MUSKUN Home Financing

Features

Just point your finger at the Bungalow or Apartment of your choice and we’ll help you buy it.

Financing Tenure 2 to 25 years
Financing Range Rs. 200K – 150M
Bank Investment Ratio Maximum up to 70% for salaried
Maximum up to 70% for SEP *
(* Doctors, Engineers, Architectures, Chartered Accountants)

Maximum up to 60% for Business persons/NRPs

Prepayment Option available ● Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.
● Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.
● If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.
● If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.
● After 5th Year = NIL

The MUSKUN Home financing facility is based on the principle of Diminishing Musharakah and Ijarah. The Diminishing Musharakah transaction is based on Shirkat-ul-Milk where you and the Bank participate in ownership of a property.

The share of the bank is then leased to you on the basis of Ijarah and is divided into a number of units. It is then agreed that you will buy the units of the bank periodically, thereby increasing your own share till all the units of the Bank are purchased by you which will make you the sole owner of the property.

Till that time, you pay the Bank rent for its units leased to you. The rent keeps on decreasing as your ownership in the property increases and that of the Bank decreases.

Benefits:

Quick Processing
Financing up to 50% to 70% of the value of the property
Financing limit Rs. 150 Million
Tenor up to 25 years
Flexibility to make partial prepayments
Flexible & Affordable installments
Clubbing of family income
No Negative Area

How It Works?

You will approach BankIslami and inform about your needs of financing for Home Purchase, Construction, Renovation or Balance transfer facility
You will then submit the filled Application Form along with the required documents and a cheque for processing fee. Our Business Executive will guide you during the whole process.
The Bank will conduct verification of your residence & office addresses as well as those of the references provided by you
The Bank will then conduct your Income estimation to determine the maximum financing that can be provided to you. In case you are Self Employed, our agent will approach you for the necessary income details and documents. In case you are Salaried, we will approach your employer for this purpose
A legal opinion is then obtained by the Bank on the property documents submitted by you
Valuation of the property is done to determine its Market value
The Bank then issues you an offer letter for the financing amount you qualified for based on your evaluation
After your acceptance, a Shirkat-ul-Milk (Musharaka) Agreement is signed between you and the Bank, whereby, the Bank and you will become joint owners (partners) in the Musharakah property.
A Pay Order is issued in the name of the seller in case of MUSKUN Home purchase by the bank. Your Business Executive and our in house / Externa lawyer will accompany you for the transfer of property in your name. The Pay Order is then handed over to the seller. In case of MUSKUN Home Construction / Renovation / Replacement Cases, the financing amount is simply credited to your account. It is ensured through Shariah-compliance checks that the funds are utilized only for construction/renovation/replacement.
You and the Bank also execute a Monthly Payment Agreement whereby you agree to pay a monthly payment to the Bank for the use of the bank’s ownership in home
Undertaking to Purchase is given by you, under which you undertake to purchase the Musharakah Units (representing Bank’s undivided ownership share in the property) from the Bank periodically.
On monthly basis, you purchase Musharakah units from the Bank
When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home

Fatwa

BankIslami’s commitment to Shariah is strict and absolute. Muskun Home financing products are approved and verified by our Shariah Board. To view our Shariah Board’s approval of Muskun Home Financing products, click on the following:

Eligibility
Citizenship Pakistani
Cities All major cities where BIPL Branch exist.
Age Limit Salaried/Businessmen/Selected Professionals:
Primary Applicant: 25-65 Years
Co- Applicant: 21-70 Years
NRPs:
Primary Applicant: 25-60 Years.
Co- Applicant: 21-70 Years.
Employment Tenure Salaried:
Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field.
Businessmen:
3 years of business / practice.
Minimum Income Salaried: Rs. 60,000/-
Business man: Rs. 100,000/-
NRPs: Rs. 80,000/-
Additional Criteria for NRPs 1. An NRP needs to have a Co-applicant residing in Pakistan as an Authorized Person on behalf of the NRP.
2. Only Salaried NRPs can avail MUSKUN Home Financing.
BIR 50% to 70%

