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Home Financing

You Want The Right Path,

Well show you the Islamic way,

Standard Chartered Bank

Home Financing

All Islamic products, offered by Standard Chartered Bank, are approved by an independent Shariah Supervisory Committee composed of respected and qualified scholars of international repute. These experts guide Standard Chartered's Islamic products team based in Dubai and Pakistan. Currently the honored members of the committee are Dr. Abdul Sattar Abu Ghuddah and Sheikh Nizam Yaquby.

Under our Islamic Home Finance product you do not repay an interest-bearing loan. Instead, you and SCB participate in the property investment. The process works in the following manner:
- You enter into a Diminishing Musharaka Agreement that   establishes the participation.
- Once the relationship is in place you undertake to purchase   our share in the property through affordable monthly   payments over a specified period.
- Your incremental acquisition of our share will ultimately   lead to full ownership of the house by you.
- Your monthly payments will also include a rent for your   exclusive enjoyment and use of the whole property.
  In total, these payments will constitute a fixed monthly   amount that is competitive with other home mortgage   products   in the local market.
In total, these payments will constitute a fixed monthly amount that is competitive with other home mortgage products in the local market.
At the moment SCB offers Islamic Home Finance for

• Islamic Home Purchase
  Purchase of Home for self-occupation
  
• Islamic Balance Transfer
  This program allows you to transfer your loan against property from other banks to SCB

Shariah compliant

-Finance amount ranging from 300,000 to 7,500,000.
-Repayment tenor from 1 to 20 years.
-Finance to value of up to 80% of the property value.

Minimum Net Income as low as 20,000 per month.
-To avail a higher financing amount SCB Islamic Home Finance offers you the option of clubbing the income of your spouse or other blood relatives.
-Minimum age of the primary applicant should be 25 years. Incase of co-applicant the secondary applicant should be more than 21 if income is being clubbed or more than 18 if income is not being clubbed.
-Maximum age should be 65 or retirement age at the time of maturity of the facility.
-Financing of property with value as low as Rs. 800,000.
-Application Processing fee is 3,500 and 5,000 for approved and unapproved / self-employed / businessmen respectively.
-Mandatory property Insurance
-Appraiser and Legal fees are Rs. 4,000 and Rs. 4,000.
-No interest charges
-Accelerated purchase of our share in the property, through partial and full pre-payments.

SCB Islamic Home Finance gives you the unique feature of accelerating the purchase of our share in the property, through partial and full pre-payments. For the convenience of our customers our highly skilled relationship managers make it an easy process. We will disburse your loan within 15 days, provided that all the relevant documents are submitted on time.

Documentation Requirements.

Completed application form
-NIC copy
-1 recent passport picture
-Property documents for which loan is required
-Employee Confirmation Certificate by authorized signatories for Salaried applicants
-Proof of business for Self-employed applicants
-Last salary slip & 3 month bank statement for applicants from an approved company
-6-month bank statement for self-employed applicants/employees of unapproved companies -OR Latest Tax Documents
-3 Undated Cheques
-Processing, Legal & Appraisal Charges.