Bank Islamic Home Loan

How to get a home loan in Pakistan 2021 | Bank Islamic Home Financing

How to get a home loan in Pakistan 2021 | Bank Islamic Home Financing

To build or buy a house You can take a loan from an Islamic bank. Men, women, businessmen and salaried persons of Pakistani nationality can avail loans.

The bank provides services for Islamic purchase,

Construction.

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Change Your Own Home.

Bank Islamic will always support you and bring you to a place where you feel extremely lucky.

Purchase:

Funding Period: 2 to 25 years

Funding Period: Starting from Rs. 200K - 150 million

Investment ratio by bank:

Up to a maximum of 70% for salaried individuals

Maximum 70% for SEP *

(* Doctor, Engineer, Architecture, Chartered Accountant)

Maximum rate of 60% for NRP and / or businesses

Advance payment option available:

The permissible balance in the first year at no additional cost is a maximum of 10% of the additional unit amount.

In case of additional units, 5% more value if paid within the first year of expenditure.

If the outstanding balance is paid more than 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 more than 10% then the remaining unit will be sold at 1.5% more value if paid within the fourth and fifth year of the expenditure.

If it is after the fifth year = zero (zero)

Construction

Everyone dreams that they have their own place to call home. Make those dreams come true with Bank Islamic Smile Home Financing where you can get financing for any of the following facilities:

If you are not a person who wants a ready home then you can make one. Create a design and Bank Islamic will help you build your dream home.

construction period:

2 years maximum

Financing Period:

Minimum 3 years excluding construction period.

Maximum 25 years excluding construction period

Financing limit.

Rupee. 200K - 150 million

Investment ratio by bank.

Up to a maximum of 70% for salaried individuals

                                                                  Maximum 70% for SEP *

(* Doctor, Engineer, Architecture, Chartered Accountant)

                                           Maximum rate of 60% for NRP and / or businesses

Advance payment option available:

The permissible balance in the first year at no additional cost is a maximum of 10% of the additional unit amount.

In case of additional units, 5% more value if paid within the first year of expenditure.

If the outstanding balance is paid more than 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 more than 10% then the remaining unit will be sold at 1.5% more value if paid within the fourth and fifth year of the expenditure.

If it is after the fifth year = zero (zero)

 

Renewal

So your first child is on the way, maybe it is your second child. You want to build a new room for your unborn child, or maybe you have finally decided to build the office of your dreams where you can relax without being distracted. Do you want to build a game room, kitchen or library that you have always dreamed of? If you have decided that you want to renovate your home, we are here to help you complete it.

construction period:

6 months maximum

Funding Period:

2-10 years

Funding Period:

Rupee. 150K-10 million

Investment ratio by bank:

Up to a maximum of 70% for salaried individuals

       Maximum 70% for SEP *

(* Doctor, Engineer, Architecture, Chartered Accountant)

 A maximum 60% advance payment option is available for NRP and / or businesses:

The permissible balance in the first year at no additional cost is a maximum of 10% of the additional unit amount.

In case of additional units, 5% more value if paid within the first year of expenditure.

If the outstanding balance is paid more than 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 more than 10% then the remaining unit will be sold at 1.5% more value if paid within the fourth and fifth year of the expenditure.

If it is after the fifth year = zero (zero)

Replacement

If you already have a traditional mortgage loan and want to move towards Sharia-compliant financing, we can also help you in this regard.

Funding Period:

2-25 years

Funding Period:

Rupee. 200K - 150 million

Investment ratio by bank:

Up to a maximum of 70% for salaried individuals

                                                                  Maximum 70% for SEP *

(* Doctor, Engineer, Architecture, Chartered Accountant)

                                         Maximum rate of 60% for NRP and / or businesses

Advance payment option available:

The permissible balance in the first year at no additional cost is a maximum of 10% of the additional unit amount.

In case of additional units, 5% more value if paid within the first year of expenditure.

If the outstanding balance is paid more than 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 more than 10% then the remaining unit will be sold at 1.5% more value if paid within the fourth and fifth year of the expenditure.

If it is after the fifth year = zero (zero)

Bank Islami uses a concept called Diminishing Musharakah (DM) with its customers. The concept implies that the transaction agreement between the two parties will gradually decrease over time, whereas, the customer will gradually purchase part of their partner over an extended period.

MUSKUM Home Financing has been established by Bank Islamic on the basis of decreasing Musharaqah (DM) and Ijarah. The bank will lease its share of the unit to the customer which the customer will purchase from time to time as long as only the customer is the sole owner of the property.

Benefit:

• fast processing

• 50% - 70% funding as per the value of the property

• Funding limit up to Rs. 150 million

• Lease up to 25 years

• Periodic installment facility

• Adaptable and affordable installments

• Family income clubbing

• No adverse parts

how it works

• Inform us about your money needs, whether it is a home purchase, construction, renovation, or balance transfer facility.

• Submission of application along with required fees and documents. Expert professionals in the business executive will guide you.

• The bank will confirm your residence and job address as well as other details provided by you.

• The bank will then make a per capita estimate of your income to determine the maximum amount of funds that can be provided to you. If you are self-employed, our representative will contact you for the necessary details and documents. If you make a wage, we will contact your company for this purpose.

• A legal estimate is obtained by the bank on the property statement you submitted.

• The property will be evaluated for its market.

• Once you qualify, the bank will issue you an offer letter for the requested money based on the desired criteria.

• An agreement will be signed by the bank and the customer on the basis of Shirkat-ul-Doodh (Musharaka) on the basis of becoming an associated partner in the Musharaqah property.

• A payment order will be issued by the bank, and an internal external lawyer and business will accompany you for the transfer of a property in your name. Then The order of payment is handed over to the dealer. In case of MUSKUN Home Construction, Renovation, Replacement, the funding amount is given only in your account. Through Sharia-compliant checks it is guaranteed that resources are used only for construction, renovation, replacement.

• A monthly payment agreement will be decided which will be paid due to the desired methods.

• Purchase of bank units will be done every month by the customer.

• When you have purchased all the units from the bank, you become the sole owner with an independent and clear title to your home.

Eligibility

Citizenship: Pakistani

City: All major cities where BIP branch is present.

Age Range:

  Salaried / Businessman / Professional:

Main Applicant: 25-65 years

Contestant: 21-70 years

NRP:

Main Applicant: 25-60 years.

Claimant: 21-70 years.

Period of employment: For salaried person:

Minimum 6 months of current employment and 2 years of continuous work experience in the same industry and / or sector.

For Businessmen: 3 years of business or practice.

At least one income:

For Salaried: Rs. 60,000

   For Businessman: Rs. 100,000

   For NRP: Rs. 80,000

Additional Standards for NRP:

The NRP requires a co-applicant residing in Pakistan as an approved person on behalf of the NRP. Only paid NRP can avail MUSKUN home financing.

BIR: 50% - 70%

Bank Islamic Home Loan Requirements

The candidate will need the following documents

Salaried

Copy of id card

two pictures

Copy of utility bill

Application with signature

salary certificate

Salary slip

One year bank statement

Business man

Income tax copy

Trade proof

One year bank statement

Copy of id card

two pictures

Property documents

Approved Building Scheme

public notice

All necessary documents

How to apply for a home loan

Those who want to take a loan to build a house, go to any branch of Islamic Bank and fill the form and submit it.  You will be called by the bank, If the loan is approved.