Documents Required

General
Copy of CNIC (Applicant and Co-applicant)
2 passport size photographs (Applicant and Co-applicant)
Completely filled Application form with Applicant’s Profile Report
Copies of Last 6 months paid utility bills
Property Documents
Copy of chain of all title documents
Approved Building plan
Public notice
For Salaried Persons
Employment certificate issued by employer
Last three Salary Slips
Bank Statement of last 12 months
Detail of other financing along with its repayment
For Businessmen
Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
Company Bank Statment of last 12 months
Detail of other financing along with its repayment
For NRPsWe offer NRPs (only Salaried segment) purchase/construct/renovate/balance transfer facility of a House/Property only in Pakistan only
Last three months Salary Slip
Copy of Passport
Copy of NICOP
VISA/residential status proof
Tax deduction details
Employment Certificate and Contract Copy
Bank Letter and Banks Statement of last 12 months
2 passport-sized colored Photographs of Applicant / Co-Applicant
All the above mentioned documents relating to NRP should be duly attested by Pakistani Consulate

Apply Now







    FAQs

    Q. What are the minimum and maximum financing limit for MUSKUN-Islami Home Financing?

    • Home Purchase: Rs. 200K – 150M

      Home Construction: Rs. 200K – 150M

      Home Renovation: Rs. 150K – 10M

      Balance Transfer: Rs. 200K – 150M

    Q. What is the minimum and maximum tenure being offered by BankIslami?

    • Home Purchase/Construction/BTF: 2-25 Years
      Home Renovation: 2-10 Years

    Q. What condition would apply in case of Co-applicant case?

    • Co-applicant must be member of the immediate family i.e Spouse, Parents & Children only

    Q. Which areas are considered “positive” for MUSKUN-Islami Home Financing?

    • No negative area is marked by BankIslami for MUSKUN-Islami Home Financing

    Q. What is charged if pre-mature payment (early payment or termination) of MUSKUN-Islami Home Financing is done?

    • In case any pre-mature payment is done, Bank will sell the Musharakah units are as follows:

      •Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.

      •Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.

      •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

      •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

      •If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.

      •After 5th Year = NIL

    Q. Who will assess the value of property?

    • We have our approved valuators for this purpose

    Q. Will my spouse’s income also be considered?

    • Yes, 100% of your spouse’s income (Wife or Husband) can be clubbed for Debt burden calculation. In addition 50% of your sibling’s income can also be clubbed for Debt burden calculation

    Q. In case of Muskun Home Construction financing, will I get the total financing amount at the same time?

    • No, The Bank will disburse the payment in tranches (Maximum 4 tranches) as per BOQ (Bill of Quantity) provided by you

    Q. Will BankIslami provide me financing for commercial purposes for example building a commercial plaza?

    • MUSKUN Home Financing is a Consumer-financing product and is only meant for residential purposes

    Features

    Do you Dream of providing your loved ones a home of their own but don’t have the funds?

    Don’t stop dreaming, Let us make your Dream a Reality with BankIslami MUSKUN Home financing where you can avail financing for any of the following facilities:

    So you want to build your Dream home rather than buy a ready made one? You make the design, we”ll help you build it.

    Construction Tenure Maximum 2 Years
    Financing Tenure Minimum 3 Years (excluding construction period)
    Maximum 25 Years (including construction period)
    Financing Range Rs. 200K – 150M
    Bank Investment Ratio Maximum up to 70% for salaried
    Maximum up to 65% for SEP *
    (* Doctors, Engineers, Architectures, Chartered Accountants)

    Maximum up to 50% for Business persons/NRPs

    Prepayment Option available ●Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.
    ●Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.
    ●If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.
    ●If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.
    ●After 5th Year = NIL

    The MUSKUN Home financing facility is based on the principle of Diminishing Musharakah and Ijarah. The Diminishing Musharakah transaction is based on Shirkat-ul-Milk where you and the Bank participate in ownership of a property. The share of the bank is then leased to you on the basis of Ijarah and is divided into a number of units. It is then agreed that you will buy the units of the bank periodically, thereby increasing your own share till all the units of the Bank are purchased by you which will make you the sole owner of the property. Till that time, you pay the Bank rent for its units leased to you. The rent keeps on decreasing as your ownership in the property increases and that of the Bank decreases.

