This type of loan is extended to customers who already own a piece of land and need funds to meet cost of constructing of house on that land. The disbursement of this loan is made in tranches during the construction phase depending upon the Bills of Quantity (BOQ) submitted by the customer duly verified by Bank’s approved valuation agency.
Buy a Home:
As the name suggests, this type of loan is meant for the purchase of an already constructed house.
Buy a Plot and Construct:
This loan type is extended for the customers who want to buy a plot and construct a house on that plot. The disbursement of this loan is made in tranches for the purchase of plot and then during the construction phase depending upon the bills of quantity (BOQ) submitted by the customer duly verified by Bank’s approved valuation agency.
This loan is offered to customers who already own a house and require funds for renovation/improvement. Disbursement will be made in two tranches only after customer has provided BOQ duly verified by Bank’s approved valuation agency.
Balance transfer facility:
This kind of loan is offered to existing borrowers of other institutions, who may want to switch over to Askari Bank Limited because of service, pricing or relationship reasons. The Mortgage loan with the other financial institute should be with positive credit history. Balance transfer facility is strictly not allowed for properties that are still under construction.