You can take a loan from an Islamic bank to build or buy a house. Men, women, businessmen and salary persons with Pakistani nationality can take a loan.
Bank Islami offers the services to Purchase,
Construct.
Renovate.
Replace your very own home.
BankIslami will always support and bring you to a place where you feel extremely fortunate.
Purchase:
Funding Period: 2 to 25 years
Funding Span: Starting from Rs. 200K – 150 Million
Investment Proportion by the Bank:
Up to a maximum of 70% for waged individuals
For SEP* at a maximum rate of 70%
(* Doctors, Engineers, Architectures, Chartered Accountants)
For NRP and/or Businesses a maximum rate of 60%
Advance Payment Choice available:
● Balance allowed in the first year with no additional price is a maximum of 10% with no additional unit amount.
● In the case of additional units, a 5% higher value if paid within the First Year of expenditure.
● If the outstanding balance is paid above 10% then the remaining units will be sold at 2.5% higher value if paid within the second and thirdyear of expenditure.
● If the outstanding balance is paid above 10% then the remaining unit will be sold at 1.5% higher value if paid within the fourth and fifthyear of expenditure.
● If it is after the fifth Year = Nil (Zero)
Construction
Everyone dreams of having their very own place to call home. Let those dreams come to fruition withBankIslami MUSKUN Home financing where you can avail financing for any of the following facilities:
If you aren’t an individual that wants a ready-made home then you can build one. Make the design and BankIslami will help you build your dream home.
Construction Period:
A Maximum of 2 Years
Financing Period:
A Minimum of 3 Years not including the construction period.
A Maximum of 25 Years not including the construction period
Financing Limit.
Rs. 200K – 150 Million
Investment Proportion by the Bank.
Up to a maximum of 70% for waged individuals
For SEP* at a maximum rate of 70%
(* Doctors, Engineers, Architectures, Chartered Accountants)
For NRP and/or Businesses a maximum rate of 60%
Advance Payment Choice available:
●Balance allowed in the first year with no additional price is a maximum of 10% with no additional unit amount.
● In the case of additional units, a 5% higher value if paid within the First Year of expenditure.
● If the outstanding balance is paid above 10% then the remaining units will be sold at 2.5% higher value if paid within the second and third year of expenditure.
● If the outstanding balance is paid above 10% then the remaining unit will be sold at 1.5% higher value if paid within the fourth and fifth year of expenditure.
● If it is after the fifth Year = Nil (Zero)
Renovation
So your first child is on the way, maybe it’s your second. You want to build a new room for your unborn child or maybe you finally decided on building your dream office where you can relax without any distractions. Do you want to build a Gameroom, Kitchen, or Library that you always dreamed about? If you’ve decided you want to renovate your house, we are there to help you accomplish it.
Construction Period:
A Maximum of 6 months
FundingPeriod:
2-10 Years
FundingSpan:
Rs. 150K –10Million
Investment Proportion by the Bank:
Up to a maximum of 70% for waged individuals
For SEP* at a maximum rate of 70%
(* Doctors, Engineers, Architectures, Chartered Accountants)
For NRP and/or Businesses a maximum rateof 60%Advance Payment Choice available:
●Balance allowed in the first year with no additional price is a maximum of 10% with no additional unit amount.
● In the case of additional units, a 5% higher value if paid within the First Year of expenditure.
● If the outstanding balance is paid above 10% then the remaining units will be sold at 2.5% higher value if paid within the second and thirdyear of expenditure.
● If the outstanding balance is paid above 10% then the remaining unit will be sold at 1.5% higher value if paid within the fourth and fifthyear of expenditure.
● If it is after the fifth Year = Nil (Zero)
Replacement
If you already have a Traditional Mortgage loan and want to move to Shariah-compliant means of Financing, we can also help you in such regards.
FundingPeriod:
2-25 Years
FundingSpan:
Rs. 200K – 150Million
Investment Proportion by the Bank:
Up to a maximum of 70% for waged individuals
For SEP* at a maximum rate of 70%
(* Doctors, Engineers, Architectures, Chartered Accountants)
For NRP and/or Businesses a maximum rateof 60%
Advance Payment Choice available::
● Balance allowed in the first year with no additional price is a maximum of 10% with no additional unit amount.