    Benefits:

    Quick Processing
    Financing up to 50% to 70% of the value of the property
    Financing limit Up to Rs. 150 Million
    Tenor up to 25 years
    Flexibility to make partial prepayments
    Flexible & Affordable installments
    Clubbing of family income
    No Negative Area

    How It Works?

    You will approach BankIslami and inform about your needs of financing for Home Purchase, Construction, Renovation or Balance transfer facility
    You will then submit the filled Application Form along with the required documents and a cheque for processing fee. Our Business Executive will guide you during the whole process.
    The Bank will conduct verification of your residence & office addresses as well as those of the references provided by you
    The Bank will then conduct your Income estimation to determine the maximum financing that can be provided to you. In case you are Self Employed, our agent will approach you for the necessary income details and documents. In case you are Salaried, we will approach your employer for this purpose
    A legal opinion is then obtained by the Bank on the property documents submitted by you
    Valuation of the property is done to determine its Market value
    The Bank then issues you an offer letter for the financing amount you qualified for based on your evaluation
    After your acceptance, a Shirkat-ul-Milk (Musharaka) Agreement is signed between you and the Bank, whereby, the Bank and you will become joint owners (partners) in the Musharakah property.
    A Pay Order is issued in the name of the seller in case of MUSKUN Home purchase by the bank. Your Business Executive and our in house / Externa lawyer will accompany you for the transfer of property in your name. The Pay Order is then handed over to the seller. In case of MUSKUN Home Construction / Renovation / Replacement Cases, the financing amount is simply credited to your account. It is ensured through Shariah-compliance checks that the funds are utilized only for construction/renovation/replacement.
    You and the Bank also execute a Monthly Payment Agreement whereby you agree to pay a monthly payment to the Bank for the use of the bank’s ownership in home
    Undertaking to Purchase is given by you, under which you undertake to purchase the Musharakah Units (representing Bank’s undivided ownership share in the property) from the Bank periodically.
    On monthly basis, you purchase Musharakah units from the Bank
    When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home

    Fatwa

    BankIslami’s commitment to Shariah is strict and absolute. Muskun Home financing products are approved and verified by our Shariah Board. To view our Shariah Board’s approval of Muskun Home Financing products, click on the following:

    Eligibility
    Citizenship Pakistani
    Cities All major cities where BIPL Branch exist.
    Age Limit Salaried/Businessmen/Selected Professionals:
    Primary Applicant: 25-65 Years
    Co- Applicant: 21-70 Years
    NRPs:
    Primary Applicant: 25-60 Years.
    Co- Applicant: 21-70 Years.
    Employment Tenure Salaried:
    Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field.
    Businessmen:
    3 years of business / practice.
    Minimum Income Salaried: Rs. 60,000/-
    Business man: Rs. 100,000/-
    NRPs: Rs. 80,000/-
    Additional Criteria for NRPs 1. An NRP needs to have a Co-applicant residing in Pakistan as an Authorized Person on behalf of the NRP.
    2. Only Salaried NRPs can avail MUSKUN Home Financing.
    BIR 50% to 70%

