A Shariah compliant home finance facility enabling you to get the house of your dreams.
All bank charges will apply as per the prevalent Islamic Schedule of Bank Charges.
HBL Islamic HomeFinance is based on the concept of Musharakah (Shirkat-ul-Milk). Under this arrangement, bank and customer become joint owners in the house. Bank’s ownership share of the house is divided into units which customer purchases periodically. Till the complete ownership, customer pays agreed rentals for using bank’s share in the house.
Terms and conditions apply.
|Profit Rate||Variable to be repriced annually as follows:|
|Existing HBL Customer -Salaried||1 Year KIBOR + 3 %|
|Existing HBL Customer – Self Employed Professional||1 Year KIBOR + 3.1%|
|Existing HBL Customer – Self Employed Businessmen||1 Year KIBOR + 4 %|
|New to Bank Customer – Salaried||1 Year KIBOR + 3.2%|
|New to Bank Customer – Self Employed Professional||1 Year KIBOR + 3.2%|
|New to Bank Customer – Self Employed Businessmen||1 Year KIBOR + 4.2%|
|Non-Resident Pakistani (Salaried)||1 Year KIBOR + 4%|
Fixed profit rate can also be offered as per bank’s discretion.
Applicable Floor rate is 8% and Cap rate is 30%.
A: At HBL Islamic Banking, the profit margin is directly linked to market trends to provide a competitive product to our customers. Shariah allows the use of any market factor as a benchmark to determine the profit rate of a particular product. The fact that the applied profit rate of our product is similar to the rates applied for conventional mortgages does not render the transaction or the contract invalid from a Shariah perspective; neither does it make the transaction an interest-bearing one; rather, it is the underlying structure of the product that determines its Shariah compliance.
A: Yes, an immediate family member (selective relations like father, mother, brother, son, spouse) can become a co-applicant in HBL Islamic HomeFinance case. Co-applicant’s income can be clubbed for approval in limit enhancement.
A: With the Shariah guidelines, the bank cannot charge any penalty on late payment as charging an additional amount for non-payment is RIBA. But to avoid late payments and instill the necessary culture of financial discipline, it is allowed that the customer undertake and bound himself that if he/she fails to pay due amount on time, he/she will pay certain amount towards charity, however, the bank cannot book this amount in its pool of income rather it is then transferred to a charity account which will be administrated as per Bank’s Charity policy approved by the Shariah Board. For HBL Islamic Home Finance cases, this charity is comprised of a flat amount of Rs.2,500/- on each late paid rental. The charity account is supervised by the Shariah Board of the bank and is used for charitable purposes.
A: HBL Islamic Home Finance offers the flexibility of partial settlement through early unit purchase; termination anytime during the tenure of the facility but one (1) month after availing the facility in home purchase cases.
Additional unit purchase/partial settlement can only take place on your specific payment date. If you want to avail the facility, you will have to give a seven (07) working days prior notice to the bank. Musharakah units under the ownership of the bank will be sold at 5% higher price.
A: Simply walk into any HBL Islamic Banking branch across Pakistan to get an application form for HBL Islamic HomeFinance