Tuesday , October 4 2022

Muslim Commercial Bank Home Loan Scheme

Muslim Commercial Bank Home Loan Scheme

A home of your own is a blessing and a long held aspiration of many. Now with MCB Bank Home Loan fulfilling this dream has never been so easy. MCB Bank Home Loan opens doors to numerous sensible financing options to help you purchase, build or renovate your new / existing home.

Karachi, Lahore, Faisalabad, Rawalpindi and Islamabad are the cities where you can purchase, construct or renovate your house through MCB Bank Home Loan.

Eligibility Criteria:

  • Applicant(s) must be Pakistani Resident Nationals
  • Salaried, Self Employed Businessmen / Professionals
  • Satisfactory verifications
  • Satisfactory bureau checks
  • Satisfactory income estimation, property valuation and legal opinion

Loan Amount

Minimum Loan Amount: PKR 500,000.

Maximum Loan Amount:

Home Purchase: PKR 30 Million

Home Construction: PKR 20 Million

Home Renovation: Up to 70% of the BOQ with maximum financing limit of PKR 20M

Plot Purchase Plus Construction: PKR 30 Million

Home Loans by MCB Bank

In just a few weeks, more than 8,000 applications for easy loans have been received in connection with the markup subsidy announced by the government, of which about 2,000 (1820) have been approved and approved loans. The volume is five billion rupees.

Required Documents

Application form

Copy of valid and original CNIC/SNIC

Two passport size photographs

Declaration of all financing facilities availed from all banks/DFIs

Income documents

Business /employment proof

Copy of property documents

Any other document required by the Bank

How To Apply

Click Here

Please contact our call center 111-000-MCB (622).

General Terms And Conditions

Repayment in equal monthly installments (EMI)

Information regarding availed loans from other banks should be authentic

Personal information should be valid

Mandatory verification checks of borrowers and collateral

Bureau reports regarding repayment history of all borrowers wherever applicable should be unambiguous, positive and satisfactory

Property insurance is mandatory

Equitable/Token Registered Mortgage/Registered Mortgage as per Bank’s requirement

Collateral appraisal through bank’s approved valuation agencies

Income estimation through bank’s approved agencies

Extract Of Relevant SBP Regulations And Bank’s Policy On Home Loans

SBP Regulation: Total monthly installment should not exceed 50% of net disposable income

MCB Bank policy: Debt to equity ratio to be as per Bank’s requirement

MCB Bank policy: Maximum loan tenure is 20 years

MCB Bank policy: The collaterals are evaluated by bank’s approved evaluation agencies

MCB Bank policy: Floating rate is extended for home finance which is re-priced on first working day of each year. The spread would, however, remain constant while the change in KIBOR shall affect the pricing.

Note: The information provided is as per the current practice and the policy / process can be changed without prior intimation. Moreover, this is very limited information and the Bank reserves the right to decline / reject any case without assigning/intimating the reason(s) for the same.