    Documents Required

    General
    Copy of CNIC (Applicant and Co-applicant)
    2 passport size photographs (Applicant and Co-applicant)
    Completely filled Application form with Applicant’s Profile Report
    Copies of Last 6 months paid utility bills
    Property Documents
    Copy of chain of all title documents
    Approved Building plan
    Public notice
    For Salaried Persons
    Employment certificate issued by employer
    Last three Salary Slips
    Bank Statement of last 12 months
    Detail of other financing along with its repayment
    For Businessmen
    Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
    Company Bank Statment of last 12 months
    Detail of other financing along with its repayment
    For NRPsWe offer NRPs (only Salaried segment) purchase/construct/renovate/balance transfer facility of a House/Property only in Pakistan only
    Last three months Salary Slip
    Copy of Passport
    Copy of NICOP
    VISA/residential status proof
    Tax deduction details
    Employment Certificate and Contract Copy
    Bank Letter and Banks Statement of last 12 months
    2 passport-sized colored Photographs of Applicant / Co-Applicant
    All the above mentioned documents relating to NRP should be duly attested by Pakistani Consulate

    Apply Now







      FAQs

      Q. What are the minimum and maximum financing limit for MUSKUN-Islami Home Financing?

      • Home Purchase: Rs. 200K – 150M

        Home Construction: Rs. 200K – 150M

        Home Renovation: Rs. 150K – 10M

        Balance Transfer: Rs. 200K – 150M

      Q. What is the minimum and maximum tenure being offered by BankIslami?

      • Home Purchase/Construction/BTF: 2-25 Years
        Home Renovation: 2-10 Years

      Q. What condition would apply in case of Co-applicant case?

      • Co-applicant must be member of the immediate family i.e Spouse, Parents & Children only

      Q. Which areas are considered “positive” for MUSKUN-Islami Home Financing?

      • No negative area is marked by BankIslami for MUSKUN-Islami Home Financing

      Q. What is charged if pre-mature payment (early payment or termination) of MUSKUN-Islami Home Financing is done?

      • In case any pre-mature payment is done, Bank will sell the Musharakah units are as follows:

        •Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.

        •Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.

        •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

        •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

        •If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.

        •After 5th Year = NIL

      Q. Who will assess the value of property?

      • We have our approved valuators for this purpose

      Q. Will my spouse’s income also be considered?

      • Yes, 100% of your spouse’s income (Wife or Husband) can be clubbed for Debt burden calculation. In addition 50% of your sibling’s income can also be clubbed for Debt burden calculation

      Q. In case of Muskun Home Construction financing, will I get the total financing amount at the same time?

      • No, The Bank will disburse the payment in tranches (Maximum 4 tranches) as per BOQ (Bill of Quantity) provided by you

      Q. Will BankIslami provide me financing for commercial purposes for example building a commercial plaza?

      • MUSKUN Home Financing is a Consumer-financing product and is only meant for residential purposes

      Features

      Thinking of remodelling your kitchen to fulfill your wife’s long awaited wish, or build a study area for your kids, or a cozy library for your parents, or just want to give your home a new look? you plan it, we’ll help you renovate it.

      Construction Tenure Maximum 6 months
      Financing Tenure 2-10 Years
      Financing Range Rs. 150K –10M
      Bank Investment Ratio Maximum up to 70% for salaried
      Maximum up to 70% for SEP *
      (* Doctors, Engineers, Architectures, Chartered Accountants)

      Maximum up to 60% for Business persons/NRPs

      Prepayment Option available ●Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.
      ●Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.
      ●If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.
      ●If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.
      ●After 5th Year = NIL

      The MUSKUN Home financing facility is based on the principle of Diminishing Musharakah and Ijarah. The Diminishing Musharakah transaction is based on Shirkat-ul-Milk where you and the Bank participate in ownership of a property.

      The share of the bank is then leased to you on the basis of Ijarah and is divided into a number of units. It is then agreed that you will buy the units of the bank periodically, thereby increasing your own share till all the units of the Bank are purchased by you which will make you the sole owner of the property.

      Till that time, you pay the Bank rent for its units leased to you. The rent keeps on decreasing as your ownership in the property increases and that of the Bank decreases.

