Most of the people looking for complete guidance for mortgage or for house loan from banks in Pakistan. For this purpose our professionals visit the different banks of Pakistan so that we can share the right information regarding mortgage or house loan in Pakistan. Keep in mind this article is a complete guide for people those are looking for complete guidance for house loan in Pakistan.
It is Jobs in Pakistan team’s personal recommendation don’t get house loan because banks charge heavy interest on it and it will take long time to pay back. If still you are interested to get the approval for loan from bank, this article will help you a lot to get approval and to complete the banks document requirement.
To choose a bank for house loan partner you should visit at least 3 most popular banks, keep in mind popular banks charge more than local banks because they have enough resources to market their project and to maintain the products, staff and offices they charge some extra amount. But popular banks are working to provide house loan so that you can visit them to know the requirements of the banks.
Banks earn a lot of money from recoveries such as from you, when you got the PKR 10,000,000 loan from bank for 15 to 20 years. It mean you will pay almost 20,000,000 PKR to bank. Now you can understand the banks earning and the process of the banking system.
Before apply for house loan you should visit to different banks to know the details of interests and their percentage. Once you know the details and payback details in written you should apply for bank house loan. Reached to the nearest branch of the bank and meet with business development manager he/she will share the details as well he/she will help you to complete the documents.
Once you finalize the application and submit it to business manager – and don’t forget to reached to them on daily basis and ask them for status. Because already they are much occupied and they don’t have time to check the status of customers those not reached to them and not contact them on daily basis. Even they replied without confirm status from the right resources or from department those are working on it so get the details that where is your case and reached to them directly for quick process and for action.
Most of the times everyone get approval for house loan because business manager of each bank know the reality and he/she didn’t sent your case if you are not eligible. So there are very rare chances of failure. But the problem starts when you got the approval from bank and they demand the documents and other requirements. So, let’s understand the process of documents and the way to deliver it to the bank.
CAD Department supervise all the activities related to house loan documents and disbursement of loan. So, for this purpose once you got the approval from the bank your case will sent to CAD department might be its regional or local office. So, now you need to coordinate with the regional CAD department of bank for the said resources assignments.
Bank not believe on you, whatever you provide they have different companies on their panel those valuate your house and get the charges from you. Because banks know that in case of any problem they will sale this property to recover the investment without any problem. So bank will assign you valuator for this purpose and you should connect them and let them know the some extra amount as much the value can be presentable.
Bank also assign lawyer who recommend the documents for the property so that your property documents verified and each and everything should be clear. For this purpose banks hire professional firms those are already working in field and they know the property related matters. Mostly they ask for the following documents to provide to the CAD department for issuance of funds.
These all documents required counter sign by Tehasildar or from deputy commissioner which is almost impossible for an individual who don’t know these rules and regulation. So here are some useful tips and recommendations to complete all these requirements without any problem and issue.
Across the Pakistan almost all government Bribery is a common thing, so it is impossible for you to get single document from Patwarkhana without paying and without right resources. So, lawyer will be beneficial for you first thing he / she will manage documents for you and secondly if there is any difficulty to collect any of the requirement he/she will remove that point from their opinion once verified that your property is good to purchase.
If you start working on it to collect the details and to collect the documents, might be in next 10 years you will be able to do this, as our Patwar system is totally corrupt and might be there is a single resource who support you without taking money.
This is the complete process to finalize the documents and to get the house loan from bank. If still you have any question related to bank house loan in Pakistan do let us know so that we can share more details.
Keep in mind across the banking sector you will not find any resource who guide you and know you these details at once. Whenever you reached them they will add some other documents or they will require something new. So easy way is to approve loan from banks is to hire the same lawyer as assigned by bank. Good Luck…!
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