Lack of affordability is a key factor depriving low-income segment of population from full access to institutional housing finance to meet their housing needs. This is even a greater challenge for the segments of society with special conditions such as widows, children of Shaheed, transgender, special persons and persons in the areas severely affected by war against terrorism. In order to facilitate availability of long-term affordable funding for housing to these segments of society, Askari Bank has introduced a “Financing Facility for Low Cost Housing for Special Segments”. Salient features of the scheme are elaborated hereunder:
Particulars | Details |
Eligible Segments/Individuals |
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Scope of Product |
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Loan Amount | Minimum: Rs. 500,000/- Maximum: Rs. 2,700,000/- |
Maximum Property Value | Maximum Forced Sale Value (FSV) of the housing unit will be upto Rs.3,000,000/- including plot value). Maximum covered area of the housing unit/apartment in urban area shall be upto 850 square feet |
Minimum Net Monthly Salary/Income | Rs. 35,000/- |
Maximum Net Monthly Salary/Income | Rs.100,000/- (The individuals with higher income shall not be eligible under this scheme) |
Loan Tenor | Minimum: 3 years Maximum: 12 1/2 years (inclusive of grace period) |
Maximum Grace Period | 06 Months (Repayment of loan shall start after grace period) |
Age of Borrower | Minimum age: 21 years Maximum age: 60 years at the time of loan maturity (salaried) Maximum age: 65 years at the time of loan maturity (other than salaried) |
Mark-up Rate | Fixed mark-up rate will be charged to the borrower @ 5% per annum
In case of default, bank will charge normal mark-up rate (shelf rate) against the default period, as applicable for normal customers |
Validity of Scheme | The financing is available till December 31, 2023 |
Equity Requirement | Minimum 20% of Forced Sale Value of the Mortgaged Property/Construction Cost, evaluated by the approved valuator of PBA |
Types of Mortgage Finance | The loan shall be allowed for:
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Documents Required |
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