      Benefits:

      Quick Processing
      Financing up to 50% to 70% of the value of the property
      Financing limit Rs. 10 Million
      Tenor up to 10 years
      Flexibility to make partial prepayments
      Flexible & Affordable installments
      Clubbing of family income
      No Negative Area

      How it Works?

      You will approach BankIslami and inform about your needs of financing for Home Purchase, Construction, Renovation or Balance transfer facility
      You will then submit the filled Application Form along with the required documents and a cheque for processing fee. Our Business Executive will guide you during the whole process.
      The Bank will conduct verification of your residence & office addresses as well as those of the references provided by you
      The Bank will then conduct your Income estimation to determine the maximum financing that can be provided to you. In case you are Self Employed, our agent will approach you for the necessary income details and documents. In case you are Salaried, we will approach your employer for this purpose
      A legal opinion is then obtained by the Bank on the property documents submitted by you
      Valuation of the property is done to determine its Market value
      The Bank then issues you an offer letter for the financing amount you qualified for based on your evaluation
      After your acceptance, a Shirkat-ul-Milk (Musharaka) Agreement is signed between you and the Bank, whereby, the Bank and you will become joint owners (partners) in the Musharakah property.
      A Pay Order is issued in the name of the seller in case of MUSKUN Home purchase by the bank. Your Business Executive and our in house / Externa lawyer will accompany you for the transfer of property in your name. The Pay Order is then handed over to the seller. In case of MUSKUN Home Construction / Renovation / Replacement Cases, the financing amount is simply credited to your account. It is ensured through Shariah-compliance checks that the funds are utilized only for construction/renovation/replacement.
      You and the Bank also execute a Monthly Payment Agreement whereby you agree to pay a monthly payment to the Bank for the use of the bank’s ownership in home
      Undertaking to Purchase is given by you, under which you undertake to purchase the Musharakah Units (representing Bank’s undivided ownership share in the property) from the Bank periodically.
      On monthly basis, you purchase Musharakah units from the Bank
      When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home

      Fatwa

      BankIslami’s commitment to Shariah is strict and absolute. Muskun Home financing products are approved and verified by our Shariah Board. To view our Shariah Board’s approval of Muskun Home Financing products, click on the following:

      Eligibility
      Citizenship Pakistani
      Cities All major cities where BIPL Branch exist.
      Age Limit Salaried/Businessmen/Selected Professionals:
      Primary Applicant: 25-65 Years
      Co- Applicant: 21-70 Years
      NRPs:
      Primary Applicant: 25-60 Years.
      Co- Applicant: 21-70 Years.
      Employment Tenure Salaried:
      Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field.
      Businessmen:
      3 years of business / practice.
      Minimum Income Salaried: Rs. 60,000/-
      Business man: Rs. 100,000/-
      NRPs: Rs. 80,000/-
      Additional Criteria for NRPs 1. An NRP needs to have a Co-applicant residing in Pakistan as an Authorized Person on behalf of the NRP.
      2. Only Salaried NRPs can avail MUSKUN Home Financing.
      BIR 50% to 70%

      Documents Required

      General
      Copy of CNIC (Applicant and Co-applicant)
      2 passport size photographs (Applicant and Co-applicant)
      Completely filled Application form with Applicant’s Profile Report
      Copies of Last 6 months paid utility bills
      Property Documents
      Copy of chain of all title documents
      Approved Building plan
      Public notice
      For Salaried Persons
      Employment certificate issued by employer
      Last three Salary Slips
      Bank Statement of last 12 months
      Detail of other financing along with its repayment
      For Businessmen
      Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
      Company Bank Statment of last 12 months
      Detail of other financing along with its repayment
      For NRPsWe offer NRPs (only Salaried segment) purchase/construct/renovate/balance transfer facility of a House/Property only in Pakistan only
      Last three months Salary Slip
      Copy of Passport
      Copy of NICOP
      VISA/residential status proof
      Tax deduction details
      Employment Certificate and Contract Copy
      Bank Letter and Banks Statement of last 12 months
      2 passport-sized colored Photographs of Applicant / Co-Applicant
      All the above mentioned documents relating to NRP should be duly attested by Pakistani Consulate

