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 as follows:
• 5% if the Facility is settled in the 1st Year
• NIL if the Facility is settled after the 1st Year
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. 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