Am I eligible for Summit Bank Home Finance product?
The eligibility criteria is as under:
- Must be a Pakistani resident
- Must be a tax payer
|Salaried||23 years||60 years|
|SEP||23 years||65 years|
|SEB||23 years||65 years|
- Holder of CNIC
How much time will it take to process my loan application?
Four weeks (approx.) from submission of complete required documents.
Will I have to pay any other charges besides the mark-up on the loan?
There are charges for application processing, appraisal, legal and income estimation (if required)
Can I transfer my existing house loan to “Summit Bank Home Finance”?
With our “Balance Transfer Facility” you can now transfer your existing house loan taken from any other bank or financial institution to Summit Bank Home Finance. You will have the opportunity to avail low mark-up, maximum flexibility and other amazing features.
My monthly household income is Rs. 20,000 while my individual income is Rs. 8,000. Do I qualify?
Yes, you can get a loan under Summit Bank Home Finance by clubbing Co-Borrower’s income (must be spouse or blood relative)
I live in XYZ area, am I eligible to avail your facility?
Yes – You Can.
What kind of property is acceptable for Summit Bank Home Finance?
Only residential properties.
What loan amount can be availed against market value of the property?
|Home Renovation||Upto 70%|
|Purchase of Land & Construction||Upto 70%|
|Home Debt Consolidation||Upto 50%|
Which property documents are required to avail Summit Bank Home Finance?
Chain of Title documents in original are required to be deposited with bank to avail this loan
Who will assess the value of property?
We have valuators approved by PBA for this purpose.
What are the insurance requirements of Summit Bank Home Finance?
Property & Life insurance is mandatory from Summit Bank authorized insurance company.
What will be the mode(s) of repayment for the loan?
- Post Dated Cheques
- Direct Debit Authority
Can we make Balloon Payment(s) ?
You will have the option of making Balloon Payments twice in a year with a maximum limit of Rs. 50,000/- or 5% of original finance amount (whichever is lower) without paying any penalty.
How many times can we make Balloon Payment(s) during the term of the loan ?
You can make Balloon Payments as many times as you want.
What is the process of income estimation?
A representative from our approved chartered accountant firm will visit your place of business/work and appraise your income level, by going through the documents provided by you. Income estimation is for our internal evaluation purposes only.
What are the different disbursement stages for payments in the house construction loan?
The stages are as follows:
- Foundation up to plinth level + ground floor block masonry
- Ground floor & first floor RCC slab
- Roof treatment, interior & exterior flooring, aluminum work joinery & sewerage
- Finishing & fixture
How much time is allowed to complete the construction work?
Maximum 2 years.
In case I do not complete the construction within the stipulated time, will I have to pay a penalty?
In case of delayed construction (if finance facility ages over 2 years), the tranche disbursement will be stopped & loan will be amortized.