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Home Credit Agreement

Home Credit Agreement Template for Pakistan

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Key Requirements PROMPT example:

Home Credit Agreement

"I need a Home Credit Agreement for a conventional mortgage loan of PKR 15 million to be disbursed by March 2025, with the borrower's existing commercial property in Lahore serving as additional security alongside the residential property being financed."

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Document background
The Home Credit Agreement is a fundamental legal instrument used in Pakistan's financial sector for property financing transactions. This document is essential when individuals seek financing for home purchase, construction, or renovation from financial institutions. It combines elements of consumer protection, financial regulations, and property law, while adhering to the State Bank of Pakistan's guidelines and relevant federal and provincial legislation. The agreement must be structured to accommodate both conventional and Islamic financing options, reflecting Pakistan's dual banking system. It includes comprehensive details about the credit facility, property specifications, security arrangements, borrower obligations, and lender's rights, while ensuring compliance with local registration requirements and consumer protection laws. The document is particularly important given Pakistan's growing housing finance sector and the government's focus on increasing home ownership through formal financial channels.
Suggested Sections

1. Parties: Identification of the financial institution (creditor) and the borrower(s), including their complete legal names, addresses, and registration/identification numbers

2. Background: Context of the agreement, including the purpose of the loan and brief description of the property being financed

3. Definitions: Definitions of key terms used throughout the agreement, including financial terms, property-related terms, and regulatory references

4. Facility Amount and Purpose: Details of the credit amount, purpose of the facility, and any conditions precedent to drawdown

5. Interest Rate and Charges: Specification of interest rate (or profit rate for Islamic financing), calculation method, and all applicable charges and fees

6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions

7. Security and Mortgage: Details of the property mortgage and any additional security requirements

8. Borrower's Representations and Warranties: Statements and guarantees made by the borrower regarding their legal capacity, property ownership, and financial status

9. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and financial reporting requirements

10. Events of Default: Circumstances constituting default and the lender's rights and remedies in such events

11. Insurance Requirements: Mandatory insurance coverage for the property and terms related to policy maintenance

12. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for dispute resolution

Optional Sections

1. Islamic Finance Provisions: Additional terms for Shariah-compliant financing structures, used when the agreement follows Islamic banking principles

2. Guarantor Provisions: Terms relating to guarantors, required when a third party is guaranteeing the loan

3. Property Construction Terms: Additional terms for properties under construction, including construction milestones and payment schedules

4. Co-borrower Terms: Specific provisions when multiple borrowers are involved, defining joint and several liability

5. Fixed Asset Terms: Additional terms for any fixed assets included in the security package beyond the main property

6. Foreign Currency Provisions: Special terms for loans denominated in foreign currency, including exchange rate considerations

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including location, dimensions, and title details

2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing principal and interest/profit payments

3. Schedule 3 - Fees and Charges: Comprehensive list of all applicable fees, charges, and their calculation methods

4. Schedule 4 - Insurance Requirements: Detailed specifications for required insurance coverage

5. Schedule 5 - Condition Precedent Documents: List of documents required before loan disbursement

6. Appendix A - Standard Terms and Conditions: General terms and conditions applicable to all home credit agreements

7. Appendix B - Property Valuation Report: Independent valuation report of the property

8. Appendix C - Documentation Checklist: List of all required documents from the borrower

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























































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Relevant Industries

Banking

Financial Services

Real Estate

Insurance

Legal Services

Islamic Banking

Construction

Property Development

Mortgage Services

Consumer Finance

Relevant Teams

Legal

Credit Risk

Compliance

Retail Banking

Islamic Banking

Property Valuation

Documentation

Mortgage Services

Consumer Finance

Real Estate Finance

Relevant Roles

Credit Manager

Loan Officer

Legal Counsel

Compliance Officer

Risk Manager

Property Valuer

Mortgage Specialist

Islamic Banking Officer

Branch Manager

Relationship Manager

Documentation Officer

Credit Risk Analyst

Real Estate Manager

Housing Finance Manager

Consumer Banking Officer

Legal Documentation Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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