Faysal Home Finance (Govt Housing Scheme)
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.
ELIGIBILITY CRITERIA
| Length of Service (Min) | 4 |
| Min Income (Monthly) | 75,000 |
| Salary Transfer | yes |
| Max Loan Amount | 10,000,000 |
| Loan Tenor (Max) | 5 Year |
| Employment Sector | private sector |
| Income Type | Salaried |
| Profit Rate (APR) | 50% |
| Processing Fees | PKR 5,000 |
City
Karachi
DOCUMENTS REQUIRED
- ixed Rate option
- Quick processing with minimum documentation
- Minimum Limit PKR 500,000/- and Maximum 100 Million or up to 75% of the appraised value of your property
- Tenure from 1 to 20 years (For Home Renovation minimum 2 and maximum is 15 Years)
- Flexibility to make Partial Pre-payments
- Property Takaful coverage
- Accidental death Takaful coverage
- Property rental Income can be considered as primary income or additional to the basic income
- Income clubbing option with close relative
- Non- resident Pakistanis (NRPs) are also eligible to apply for home finance facility. Documents required
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Faysal Bank Limited Faysal Home Finance
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