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.
||Maximum 2 Years
||Minimum 3 Years (excluding construction period)
Maximum 25 Years (including construction period)
||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.
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