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  • Results 1 to 16 of 16
    1. #1
      Ali Da Malung!
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      I am not sure if there is such a thing in pakistan..here in the US you can make a down payment of even 5% and get a mortgage on a house...is there any bank in pakistan doing this ?

    2. #2
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      TeenDabbyWala's Avatar
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      Yes, but it's called a montlhly payment system, not mortgage. There are both interest based payments and non interest based payments. All new developments (apartments, housing) has no interest payment plans which range from 1-10 years. Most of them are for 5 years. So in 5 years you have to pay it all off, or there is a hefty fine and/or you lose whatever you were paying for. This is how most middle class peopel buy houses and apartments. Sure there also lots of people who pay full cash upfront.

    3. #3
      Ali Da Malung!
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      thanks teendabay walay

      the thing is that i wanna make a down payment and buy a house in pakistan..then make monthly payments from here...i checked abn amro bank's website but i have to be a resident of pakistan

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      Originally posted by Sheraz CT:
      thanks teendabay walay

      the thing is that i wanna make a down payment and buy a house in pakistan..then make monthly payments from here...i checked abn amro bank's website but i have to be a resident of pakistan
      look around some more, surely you will find some good bank scheme. Kinda hard to believe but I think banks in pakistan are more comfortable giving loans to over-seas pakis than the pakis living in pakistan.

    5. #5
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      Long time Shereza. Last time we checked, Citi banks criteria and fees weren't too bad.

    6. #6
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      yeah its possible Sheraz bhai

      Khanzada aur Simply Seema Pakistan mein bankon mein kaam kartay haen

      why dont u PM them for some info

    7. #7
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      Even HBFC (House Building Finance Corp) gives loans to overseas Pakistanis if they can show/prove "employment" or regular source of income.

    8. #8
      Ali Da Malung!
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      thanks guys

      its funny i sent an email to info@abnamro....and i am getting an out of office reply back..shouldnt it go to a mailbox which is accessible by more then one person??

      hey irem, would you be able to provide me their phone number..i rather just call them if possible..thanks

      in the meanwhile iw ill check out hbfc website

    9. #9
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      There’s only Kabza system in Pakistan. You Kabza a property, and you finally get it legalized by paying a little money to Taseeldar.


    10. #10
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      TeenDabbyWala's Avatar
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      Originally posted by Captain1:
      Even HBFC (House Building Finance Corp) gives loans to overseas Pakistanis if they can show/prove "employment" or regular source of income.
      I don't think the original poster is a Pakistani in terms of citizenship. He is probably a US citizen whose parents are Pakistani.

    11. #11
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      ^

      On theory, on paper we have such kind of schemes in Pakistan, but not for everyone.

      These schemes are only for those-----government ka qourb o jawar kay logoun ka le ya.

      I had tried from PICIC commercial bank, all lies what it comes on tV as advertisment.

      Do not waste your time in this kind of thing.

      You would not reach to any success.

      Loug idhar oudhar pehratay rehtay hein .

      At the end you would give up, for your peace of mind and would purchase on full payment.

    12. #12
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      Yup HBFC does offer Islamic mortgages for overseas Pakistanis..you need to get your income verifified through the pakistan embassy check the housing building finance corporation web site.. for details.
      How can a man die better than facing fearful odds for the ashes of his fathers and the Temple of his Gods?

    13. #13
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      Quote Originally Posted by sokoon
      ^

      On theory, on paper we have such kind of schemes in Pakistan, but not for everyone.

      These schemes are only for those-----government ka qourb o jawar kay logoun ka le ya.

      I had tried from PICIC commercial bank, all lies what it comes on tV as advertisment.

      Do not waste your time in this kind of thing.

      You would not reach to any success.

      Loug idhar oudhar pehratay rehtay hein .

      At the end you would give up, for your peace of mind and would purchase on full payment.
      You are portraying a bleak picture. Not really sure what happened between you and PICIC but principally what benefit would private banks get by denying people of loans. They are there for the taking if you could fulfil the qualification criteria. Its the bank which will benefit by that investment as well.

      A couple of my acquaintances have owned houses through bank financing. I personally got a home loan approved from Citibank without any problem at all (this was a couple of years back). However I could not avail the loan because the property that I was trying to buy did not have the necessary paperwork as required by the bank but I thought they were perfectly justified in telling me that I should try to go for something that has a solid legal basis.

    14. #14
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      One more thing that I would like to add for the original poster is that your share in the deal (i.e., initial downpayment) should be something around 25 - 30% of the actual value of the property. I don't think that Pakistani banks finance homes for as low as 5% intial investment by the lessee.

    15. #15
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      Hi! witch doctor,

      City bank??? at the end it is an American Bank; and
      Sheraz has written about American Banks providing mortgage on a house. We get it in Britian too. People in Pakistan do get such kind of facilities , but mostly for the bankers' themselves or may be to well to do people. My father was a custom col, what I believe he could never get such a facility or may be due to interest etc----he might have had avoided it.

    16. #16
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      Actually, I might not have been clear in the initial post but the Citibank financing example that I cited was in a Pakistani scenario i.e., the loan was applied for and got approved in Pakistan. Again based on my limited personal experience (and through the experience of some people whom I know), banks operating in Pakistan do finance houses, provided their conditions are fulfilled. These schemes are not just restricted to bankers.

      For salaried individuals, all banks have some basic pre-conditions for qualification and one can quicly find out if he qualifies or not. Owing to the extremely high property prices in Pakistan, probably such schemes are not targeted for low to middle income sector.

      I am not sure what could have been the case with your father. But in case your father did not avail the opportunity because of getting involved in interest (which, I appreciate, btw) is a different perspective and a bank/its financing scheme should not be held responsible for it.

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