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 |