I want to buy a flat to gift my brother in gulistan-e-jauhar, karachi. I am an overseas pakistani, how i can get financing from a pakistani bank ?
First, don't go for a flat as it may appreciate slow and a bit hard to sell.
Second, don't go for bank financing as they can literally rip you off your skin in broad day light. Bank are only sweet and customer focused until you get your loan sanctioned, afterwards looters and lots of corrupt practices to charge you more.
Buy plot, even smaller as a gift that can be a best option. I am not sure but BT started Escort Bank that provides financing for property purchase in BT. May be worth exploring that.
Another option is to buy under construction/under developed property on installments. Bank require at-least two years employment experience in Pakistan and customer to be based in Pakistan to get the loan/mortgage finance approved.
These are personal views based on experiences.
Dear Imtiaz with much respect i will beg to differ as you are alot senior to me and people do read your opinion with huge zeal. Karachi is a different market. The apartments there are a like hot cakes. Well coming to the finance from the bank, you will have to mortgage any of your property.
Now coming to the escort bank, they will only finance you if you have already a property in Bahria town and you will mortgage the particular plot to earn the loan for the construction.
Pertaining to the situation Bahria is a good option to buy a falt there along with the possession, the rates are at very low and is a good chance to buy a property at a very much discounted rate.
Muhammad your views are very welcome!! and indeed all of us contribute to learn from each other so keep that up!!
Sounds interesting if apartments are hot in KHI. What about resale and price appreciation?
I advice all to stay away from these banks when it comes to auto/home finance, even the best one among them is a day light thief!! - personal experience shared...
Dear Imtiaz,
All of my experience regarding apartments is derived from the apartments in bahria town karachi. The apartments those were booked at the price of 22 lac went as up as 72 lac. All those were famous category in the genuine buyers and end users. The bahria got hit only because of legal issues.Rest the appartments in bahria are the ones where the residents came first. I have lived in Dha apartments and the people liked the living in apartments as most of them provide the round the clock security infrastructure. Most of them have walls built, so you are secure in many concerns.
Well i cant differ from your point of view banks. They do as you have mentioned. Plus its not halal at all.
As I wrote some time earlier, in a different thread:
"6. Religious perspective of Mortgaging in the context of Riba (interest/soud by banks)
I am no expert at all, I may be absolutely wrong but as per my little knowledge (referring to some scholars/domain experts) this does not qualify as being Riba or interest filled based on Usable vs Consumable product [REF-4] [REF-5]. I am happy to stand corrected on that.
[REF-4] Are Mortgages Islamically Permissible? | Shaykh Atabek Shukurov
https://www.youtube.com/watch?v=wtY-CeSHkSI&t=545s
[REF-5] Is taking loan and mortgage Haram | Javed Ahmad Ghamidi
https://www.youtube.com/watch?v=STawmMVP1L8"