LAHORE – The Bank Alfalah Islamic has shared details of a tentative installment plan under Mera Ghar Mera Ashiana initiative for the period of up to 20 years.
The bank is offering loans ranging from Rs1 million to Rs3 million to people who want to construct their own houses.
The loan is provided for the house of up to 5 marla and flat/apartment of up to 160 square feet. Here we have added details of finance amount of Rs2,500,000 or Rs2.5 million for the period of 10, 15 and 20 years.
Monthly Installment, Profit for 10 Years Period
For finance amount of Rs2.5 million, the per month installment will be Rs30,322. It does not include takaful.
The customer will repay Rs3,638,340 against the finance amount of Rs2.5 million with the profit or extra amount to be paid to the bank standing at Rs1,138,640.
Monthly Installment, Profit for 15 Years Period
For finance amount of Rs2.5 million, the per month installment stands at Rs23,891 without takaful
The customer will repay Rs4,300,380 against the finance amount of Rs2.5 million with the profit or extra amount to be paid to the bank standing at Rs1,800,380.
Monthly Installment, Profit for 20 Years Period
For finance amount of Rs2.5 million, the per month installment stands at Rs20,911 without takaful.
The customer will repay Rs5,018,640 against the finance amount of Rs2.5 million with the profit or extra amount to be paid to the bank standing at Rs2,518,640.
The bank said the profit rate for period exceeding 10 years shall be variable i.e 1 Year KIBOR+ 3 percent.
