SUHANA GHAR

1. Branches Offering Housing Finance. All BOK Conventional Branches.

2. Bank’s policy on Mortgage Financing. The house financed by the Bank’s shall be mortgage in Bank’s favor by way of equitable and/or Registered Mortgage.

Eligibility Criteria

e) Nationality

All Pakistani residents holding a valid computerized National Identity Card

f) Age of applicant

Between 22 and 55 years

g) Period of Employment/ Engagement in business or profession

Salaried person having an employment history of at least 5 years or more with a continuous employment of 2 years with the same employer. Self employed and business persons engaged in a profession or business for at least 5 years.

h) Income

i) Salaried Persons

Monthly take home salary should be 2/3rd of the amount of monthly installment.

ii) Self Employed/Business Persons

Average monthly verifiable income should be 3 times of monthly installment. Individuals who earn less than Rs. 15,000/- per month or Rs. 180,000/- per annum shall not be eligible for financing.

(i) Title of the Property

Title of the property should be clear and marketable. The property shall be free from all encumbrances and charges. Permission to mortgage from the lessor or lessee (in case of sub-lease) shall invariably be required if term of lease/sub-lease provides for such permission before mortgage of the property.

j) Purpose

Financing shall be allowed for House Purchase, Construction and Renovation.

4. Maximum limit

Rs.10.00 Million

5. Pricing Criteria

Risk Rating Based
For Example: Six Months KIBOR + 500 BPS with a floor rate of 18%. The mark up will be revised on 1st January and 1st July each year according to the KIBOR rate at that day.

6. Schedule of Charges

• Processing charges 0.1% of the facility amount
• Early termination / settlement charges – to be calculated on daily product basis
• Partial payment charges 5% of the amount to be adjusted

7. Required Documents

• Clients request
• Borrower Basic Fact Sheet
• e-CIB
• Account statement for the past 6 months
• Application of finance on prescribed prorforma
• Proof of income i-e salary slips, income tax return or affidavit, whichever is applicable
• Attested photocopy of valid CNIC
• 01 passport size color photograph
• Property Documents
• NOC from the concerned Authority to mortgage where applicable
• Property valuation certificate from bank approved evaluator
• Copy of valid CNIC & income proof of guarantor

8. Repayment Frequency

• Monthly installments through post dated cheques
• Time Period 1 – 15 years

9. Rates and Charges of Agencies other than BOK

• Evaluator Fee as Actual
• Lawyer Fee as Actual

10. Penalties etc.

A penalty of 2% over and above the levied mark up will be charged on each delayed installment.

11. How to Apply

Through BOK Conventional Branches where application form is available at all Branches.

Frequently Asked Questions (FAQs)

Incase of any information/assistance needed, please contact your nearest Bank of Khyber Branch or Call at 111-95-95-95