|Askari Home Musharakah
(Musharakah Home Finance)
|Askari Home Musharakah: How it Works?
- Joint ownership is created in the property between Bank & Customer on the basis of the Musharakah Agreement. (This is bases on the principles of Shirkat ul Milk).
- Bank’s share is divided into units and is given to the client on rent.
- Client promises to purchase Bank’s share (units) over the tenure of transaction.
- Client purchases the units every month and will eventually become the owner of the property.
- Rental amount will be adjusted according to the bank’s share (units) remaining in the property.
Askari Home Musharakah has tailor made solutions to meet your needs.
|Askari Home Musharakah Purchase
|| Askari Islamic Banking offers a convenient and easy way to buy your own home, with a financing of 85% of the property cost, upto Rs. 50 Million.*
*other terms apply.
|Askari Home Musharakah Construction
|| You can simply build your home as you desire, with halal Istisna’/Musharakah Finance from Askari Islamic Banking, specifically tailored to match your cash flows and needs.
|Askari Home Musharakah Improvement
|| If you want to renovate your home, let Askari Islamic Banking facilitate you in making you home look even better.
|Askari Home Musharakah Transfer
|| Just switch your existing interest based mortgage to Askari Islamic Banking by getting advantage of our Askari Home Musharakah Transfer Facility, with peace of mind of having halal transaction.
|Features and Benefits
- Shariah compliant.
- Prompt processing.
- Competitive rentals.
- Clubbing-of family income.
- Maximum financing limit: Up to Rs. 50 million.
- Financing tenure: 3 to 20 years.
- Documentation/ legal/ valuation/ income estimation charges:
- At actual.
|You are Eligible to apply, if you are:
- A Pakistani National.
- Earning at least two time more than your monthly Car Ijarah rentals.
- Between 21 to 65 years.
- A permanent employment with atleast six months of service with present employer.
- A self employed individual with atleast 3 years of business track record.
- Income verification / documents required.
- Copy of CNIC.
- Two Passport size colored photographs of applicant.
- Copy of rental documents (if applicable).
- Copy of last paid utility bills (Electricity/ Gas/ Telephone).
- Bank statement last 6 months.
- Original or certified copy of recent pay slip.
- Employer’s certificate including date of joining/current designation/salary.
- Bank statement of business-last one year.
- Copy of management accounts (if applicable).
Business / Professional Information
- 3 years proof of business (e.g. tax return / bank certificate).
- Partnership deed (in case of partnership).
- Professional association membership certificate / practice license.
|Step by Step Guide
Step 1: Application form & processing fee payment.
Step 2: Submission of required documents.
Step 3: Address verification & income estimation.
Step 4: Legal opinion, property valuation.
Step 5: Facility approval.
Step 6: Signing of Askari Home Musharakah agreement.
Step 7: Transfer of property & disbursement.