Buying your first home is a major milestone in your life and one of the biggest financial decisions you will ever make. Helpful information combined with the right advice can make a world of difference and assist you in making the ultimate decision.

Summit Bank has a comprehensive range of Shariah compliant home financing schemes with solutions for everyone. The value and flexibility that Housing Diminishing Musharaka offers, complemented by exceptionally personalized service, is what makes it the right choice for you. At Summit Bank, we believe in simplicity & convenience.

Diminishing Musharaka is generally used in house financing for following purposes:

  • a) Purchase of house;
  • b) Construction of house;
  • c) Renovation of house;
  • d) Purchase of Land & Construction;
  • e) Asset Transfer Facility (ATF)/Swap of conventional loan facility (Sale and leaseback); and
  • f) Asset Transfer Facility (ATF) from an Islamic bank
  • Features

    Facility Amount Minimum: Rs. 1,000,000/-

    Maximum: Rs. 100,000,000/-

    Tenure Minimum: 3 Years

    Maximum: 20 Years

    Customer’s Equity share Minimum 15% of the property value

    (This percentage may be changed by management from time to time as per its business / credit policy)

    Debt Burden Ratio Up to 50%
    Takaful Coverage At actual

    (Asset & Life Takaful would be made mandatory from Bank’s authorized Takaful Company)

    Early Unit Purchase 5 % additional price of the Outstanding Unit amount for the 1st year & no additional price if customer pays after 1st year from own resources

    In Case of ATF, 10% of Outstanding Unit Amount will be charged

    Processing Charges Rs. 5,000/ or 0.05%  of facility amount (whichever is higher) + FED
    Income Estimation Charges At actual

    (To be borne by customer)

    Property Valuation Charges At actual

    (To be borne by customer)

    Legal Documentation Charges At actual

    (To be borne by customer)

    Legal Opinion Charges At actual

    (To be borne by customer)

    Basic Documentation Required

    Two recent passport size photographs of Applicant

    Copy of Applicant’s CNIC

    Copy of latest PTCL landline bill of Residence / Business

    Copy of NTN Certificate

    Latest One year Bank Statement

    Documentation as per Profession:

    Salaried: Employment Certificate & latest three months Salary Slip
    Self Employed Businessman: Latest Three Years Tax Return
    Self Employed Professional: Copy of Professional Degree / Certificate
    Latest Two Years Tax Return

    (Further documentation may be required at the time of case processing)

    Who Can Apply

    Individuals meeting the following criteria:

    Parameters Salaried Self Employed Businessman / Professional
    Minimum Age 23 Years 23 Years
    Maximum Age 60 Years at Maturity 65 Years at Maturity
    Employment / Business Tenure Minimum 1 year SEB: Minimum 3 years

    SEP: Minimum 2 years

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Last Updated 2023-09-25

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