The financing of MUSKUN Home is the home loan financing facility which based on the
principle of diminishing Ijarah and Musharakah. The diminishing of Musharakah transaction
which is based on Shirkat-ul-Milk where the bank and client participate in ownership of a
property.
The bank’s share is then leased to client on the basis of Ijarah which is divided into a number of
units. It is then agreed that client will buy the units of the bank occasionally, thereby increasing
share of client till all the units of the bank are purchased by client which will make client the sole
owner of the property.
At that time, the client pay the bank rent for its units leased to the given client. The rent keeps on
decreasing as client’s ownership in the property increases and that of the bank decreases.
Working Procedure of Home Loan
- The client will approach Bank Islami and will inform about their needs of financing for
- Home Purchase, Renovation or balance transfer facility, and Construction.
- The client will then submit the filled application form with the required documents and a
- cheque for processing fee. The Bank Business Executive will guide the client on step to
- step process.
- The Bank will conduct the verification of client’s residence & office addresses.
- Similarly, conduct the verification of those references which is provided by the client.
- The bank obtained a legal opinion on the property documents which is submitted by
- client.
- Its Market value determine the valuation of the property.
- The Bank then issues to the client an offer letter for the financing amount in which client
- qualified for based on their evaluation.
- After client’s acceptance, a Shirkat-ul-Milk (Musharaka) contract is signed between the
- bank and the client, whereby, the Bank and client will become joint owners (partners) in
- the Musharakah property.
- On the basis of each month, the client purchase Musharakah units from the Bank.
When the client have purchased all units of Bank, the client will become the sole owner
with a free and clear title to their home.
Benefits of Islami Bank’s Home Loan
Quick Processing
Financing up to 50% percent to 70% percent of the value of the property
Tenor up to 25 years
Clubbing of family income
Flexibility to make partial prepayments
Financing limit PRs. 150 Million
Flexible & Affordable installments
No Negative Area
Required Documents for Home Loan Scheme
For General Client, the following documents required:
1) Copy of CNIC (Applicant and Co-applicant)
2) Two (02) passport size photographs (Applicant and Co-applicant)
3) Completely filled application form with the profile report of applicant.
4) Copies of last six months paid utility bills
For Salaried Persons, the following documents required:
5) Employment certificate issued by employer
6) Last three salary slips
7) Bank’s statement of the last twelve (12) months
8) Detail of other financing with its compensation
For Businessmen, the following documents required:
9) Income tax return for last three years
10) Partnership deed/ proprietorship letter and articles of association
11) The statement of company bank of last twelve (12) months
12) Detail of other financing with its compensation.
Procedure of Apply for Islami Bank’s Home Loan
In order to apply for Islami bank’s home loan application, you have to follow two ways for home
loan. The first, you have to go to near bank islami with original CNIC also with required
documents which is mentioned above and fill the application form. The second way is the filling
of online application form, for online application form click the
URL https://bankislami.com.pk/muskun-home-financing/