● In the case of additional units, a 5% higher value if paid within the First Year of expenditure.
● If the outstanding balance is paid above 10% then the remaining units will be sold at 2.5% higher value if paid within the second and thirdyear of expenditure.
● If the outstanding balance is paid above 10% then the remaining unit will be sold at 1.5% higher value if paid within the fourth and fifthyear of expenditure.
● If it is after the fifth Year = Nil (Zero)
BankIslami uses a concept known as Diminishing Musharakah (DM) with its clients. The concept implies the transaction agreement between the two parties will gradually diminish over time, whereas, the client will slowly purchase the share of its partner over an extended period.
MUSKUM home Financing is established by Bankislami based on the Diminishing Musharakah (DM) and Ijarah. The Bank will lease its share of the unit to the client which the client will periodically purchase until only the client is the sole owner of the property.
Benefits:
- Rapid Processing
- According to the value of the property, funding of up to 50% – 70%
- Funding limit up to Rs. 150 Million
- Lease up to 25 years
- Flexibility to make periodicalinstallments
- AdaptableandInexpensive installments
- Clubbing of family income
- No AdversePart
How it Works
- Inform us of your funding needs, be it Home Purchase, Construction, Renovation, or Balance transfer facility
- Submission of application with required fees and Documentations. Expert Professional in Business executive will guide you.
- The Bank will performconfirmation of your dwellingandjob addresses as well other details provided by you.
- The Bank will then performan estimation of yourincome to determine the maximum funding that can be provided to you. If in case you areself-employed, our representative will approach you for the required details and documents. In case you are Waged, we will approach your company for this purpose.
- A legal estimation is then acquired by the Bank on the estatedetails submitted by you.
- To property will be evaluated for its Market.
- Once you are qualified the bank will issue you an offer letter for the requested funding based on the desired criteria.
- An agreement will be signed by the Bank and the client based onShirkat-ul-Milk (Musharaka) becomingaffiliated partners in the Musharakah property.
- A payment order will be issued by the Bank, and an in-house external lawyer and business will accompany you for the transfer of an estate in your name. The order of payment is then handed over to the dealer. In the case of MUSKUN Home Construction, Renovation, Replacement, the funding amount is simply ascribed to your account. It is guaranteed through Shariah-compliance checks that the resources are used only for construction, renovation, replacement.
- A Monthly Payment agreement will be decided which will be paid according to the desired methods.
- Purchase of the Bank units will be done every month by the client.
- When you have purchased all units from the Bank, you become the sole owner with a free and clear title to your home.
Eligibility
Citizenship: Pakistani
Cities: All major cities where BIP Branch exist.
Age Limit:
Waged/Businessmen/Professionals:
Main Applicant: 25-65 Years
Contender: 21-70 Years
NRPs:
Main Applicant: 25-60 Years.
Contender: 21-70 Years.
Employment Period: For Waged:
6 months minimum at current employment and 2 years constant work experience in the same industry and/or field.
For Businessmen:3 years of business and/or practice.
At Least an Income:
For Salaried: Rs. 60,000
For Businessman: Rs. 100,000
For NRPs: Rs. 80,000
Additional Standards for NRPs:
An NRP needs to have a Co-applicant dwelling in Pakistan as an Approved person on behalf of the NRP. Only Paid NRPs can avail MUSKUN Home Financing.
BIR: 50% – 70%
Bank islami home loan requirements
The candidate will need the following documents
Salary Person
Copy of ID card
Two pictures
Copy of Utility Bill
application form with Signature
Salary certificate
Salary slip
One year bank statement
Business man
Income tax copy
Business proof
One year bank statement
Copy of ID card
Two pictures
Property Documents
Approved building plan
Public notice
All Necessary documents
How to apply for home loan
People who want to take a loan for building a house should go to any branch of Islamic Bank and fill up the form and submit it. If the loan is approved, you will be called by the bank