Schedule of Charges
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
- 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
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:
Note:
Chain of Title documents provided must be original
Amount of Tranches will be calculated as per BOQ(Bill of Quantity).
Home/Bungalow to be financed must be for Residential purpose only.
In case of financing required for land + construction, we can finance 50% of the cost of land at the time of Property purchase. The rest of the financing amount for Home construction will be provided in 3 tranches after receiving approved Building plan and Bill of Quantity
The Profit rate used to calculate the monthly rentals is 6 months KIBOR +3.5%.
This product is based on the mode of Diminishing Musharakah.
| 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 NRPs
We 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
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
- 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
- No, The Bank will disburse the payment in tranches (Maximum 4 tranches) as per BOQ (Bill of Quantity) provided by you
- MUSKUN Home Financing is a Consumer-financing product and is only meant for residential purposes
Q. What is the difference between conventional home finance and Islamic Home finance
-
Conventional Home Finance Muskun Islamic Home Finance It is loan and house is security of loan Bank and customer are partners(Joint Owner) of Property Installment may start just after disbursement of loan Rental can’t be started before delivery of House to customer. Bank Earn Income in form of interest Bank Earn Income in form of Rental Installment will continue in Case of destroyed of house Rental will discontinue if the house in destroyed
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