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Bank loan for house construction in Bahria Town,

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   M.S.
Monday, June 4, 2012 07:57 AM 
Reply: >
AoA,

Can anybody on this forum kindly inform me that do the banks provide loans for house construction in private housing schemes like Bahria Town. Answer to this querry will be much appreciated. Thanks.
Hussain Kaisrani replied on Monday, June 4, 2012 08:35 AM 

YES.
jk replied on Monday, June 4, 2012 08:57 AM 

once I had a loan from bank 20 lacs and was calculated to pay 27 thousand per month I paid for 29 months and then went to find out the balance and was informed you are paying the interest and Rs. 20 lacs stand as it is. Make sure you fully understand what is the deal.

Similarly I had some experience of borrowing some money from HBFC and I was paying every month and paid for 2 years and when went to settle the account I paid 1.3 time what I own from HSBC.

Remember they will have your plot registry in their name when give you money and you have no choice but to go as per their desire. My suggestion is never ever borrow from bank it is not like mortgaging in world. Find some other way out OR make as you earn.
Ejaz_EJŪ replied on Monday, June 4, 2012 09:00 AM 

JK is saying very true, banks will just squeez you...,
choice is yours.
dxb replied on Monday, June 4, 2012 12:00 PM 

you may choose to have personal loan instead of loan againts property. But the amount will be less and for shorter period of time.
MAV replied on Monday, June 4, 2012 02:28 PM 

Avoid Banks for constructions of house....if you cant, then you can go to Alabaraka Bank, cavalry branch. I borrowed from them but returned after one year as long as i had money.
M.S. replied on Tuesday, June 5, 2012 03:54 AM 

Thanks everybody for providing me the information and sharing your experiences.
Jameel replied on Tuesday, June 5, 2012 06:24 AM 

To buy a a house on Bank installment or HBFC is not a good idea , the interest will be too Much, this option is used by people who have done almost every thing but they are short in money at the end and few Lacs help them to finish the house and shift, I am sure you understaffed difference in 3.5% interest in USA and 17% interest in Pakistan.
For the people who dont have resources and want to make house the way is
Buy cheap Land with savings, when area gets populated You start making bit by bit and get small loan which enables you to make only necessary structure, then you shift and rest of finishing which is usually more expensive than structure is done slowly. Till house is completed in many years.
This is only strategy for people who dont have big resources, it is the "Desi" way of surviving,
adeel replied on Tuesday, June 5, 2012 06:26 AM 

good piece of advises by friends,all the banks of the world coming to pakistan,interest rates are toooooo high and they will give the loan on there terms they cannot make such profits as they are making in pakistan a friend of mine working in bank told me for my self if i have to take the loan on the same terms ,iwill never take it on these terms and conditions so you can imagine state of affairs,mooooost important thing is it is haram sooood wage a war against allah and its prophet.
so please keep away.you will loose any way
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