House Financing (Apna Ghar) Frequently Asked Questions

House Financing (Apna Ghar)

Frequently Asked Questions

Q: What Categories are being considered for BOP House Financing?

A: BOP has categorized House Financing facility in the following categories:

1. Purchase of Plot

2. Purchase of Constructed House

3. Renovation Purposes

4. Purchase of Plot and Construction, thereon

Q: What is the Target Market for the finance facility?

A: The target market for BOP House Financing includes:

1. Salaried Individuals (SI)

2. Self Employed Professionals (SEP)

3. Self Employed Businessmen (SEB)

4. Non-Resident of Pakistan (NRPs)

Q: What is the Tenure of housing finance facility?

A:

Category

Tenure

Purchase of Constructed House/

Purchase of Plot/ Purchase of Plot and

Construction thereon/

Minimum: 3 Years

Maximum: 20 Years

With no Grace Period for purchase of

Constructed House but up to 12 months

for the rest of the two options.

Renovation Purposes Minimum: 1 year

Maximum: 10 years

With Grace Period up to 12 months

Q: Am I eligible to apply for the financing facility (Eligibility Criteria)?

A: Individuals applying for the finance facility should fulfill the following eligibility criteria:

Eligible

Salaried Individuals

Self Employed

Non Resident of

Items

(SI)

Professionals/

Pakistan (NRPs)

Businessmen

(SEP/SEB)

Age:

21 - 60 Years

25 – 65 Years

25 - 65 Years

Job

Mini 3 Years (for

Mini 3 Years in

Have a valid

Experience:

permanent and

current business

Documentary Proof

contractual)

of at least 1 year as

SI and 3 years as

SEB/SEP

Salary /

Rs. 40 K (Salary) for

Rs. 50 K (Income)

Rs.300 K

Income:

Permanent Employees

(Verifiable Income)

& Rs. 50 K for

Contractual Employees

Others

Have valid

Resident/ Work

Permit Visa

Q: Is it necessary to have Account in The Bank of Punjab?

A: Yes, it is necessary for the customer to have his Salary A/C or Income Deposit A/C in

any of BOP branches.

Q: What documents are required for availing the facility (Required Documents)?

A:

Required

Salaried

Self Employed

Non Resident of

Documents

Individuals (SI)

Professionals/

Pakistan (NRPs)

Businessmen

(SEP/SEB)

C/SNIC:

Copy of CNIC

Copy

of

valid

passport

Copy

of

valid

Residence/

Work

Permit

Photograph:

One Photograph

Salary /

Salary Slip – for last

Income:

three months

Bank

Statement:

Last 6 months Bank

Statement

Bank Statement

for last 1 year

Last 1 year bank

statement in foreign

country

Utility Bills:

Copy of Utility Bills

Others:

Documentary residence of

stay in

Pakistan

Q: What Rate of Markup will be charged?

A: Salaried Individuals: 1 Year KIBOR + 3.5% per anum

SEB/ SEP/ NRPs: 1 Year KIBOR + 4.5% per anum

Q: What are the Financing Limits for the facility?

A:

Category

Details

Minimum: Rs. 500 K

Purchase of Constructed House/

Apartment and Purchase of Plot &

Maximum: Rs. 50 M

Construction thereon

Debt to Equity Ratio: > 80% of FSV

Construction of House (Self-owned)

Minimum: Rs. 500 K

Maximum: Rs. 25 M

Debt to Equity Ratio: > 80% of FSV

Renovation Purposes

Minimum: Rs. 500 K

Maximum: Rs. 5 M

Debt to Equity Ratio: > 30% of FSV

Q: When the Monthly Installment is be deposited?

A: The monthly installment should be deposited in your BOP A/C on 5

th

of every month.

Q: Is there any Late Payment Penalty on delay of depositing the monthly installment?

A: Yes, in case of late payment Rs. 1/- per thousand per day of installment amount from due

date till actual payment shall be charged.

