Final Presentation on housing loan

8/12/2019 Final Presentation on housing loan

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Presentation topic :-

Home Financing


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Group Members

Muhammad Nawaz 100645-002

Atif Razzaq 100645-006

Hafiz Muhammad Irfan 100645-020

Saqlain Munir 100645-027

Waseem Ahmad


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Home financing by


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With this facility you no longer to just dream about the home

We will provide you required financing up to 70%of the value

of the property

Payment period ranges from 3 to 25 years.


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You own a plot but need financing to construct a home

We shall provide up to 100% construction cost say to good

bye rent forever

Even you dont have plot we will provide up to 60% of thevalue of the plot you selected to purchase.

Payment period ranges from 3 to 25 years.


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You already own a home, but need extra space for a growing

family or want to see some rooms to get a new look.

Simply apply for financing up to Rs. 3.50 million or 40% of

the surveyed value of your home and get for yourself the extra

space!


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The crown jewel of our Home Finance scheme, the

opportunity for someone to buy already constructed home

early in life.

We offer up to principal payment in 3 years, for financing up

to 25 years.

Home start is especially designed for young professionals.


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Does your existing instalment on a home finance leave

you with nothing to spend?

Genuinely attractive rates and flexible payment options

that could leave more funds with you each month.

With our Home BTF, repaying your home finance will

not make you break into a sweat! Transfer up to 100 %

of the existing finance.

Stretch your repayment period for up to 25 years

once again!


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Pakistani nationals.

Age between 23 years to 50 years at the time of application, subject to

maximum age of 60 at maturity of finance.

Minimum income of Rs. 50,000- (per month) from all sources, including

estimated rental income of the property financed duly verified by the

valuator.

Permanent employees - Currently employed with total employment

experience of at least 2 year.

Professional contractual employees (with experience i.e. bankers,

engineers, doctors, architect etc) - currently employed with total

employment experience of at least 3 years.


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Self employed professionals must be practicing and conducting business for

at least 3 years with satisfactory track record.

For other self employed persons where stream of income is generated from

property rent /return on fixed deposit /DSC/SSC must have the source of

income for at least last 6 months.

Business individuals must be practicing and conducting business for at least

five years with satisfactory track record either individually owned or a family

business.

High Net worth Individuals with acceptable level of net wealth

commensurate with the size of loan applied


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FINANCING ELIGIBILITY

PRODUCT MAXIMUM ELIGIBILITY

All Products

Main Borrower - 40 times of

GMI

plus

Spouse - 40 times of GMIOr

other relation - 20 times of

GMI

Financing amounts based on Gross Monthly Incomes (GMI) are given below.


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2 recent passport size colour photographs.

Copy of Computerized NIC (original to be shown at our office). **

Bank Statement for the last 6 months (original or attested). **

Copies of complete chain of title documents of the property being offered

(if identified).

Processing fee cheque / pay order favoring Bank Alfalah Ltd.

Life Insurance (MPP) and property insurance (PI) forms.*

Letter of understanding.*


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Salary Certificate (original) from the employer, showing the

gross salary, deductions and length of service.

Latest Salary Slip / Pay Slips duly attested by the HR

department

Employment Verification Form signed by the employer. *

Salaried Director - Copy of Form 29 / Form A.

Additional documents for salaried resident Pakistanis


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Additional documents for salaried Non-

Resident Pakistanis (NRPs)

Copy of Pakistani Passport valid for at least next 1 year.** or NICOP

Copy of Contract / Work Permit / Iqama / Residence Permit / etc.**

Copies of last 3 years Income Tax Returns (Not Applicable for Middle

Eastern Countries) **

Personal Guarantee of a relative based in Pakistan and acceptable to Bank.


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Copy of current professional association membership / trade body membership

certificate (if applicable).

Deed of Partnership + Undertaking & NOC as per Bank format.*

Sole Proprietorship Letter / Certificate from customers Bank.*

Copy of latest Form 29 duly attested by the Company Secretary.

Letter from company secretary confirming either the status and share-holding or

remuneration (where applicant is a Director / paid Director of company).

Copies of last 3 years Income Tax Returns.


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Rates & charges as per schedule of charges

In case the delay occurs on part of the customer in availing the approved loan

beyond 45 days time, the following reports may again be obtained at customers

cost:

1. ECIB Report

2. Valuation Report (if required)3. Data Check Report

4. Income Estimation Report (if applicable)

All related charges like Duplicate Statement, Cheque Return Fee etc, as applicable

in general banking are payable.
http://www.bankalfalah.com/schedule_of_charges.ASPhttp://www.bankalfalah.com/schedule_of_charges.ASP


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1. We provide you with all the information you need about Bank Alfalah Home

Finance. This can be through a face-to-face meeting with our Relationship Officer,

or over the telephone, or through the mail / email.

2. You complete an application form and pass it on to us, together with the required

documents give us basic information about your income source & quantum and the

amount you need, we may give you an agreement in principle.3. Once you have decided on the amount you want and finalized the property, you

provide us the property documents.

4. We make some inquiries about your financial circumstances.

5. We carry out a valuation of the property and verification of your income.


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6. Once we have carried out all the initial processing, we send you our offer

through a Facility Advice Letter.

7. You sign the Facility Advice Letter and return it to us.

8. Our Documentation Control Centre will get in touch with you to complete

Finance & Security documentation including legal opinion on the title

documents of the property and also the life (Mortgage Protection Plan) &property insurances.

9. You sign the Finance Agreement and Charge documents.

10. Our legal advisor will accompany you to the Registrars office on the

appointed date with our cheque against the financing for conveyance of the

property and your home finance begins


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Basic Eligibility Criteria (pre-requisites) is as follows.

A Pakistani National; ( holder of either a Pakistani passport, or NICOP)

Your age should be between 23-50 years when you apply.

Verifiable continuous inflow of minimum gross annual income of US$

60,000 & AED/SAR 180,000 or equivalent respectively in tax paying &non-tax paying countries.

No un-explained delays/defaults towards repayment of current/ past

consumer financings from any Bank both in Pakistan and abroad.

Affordability of financing within Banks acceptable limits.


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Salaried Person - Minimum continuous service of 02 years (not necessarily

with the same employer)

Self Employed Professional - Must be practicing and conducting business

for at least 03 years.

Business Person - In business for a minimum of 05 continuous years (Bank reserves the right to refuse financing for any reason)

Tentative amount of financing that we would be able to finance can be

deduced using following formula. GMI = Gross Monthly Incomes.


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PRODUCT MAXIMUM ELIGIBILITY

All Products

Main Borrower - 40 times of

GMIplus

Spouse - 40 times of GMI

Or

other relation - 20 times of GMI


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Being the first to accommodate our overseas nationals, we

offer the same facilities to them with one addition to above

basic eligibility criteria i.e. either a valid Pakistani Nationalityis held OR a valid CNIC/NICOP/Origin card is held.

The financing eligibility can be deduced by first converting

your income into Rupees terms at prevailing exchange rate

(discounted by 10%) and then applying the above multiplierfactor formula.

Non-Resident Pakistanis


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Please note that the Mark up rate varies every month with the

changes in 01 year KIBOR - a benchmark affected by markets

credit liquidity. Mark-up pricing is re-visited on the

anniversary date of finance every year till its maturity keeping

in view the then prevailing KIBOR.


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Final Presentation on housing loan

Documents