U Microfinance Bank Islamic Banking offers Shari’ah Compliant Housing Finance facility based on Diminishing Musharakah (DM) Islamic Mode of Finance, for those individuals who are looking to purchase a plot, house, flat, an apartment, or receive financing for the construction of a house, construction on customer’s existing owned land, extension of an existing house or structural improvement, and home improvement or renovation on existing premises.
Product Purpose:
- For purchase of house, flat, or an apartment
- For purchase of land for house construction
- For house construction on customer’s own land
- Expansion in existing house or structural improvement
- Home improvement or renovation
Eligibility Criteria:
- Pakistani resident having valid CNIC
- Age limit: 22-65 years (at the time of finance maturity)
- Minimum monthly income: PKR 25,000
Salient Features:
- Finance facility from PKR 150,000 to PKR 3,000,000
- Financing tenure from 3 to 25 years
- Financing repayment in equal monthly installments
- Income clubbing with immediate family members
- The financed housing unit will be mortgaged in the favor of U Microfinance Bank
Required Documents:
- Original CNIC
- Recent passport sized photo
- Proof of income
- Title documents of property to be mortgaged
Offered property should be free from any bar and charges.
