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Faysal Islamic Home Finance is based on the principles of Diminishing Musharakah. This is a medium and long term financing product, where the Bank and the customer jointly purchase an asset and create joint ownership in the asset. The Bank rent out its share in the asset to the customer while the customer periodically purchases units of ownership in the asset from the Bank. After purchase of all the units the customer becomes the sole owner of the asset.

Product Features & Benefits

 Faysal Islamic Home Finance is offering four product variants:

• Home Buyer: This type of facility allows customers to purchase an already constructed property.
• Home Builder/ Plot + Construction: This type of facility is extended to customers who already own land / want to purchase a piece of land and need funds to meet the cost of constructing property.
• Home Renovation: This facility is offered to customers who already own a property and require funds for renovation.
• Home Re-finance: (Transfer of existing home finance facility): This type of facility allows customers to transfer existing home finance facilities from any other bank to Faysal Bank Limited Islamic Banking.
  
  
• Fixed rate for first three years, for period exceeding three years floating rate (linked with 1 year KIBOR) will apply.
• Quick processing with minimum documentation
• Minimum limit of PKR 500,000 and Maximum of PKR 150 Million or up to (80%) of the appraised property value.
• Tenure ranging from 1 to 20 years.
• Flexibility to make partial pre-payments.
• Property Takaful coverage.
• Property rental income can be considered as primary or additional to basic income.
• Income clubbing option available.
• Non-Resident Pakistanis (NRPs) are also eligible to apply subject to fulfillment of documentary requirements.

 Eligibility Criteria

 Citizenship:  Pakistani

 Cities: Karachi, Lahore, Islamabad, Rawalpindi.

 Income:

• Salaried (Approved Company) – Minimum PKR 100,000 per month for permanent & Minimum PKR 150,000 per month for contractual employees.
• Salaried (Unapproved Company) – Minimum PKR 150,000 per month.
• SEP – Minimum PKR 150,000 per month.
• SEB – Minimum PKR. 200,000 per month.
• NRP – Minimum USD 4,000 per month.

Age Limit:

• Salaried – Minimum 21 Years and Maximum 60 Years at the time of maturity.
• SEB/SEP – Minimum 21 Year and Maximum 70 Years at the time of maturity.

Employment Tenure:

• Salaried (Approved Company) – No requirement for permanent employees & minimum 1 Year for contractual employees.
  Salaried (Unapproved Company) – Minimum 2 Years employment tenure.
• SEB/SEP – 2 Years of continuous service in current business/profession business proof through (Bank certificate / NTN certificate / Partnership Deed / Certificate of Incorporation / Form A / Form 29, etc.)
• NRP – Minimum 2 years of continues employment (salaried) & Minimum 2 years in current Business/Industry.

Documents Required:

Salaried

• Copy of CNIC.
• 2 Passport Size Photographs.
• Last six (06) months’ Salary Slips.
• Salary/Employment Certificate (Designation, Date of Joining, employment status, Salary Breakup)
• Last 12 months Bank Statement with salary reflection (Original with bank stamp)

SEP/SEB

• Copy of CNIC
• Passport Size Photographs.
• NTN Certificate.
• Last 2 Years Tax returns
• Last 12 months’ bank statement (Original with bank stamp)
• Proprietorship certificate (Original)
• Partnership Deed, Form A, Form 29 / Article of Memorandum and Certificate of Incorporation.
• Professional Degree / Diploma / Valid membership of applicable professional body.

NRP (Salaried and Self Employed Professionals Only):

• Copy of NICOP / Passport / Work Permit.
• 2 passport size photographs.
• Last six (06) months’ salary slips.
• Salary/Employment Certificate (Designation, Date of Joining, employment status, Salary Breakup).
• Last 12 months bank statement with salary reflection.
• All documents to be attested from Pakistan Consulate or Notary Public of resident country.
• Email ID / Contact Number and Person Name for verification of Salary Slips and Employment Certificate.
• One guarantor from Pakistan (compulsory).

Contact Details:

 For Karachi Region:

• Shoaib Siddiqui – Regional Sales Manager
• Contact number: 0300 8297226
• Email Address:  [email protected]

 For Lahore Region:

• Syed Mazhar Arslan – Regional Sales Manager
• Contact number: 0321 9449778
• Email Address: syedmazhararslan@faysalbank.com

For Multan Region:

• Rizwan Razzaq – Regional Sales Manager
• Contact number: 0321 7362000
• Email Address: [email protected]

 For Islamabad Region:

• Faisal Siddiqui – Regional Sales Manager
• Contact number: 0313 5991995
• Email Address: [email protected]

 *Terms & Conditions Apply