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
Tenure up to 25 years
Flexibility to make partial prepayments
Flexible & affordable installments
Clubbing of family income
No negative area
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:
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
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?
Q. Which areas are considered "positive" for MUSKUN-Islami Home Financing?
Q. Who will assess the value of property?
Q. Will my spouse's income also be considered?