Q: Will I have to pay any additional charges on Pre-Payment/ Balloon Payment of my

installments?

A: Yes, you will be charged an amount of 3% on your Principal Amount as pre-payment

penalty

Q: What other charges will I have to pay in order to avail the finance facility?

A: The customer will have to pay one time processing fee (non-refundable)

Processing Fee:

Rs. 10

K on financing up to Rs. 10 M

Rs. 20

K for financing above Rs. 10 M

Q: Can the finance facility be enhanced in any case?

A: Yes, the finance facility can be enhanced but not before a period of 3 years. And in such

case the customer will have to pay a sum of Rs. 3 K as Loan Enhancement Fee.

Q: Can the loan amount from the bank be used in other purposes?

A: No, the amount financed by the bank can only be used for the specific purpose it has been

availed.

Q: Can the application for the loan be canceled?

A: Yes, the bank is authorized to cancel any request if the applicant doesn’t fulfill the

necessary requirements, required by the bank.

Q: What are the Property Locations for the facility?

A: The financing shall be allowed for properties located in the positive areas only.

LIST OF POSITIVE AREAS:

1) Lahore:

• DHA (All phases & projects)

• Askari Housing Schemes (Cantonment)

• WAPDA Town

• Faisal Town

• Model Town

• Nespak

• PIA Society

• Punjab Govt. Cooperative Housing Society (Defence)

• Shadman

• Pakistan expatriates cooperative housing society (PECHS) – Valencia &

Izmir Town

• Gulberg

• NFC

• PCSIR I & II

• Tech Society

• Abdalian Housing Scheme

• Sabzazar

• Allama Iqbal town

• Canal View

• Punjab Govt. Servants Housing Foundation – Mohlanwal scheme

• Punjab Govt Employees Co-operative Housing Society ( all phases)

• Iqbal Avenue Co-operative Housing Society

• Pakistan Rail Town Housing Society Multan Road LHR

• Pakistan Technocrats Co-operative Housing Society Ltd

• Mughal Home

• State Life Insurance Co-operative Housing Society Lahore Phase I

2) Faisalabad:

• Madina Town

• Officers Colony

• Kohi-e-Noor city

• Peoples colony

• Seghal City

• Sitara Sapana City

3) Karachi:

• DHA

• Clifton

• Gulshan

• KDA

• PECHS

4) Multan:

• Wapda Town

• PIA Town

• MDA Model Town

• Shah Rukne alam Colony Multan

• New Multan Colony

• Multan Cantt.

5) Gujranwala:

• Wapda Town

• Model Town

• Satellite Town

• D.C. Colony

• Canal View Housing Society

• Garden Town

• Gujranwala Cantt.

• Sialkot- Sialkot Cantt

• Model Town

• Gujrat- Model Town & Gulberg Town

6) Peshawar:

• Peshawar Cantt

• Hayatabad

7) Rawalpindi:

• Gulzar-e-Quaid

• DHA

• FIZAIA Housing Society

• Satellite Town

• Harley Street

• Gulshanabad

• Chaklala

• Lalazar

• West ridge

• Cantonment Areas

• Wah Cantt

8) Islamabad:

• Naval Anchorage Housing Society

• National Police Foundation, Sector O-9 / E-11

• Shahzad Town

• CDA (all sectors)

Q: What are the Rights and Obligations of the customer regarding the facility?

A: The rights and duties of the customers are mentioned below:

Duties/Obligations: Rights:

1) The customer should timely provide

all the required information relating

to the facility.

2) Payment by the customer should be

made as per the agreed terms in

Finance Agreement.

3) To maintain sufficient funds in bank

a/c for monthly deductions

1) To receive notifications of any

change in terms & conditions

within 30 days of

pronouncement.

2) To receive the repayment

schedule free of cost.

3) To contact the bank officials

during the business hours.

Q: In case of any queries, whom should the customer contact?

A: The customer can approach the bank officials by using the following contacts:

For General Queries: 042-99268075/79

For lodging any complaint: [email protected]