Total Payment Monthly Instalment Annaul Payment Remaining Amount
1st Year 1000000 22 220000 1220000 25000 300000 920000
2nd Year 920000 22 202400 1122400 25000 300000 822400
3rd Year82240022180928100332825000 300000703328
4th Year703328 2215473285806025000300000558060
5th Year558060 2212277368083325000 300000380833
6th Year380833228378346461725000 300000164617
7th Year164617223621620083225000 399168 0

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