      Apply Now







        FAQs

        Q. What are the minimum and maximum financing limit for MUSKUN-Islami Home Financing?

        • Home Purchase: Rs. 200K – 150M

          Home Construction: Rs. 200K – 150M

          Home Renovation: Rs. 150K – 10M

          Balance Transfer: Rs. 200K – 150M

        Q. What is the minimum and maximum tenure being offered by BankIslami?

        • Home Purchase/Construction/BTF: 2-25 Years
          Home Renovation: 2-10 Years

        Q. What condition would apply in case of Co-applicant case?

        • Co-applicant must be member of the immediate family i.e Spouse, Parents & Children only

        Q. Which areas are considered “positive” for MUSKUN-Islami Home Financing?

        • No negative area is marked by BankIslami for MUSKUN-Islami Home Financing

        Q. What is charged if pre-mature payment (early payment or termination) of MUSKUN-Islami Home Financing is done?

        • In case any pre-mature payment is done, Bank will sell the Musharakah units are as follows:

          •Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.

          •Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.

          •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

          •If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.

          •If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.

          •After 5th Year = NIL

        Q. Who will assess the value of property?

        • We have our approved valuators for this purpose

        Q. Will my spouse’s income also be considered?

        • Yes, 100% of your spouse’s income (Wife or Husband) can be clubbed for Debt burden calculation. In addition 50% of your sibling’s income can also be clubbed for Debt burden calculation

        Q. In case of Muskun Home Construction financing, will I get the total financing amount at the same time?

        • No, The Bank will disburse the payment in tranches (Maximum 4 tranches) as per BOQ (Bill of Quantity) provided by you

        Q. Will BankIslami provide me financing for commercial purposes for example building a commercial plaza?

        • MUSKUN Home Financing is a Consumer-financing product and is only meant for residential purposes

        Features

        Don’t lay the foundation of your Dream home on interest. If you already have a Conventional Mortgage loan and want to switch to Shariah compliant means of Financing, we’ll help you transfer it.

        Financing Tenure 2-25 Years
        Financing Range Rs. 200K – 150M
        Bank Investment Ratio Maximum up to 70% for salaried
        Maximum up to 65% for SEP *
        (* Doctors, Engineers, Architectures, Chartered Accountants)

        Maximum up to 50% for Business persons/NRPs

        Prepayment Option available ● Maximum 10% of outstanding Balance is allowed in a year after 1st year with no additional unit price.
        ● Additional units will be sold at 5% higher value if paid within 1st Year of disbursement.
        ● If above 10% outstanding balance is paid, additional units will be sold at 2.5% higher value if paid within 2nd and 3rd Year of disbursement.
        ● If above 10% outstanding balance is paid, additional units will be sold at 1.5% higher value if paid within 4th and 5th Year of disbursement.
        ● After 5th Year = NIL

        The MUSKUN Home financing facility is based on the principle of Diminishing Musharakah and Ijarah. The Diminishing Musharakah transaction is based on Shirkat-ul-Milk where you and the Bank participate in ownership of a property.

        The share of the bank is then leased to you on the basis of Ijarah and is divided into a number of units. It is then agreed that you will buy the units of the bank periodically, thereby increasing your own share till all the units of the Bank are purchased by you which will make you the sole owner of the property.

        Till that time, you pay the Bank rent for its units leased to you. The rent keeps on decreasing as your ownership in the property increases and that of the Bank decreases.

        Benefits:

        Quick Processing
        Financing up to 50% to 70% of the value of the property
        Financing limit Rs. 150 Million
        Tenor up to 25 years
        Flexibility to make partial payments
        Flexible & Affordable installments
        Clubbing of family income
        No Negative Area

        How It Works?

