Shariah-Compliant Home Financing for Every Step of Ownership.
A home is more than just a place to live, it is where comfort, security, and aspirations come together. Askari Islamic Banking offers Home Musharakah, a Shariah-compliant solution tailored to your housing needs. Whether you’re purchasing, constructing, renovating, or transferring home loan, our Diminishing Musharakah model makes it possible with flexibility and peace of mind.
Build Your Future with Askari Home Musharakah - A Halal Path to Home Ownership.
| Product Features | Details |
| Home Buying | Purchase of an already constructed house on a Diminishing Musharakah basis. |
| Home Construction |
Construction must be completed within 18 months from the date of disbursement of the first tranche. |
| Home Renovation | Renovation, extension, restoration, and enhancement of an already-owned housing unit. |
| Home Balance Transfer Facility (BTF): | Taking over the existing house finance facility obtained by the customer from other financial institutions. Only the principal amount will be taken over. |
| How It Works: |
|
| Underlying Islamic Mode: | Diminishing Musharakah |
| Features: |
|
| Financing Limits of the Products | Minimum Finance | Maximum Finance |
| Home Buying | Rs. 0.30 | Up to Rs. 100 M |
| Home Construction (plot purchase + construction) | Rs. 0.30 | Up to Rs. 100 M |
| Home Renovation | Rs. 0.30 | Up to Rs. 100 M |
| Home Balance Transfer Facility (BTF) | Rs. 0.30 | Up to Rs. 100 M |
| Product | Minimum Tenor | Maximum Tenor | *Grace Period for Unit Purchase (Principal) Only |
| Home Buying | 1 year | 20 years | Nil |
| Home Construction (plot purchase + construction) | 1 year | 20 years | 24 months |
| Home Renovation | 1 year | 10 years | 6 months |
| Home Balance Transfer Facility (BTF) | 1 year | 20 years | 6 months |
*Rent will be paid during the grace period.
| Customers | Individuals (salaried, business persons/self-employed persons) |
| Security/Collateral: | Registered/equitable mortgage with a token registered mortgage of the property owned/purchased by the main applicant/co-applicant. |
| Repayment: |
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| Financing Limit (Equity Participation): |
|
| Pre-Payment Profit: | Allowed with a 3% profit (in case the value of the property appreciates) and nil if it decreases or remains the same. |
(*Maximum age at the time of maturity of the Musharakah tenure.)
For Business/Self-Employed Individuals
Documents for Salaried Individuals
Note: Diminishing Musharakah finance will not be allowed purely for the purchase of land/ plot only.
Yes, purpose of finance has to be in line with the purpose defined by regulator i.e.
Yes. One can avail two Musharakah financing at a time from Askari Bank within Debt Burden Ratio (DBR) as per prevailing SBP PRs.
The minimum financing amount is Rs. 300,000/. The maximum financing limit will be up to Rs. 100,000,000 subject to 50% Debt Burden Ratio (DBR) as per SBP PRs for Housing Finance.
Financing tenure is Minimum 1 years and maximum 20 years.
For Salaried Permanent: Minimum 21 years and Maximum 60 years at the time of maturity.
Contractual: 65 Years
For SEB/SEP: Minimum 21 years and Maximum 65 years at the time of maturity
Pensioners: 65 Years
Salaried: Permanent Rs. 50,000/-
Contractual Rs. 60,000/-
Govt. Employee Contractual 60,000/-
Armed Forces: 25,000/-
Yes. Clubbing of Co-Applicant income may be allowed in case of spouse/son/parents/Brother/un-married daughter/Sister.
No, the financing amount can only be used for specific purpose i.e.
Home Musharakah facility can be availed from all cities/areas without discrimination.
The financing shall not be allowed for;
The processing time of Musharakah Finance is 30 days form login till approval subject to the submission of all required documents.
Processing Charges will be applicable as per prevailing Bank’s Schedule of Charges (SOC) available at AKBL website.
Yes. Property takaful is mandatory; however, it covers construction cost of financed house and value of property in case of apartment.
Payment of Equal Monthly Instalment (EMI) comprising of principal, Profit and Takaful cost etc. will be made through Direct Debit Authority (DDA) of Applicant’s account maintained with AKBL.
Yes, one may claim tax rebate against its Home Finance profit paid during the year, or as per prevailing Tax laws of the country.
Yes, a Balloon payment or premature termination option is available for all customers. Charges will be applied as per prevailing Bank’s schedule of charges.
Note: Balloon payment option will not be available during the grace period of facility.
Our Sales/ front end staff is quite supportive and always there to serve you. You can visit/call or send email at our Customer Services center(s) as well.
Email Address: CustomerServices@askaribank.com.pk
