Rabi' Al-Awwal 5, 1436 A.H
Saturday, December 20, 2014
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MUSKUN Home Financing
 Bank Islami

 
Product & Services
Home > Products & Services > Consumer Finance > MUSKUN Home Financing
 
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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:
 
Home Purchase:

Just point your finger at the Bungalow or Apartment of your choice and we'll help you buy it. more
 
Financing Tenure 2 to 25 years
Financing Range Rs. 200K – 50M
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

No extra charges apply on early unit purchase/ early termination after 12 months of disbursement.
In case Customer applies for purchase of early units or pre-payment within 12 months after disbursement, additional Musharakah Units will be revalued at 5% higher than face value.

 
Home Construction:

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. more
 
Construction Tenure Maximum 2 Years
Financing Tenure Minimum 2 Years (excluding construction period)
Maximum 25 Years (including construction period)
Financing Range Rs. 200K – 50M
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 No extra charges apply on early unit purchase/ early termination after 12 months of completion.
In case Customer applies for purchase of early units or pre-payment within 12 months of completion , additional Musharakah Units will be revalued at 5% higher than face value.
 
Home Renovation:

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. more
 
Construction Tenure Maximum 6 months
Financing Tenure 2-7 Years
Financing Range Rs. 150K –5M
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 No extra charges apply on early unit purchase/ early termination after 12 months of completion.
In case Customer applies for purchase of early units or pre-payment within 12 months of completion, additional Musharakah Units will be revalued at 5% higher than face value.
 
Home Replacement:

Don't lay the foundation of your Dream home on interest. If you already have a Conventional Mortgage loan and want to switch to Shariah compliant means of Financing, we'll help you transfer it. more
 
Financing Tenure 2-25 Years
Financing Range Rs. 200K - 50M
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 No extra charges apply on early unit purchase/ early termination after 12 months of completion.
In case Customer applies for purchase of early units or pre-payment within 12 months of completion, additional Musharakah Units will be revalued at 5% higher than face value.
 
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 Rs. 50 Million
Tenor up to 25 years
No pre payment additional price charged after one year & completion
Flexible & Affordable installments
Clubbing of family income
No Negative Area
 
 
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