        You will approach BankIslami and inform about your needs of financing for Home Purchase, Construction, Renovation or Balance transfer facility
        You will then submit the filled Application Form along with the required documents and a cheque for processing fee. Our Business Executive will guide you during the whole process.
        The Bank will conduct verification of your residence & office addresses as well as those of the references provided by you
        The Bank will then conduct your Income estimation to determine the maximum financing that can be provided to you. In case you are Self Employed, our agent will approach you for the necessary income details and documents. In case you are Salaried, we will approach your employer for this purpose
        A legal opinion is then obtained by the Bank on the property documents submitted by you
        Valuation of the property is done to determine its Market value
        The Bank then issues you an offer letter for the financing amount you qualified for based on your evaluation
        After your acceptance, a Shirkat-ul-Milk (Musharaka) Agreement is signed between you and the Bank, whereby, the Bank and you will become joint owners (partners) in the Musharakah property.
        A Pay Order is issued in the name of the seller in case of MUSKUN Home purchase by the bank. Your Business Executive and our in house / Externa lawyer will accompany you for the transfer of property in your name. The Pay Order is then handed over to the seller. In case of MUSKUN Home Construction / Renovation / Replacement Cases, the financing amount is simply credited to your account. It is ensured through Shariah-compliance checks that the funds are utilized only for construction/renovation/replacement.
        You and the Bank also execute a Monthly Payment Agreement whereby you agree to pay a monthly payment to the Bank for the use of the bank’s ownership in home
        Undertaking to Purchase is given by you, under which you undertake to purchase the Musharakah Units (representing Bank’s undivided ownership share in the property) from the Bank periodically.
        On monthly basis, you purchase Musharakah units from the Bank
        When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home

        Fatwa

        BankIslami’s commitment to Shariah is strict and absolute. Muskun Home financing products are approved and verified by our Shariah Board. To view our Shariah Board’s approval of Muskun Home Financing products, click on the following:

        Eligibility
        Citizenship Pakistani
        Cities All major cities where BIPL Branch exist.
        Age Limit Salaried/Businessmen/Selected Professionals:
        Primary Applicant: 25-65 Years
        Co- Applicant: 21-70 Years
        NRPs:
        Primary Applicant: 25-60 Years.
        Co- Applicant: 21-70 Years.
        Employment Tenure Salaried:
        Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field.
        Businessmen:
        3 years of business / practice.
        Minimum Income Salaried: Rs. 60,000/-
        Business man: Rs. 100,000/-
        NRPs: Rs. 80,000/-
        Additional Criteria for NRPs 1. An NRP needs to have a Co-applicant residing in Pakistan as an Authorized Person on behalf of the NRP.
        2. Only Salaried NRPs can avail MUSKUN Home Financing.
        BIR 50% to 70%

        Documents Required

        General
        Copy of CNIC (Applicant and Co-applicant)
        2 passport size photographs (Applicant and Co-applicant)
        Completely filled Application form with Applicant’s Profile Report
        Copies of Last 6 months paid utility bills
        Property Documents
        Copy of chain of all title documents
        Approved Building plan
        Public notice
        For Salaried Persons
        Employment certificate issued by employer
        Last three Salary Slips
        Bank Statement of last 12 months
        Detail of other financing along with its repayment
        For Businessmen
        Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
        Company Bank Statment of last 12 months
        Detail of other financing along with its repayment
        For NRPsWe offer NRPs (only Salaried segment) purchase/construct/renovate/balance transfer facility of a House/Property only in Pakistan only
        Last three months Salary Slip
        Copy of Passport
        Copy of NICOP
        VISA/residential status proof
        Tax deduction details
        Employment Certificate and Contract Copy
        Bank Letter and Banks Statement of last 12 months
        2 passport-sized colored Photographs of Applicant / Co-Applicant
        All the above mentioned documents relating to NRP should be duly attested by Pakistani Consulate

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