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 65% for Business persons/NRPs
|Prepayment Option available||5% if the Facility is settled in the 1st Year
NIL if the Facility is settled after the 1st Year
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.
Flexibility to make partial prepayments
Flexible & affordable installments
Clubbing of family income
No negative area
To Understand the Difference between Diminishing Musharakah and Conventional Long Term Financing kindly click the link
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:
|Cities||All major cities where BIPL Branch exist.|
|Age Limit||Salaried/Businessmen/Selected Professionals:
Primary Applicant: 25-65 Years
Co- Applicant: 21-70 Years
Primary Applicant: 25-60 Years.
Co- Applicant: 21-70 Years.
Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field.
3 years of business / practice.
|Minimum Income||Salaried: Rs. 60,000/-
NRPs: Rs. 80,000/- (The respective foreign currency must be equivalent to this amount)
|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.
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
Copy of chain of all title documents
Approved Building plan
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
Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
Company Bank Statement of last 12 months
Detail of other financing along with its repayment
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 Renovation: Rs. 150K – 10M
Q. What is the minimum and maximum tenure being offered by BankIslami?
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
Q. What are the application form & processing charges?
Please refer to SOC