Faysal Islami Home Finance offers a wide range of financing solutions in transforming your dream of owning a home into reality. We at Faysal Bank are better equipped with the required expertise in catering to your specific home finance needs and offer personalized services at competitive rates.
Faysal Islami Home Finance is based on the Islamic principles of Diminishing Musharakah offering an interest (Riba) free solution to your home financing needs. The transaction involves joint ownership in the property between the Bank and the customer. The Bank rent’s out its ownership share to the customer while the customer periodically purchases units of ownership from the Bank. This is done through a mutually agreed payment schedule structured on a monthly basis. The monthly payment includes one component of rent while the other is for purchase of ownership units. After purchase of all the units, the customer becomes the sole owner of the property with a clear title.
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.
Products We Offer
Home Buyer:
Customers can utilize this facility to acquire an already constructed property.
Home Builder/ Plot + Construction:
This facility is tailored to meet the need of customers who already own land / want to purchase a piece of land and require financial support for construction expenses.
Home Renovation:
This facility is offered to customers who possess a property and need financial assistance for renovation.
Home Re-finance:
Customers can avail this facility to transfer their existing home finance facility from any other bank to Faysal Bank Limited.
Pricing
Variable rate: 1 Year KIBOR + 3% for Salaried and 1 Year KIBOR + 4% for Self Employed Professional (SEP) & Self Employed Businessmen (SEB).
Eligibility Criteria
Citizenship: Pakistani
Cities: Karachi, Lahore, Islamabad, Rawalpindi.
Salaried
Income:
Approved Company – Minimum PKR 100,000 per month for permanent & Minimum PKR 150,000 per month for contractual employees.
Unapproved Company – Minimum PKR 150,000 per month.
Age Limit:
Minimum 21 Years and Maximum 60 Years at the time of maturity.
Employment Tenure:
Approved Company – No requirement for permanent employees & minimum 1 Year for contractual employees.
Unapproved Company – Minimum 2 Years employment tenure.
Self Employed Professional (SEP) / Self Employed Businessmen (SEB)
Income:
SEP - Minimum PKR 150,000 per month.
SEB - Minimum PKR. 200,000 per month.
Age Limit:
Minimum 21 Year and Maximum 70 Years at the time of maturity.
Employment Tenure:
2 Years of continuous service in current profession/business
Non Resident Pakistani (NRP) (Salaried and Self Employed Professionals Only)
Income:
Minimum USD 4,000 per month.
Age Limit:
Minimum 21 Years and Maximum 60 Years at the time of maturity (Salaried) & Minimum 21 Year and Maximum 70 Years at the time of maturity (SEP).
Employment Tenure:
Minimum 2 years of continues employment (Salaried) & Minimum 2 years in current Business/Industry (SEP).
Documents Required
Salaried Account
Copy of CNIC.
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)
Self Employed Professional (SEP) Account
Copy of CNIC
NTN Certificate
Last 2 Years Tax returns
Last 12 months’ bank statement (Original with bank stamp)
Proprietorship certificate / Partnership Deed
Professional Degree / Diploma / Valid membership of applicable professional body
Self Employed Businessmen (SEB) Account
Copy of CNIC
NTN Certificate.
Last 2 Years Tax returns
Last 12 months’ bank statement (Original with bank stamp)
Proprietorship certificate / Partnership Deed
Form A, Form 29 / Article of Memorandum and Certificate of Incorporation.
Non Resident Pakistani (NRP) (Salaried and Self Employed Professionals Only) Account
Copy of NICOP / Passport / Work Permit.
Last six (06) months’ salary slips (Salaried) / Last 2 Years Tax returns (SEP).
Salary/Employment Certificate (Designation, Date of Joining, employment status, Salary Breakup) (Salaried) / NTN Certificate and Professional Degree / Diploma / Valid membership of applicable professional body (SEP).
Last 12 months Bank Statement with income reflection.
All documents to be attested from Pakistan Consulate or Notary Public of resident country.
Contact Person Name, Number and email for income verification.
One guarantor from Pakistan (compulsory).
Frequently Asked Questions (FAQ's)
Faysal Islami Home Finance is based on Shariah Complaint laws of Diminishing Musharakah related to financing, ownership and trade. The nature of the contract is co-ownership and not a loan because the transaction is not based on lending and borrowing of money but on joint ownership in a house. Faysal Bank shares the cost of the house being purchased, built or renovated creating joint ownership and then gradually transferring ownership to the customer.
You can visit any Faysal Bank branch across Pakistan to get an application form. You can also apply via our website or call us on our 24/7 customer contact center 021-111-06-06-06.
The facility amount for home finance ranges from PKR 500K (minimum) to PKR 150 Million (maximum). For Home Renovation maximum facility amount is PKR 50 Million. However, limit allocations will be subject to customer’s ability to meet Debt Burden Ratio (DBR) requirements.
As per State Bank of Pakistan’s (SBP) Regulations for Consumer Financing, only residential property is allowed to be financed under Faysal Islami Home Finance.
The facility is currently being offered in Karachi, Lahore & Islamabad/Rawalpindi.
Yes, Faysal Islami Home Finance facility is offered to Non-Resident Pakistani’s subject to terms and conditions.
Co-applicant must be member of the immediate family (Parents, Spouse and Adult Children Only).
Faysal Islami Home Finance offers flexibility of partial/full settlement of the financing amount prior to maturity of the facility through early unit purchase of the bank’s share.
When the customer has made full payment of all dues agreed upon as part of the Musharakah/Payment agreement, he/she becomes the sole owner with free and clear title to the property.