Sign In
HBL PhoneBanking     111-111-425

HBL Islamic HomeFinance


A financing facility that enables you to own your dream house with ease and flexibility.


Key Features

.

  • Purchase of complete residential property (Apartment / Bungalow)
  • Financing limit between PKR. 2,000,000 to PKR. 50,000,000/-
  • Equal monthly installments with reducing rentals
  • Payment tenure ranging from 3 to 25 years
  • Financing up to 70% of property value
  • Property Takaful

Criteria

Existing HBL Customers


Salaried individuals:

  • Applicant must be a Pakistani citizen
  • Applicant must be 25 years or more at the time of financing application and 60 years or less/retirement age, whichever is lower at the time of financing maturity
  • Minimum monthly income must be PKR 50,000/-
  • Permanent job with a minimum 5 years continuous work history in the same industry/field. At least 06 months permanent employment with the current employer and currently not on probation

Self-employed business persons/professionals:

  • Applicant must be a Pakistani citizen
  • Applicant must be 30 years or more at the time of financing application and 65 years at the time of financing maturity
  • Minimum monthly income to be PKR 100,000/-
  • Minimum 5 years in current business/industry

New to Bank Customers


Salaried individuals:

  • Applicant must be a Pakistani citizen
  • Applicant must be 25 years or more at the time of financing application and 60 years or less/retirement age, whichever is lower at the time of financing maturity
  • Minimum monthly income to be PKR 100,000/-
  • Permanent job with a minimum 5 years continuous work history in the same industry/field. At least 01-year permanent employment with the current employer and currently not on probation

Self-employed business persons/professionals:

  • Applicant must be a Pakistani citizen
  • Applicant must be 30 years or more at the time of financing application and 65 years at the time of financing maturity
  • Minimum monthly income to be PKR 150,000/-
  • Minimum 5 years in current business/industry

Non-Resident Pakistani Customers


  • Salaried individuals only
  • Non-Resident Pakistanis residing in GCC countries only (UAE, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait)
  • Applicant must be having Pakistani nationality
  • Applicant to be 30 years or more at the time of financing application and 60 years or less/retirement age, whichever is lower at the time of financing maturity
  • Minimum monthly income to be PKR 400,000/- equivalent to Pak Rupees
  • Permanent or Contractual continuous total 5 years work history with at-least 02 years with the current employer

How to apply


Existing HBL Customers


Salaried individuals:

  • Copy of valid CNIC /SNIC
  • 02 passport size photographs
  • Duly filled and signed application form
  • Original Salary Certificate
  • Original last three months’ pay slips
  • Letter of awareness from Commanding Officer mentioning department, unit, rank, designation and duration of service on official letterhead (Only for Armed Forces – Mandatory)

Self-employed business persons/professionals:

Proof of Occupation (Business or Profession which can include - as may be applicable):

  • Copy of valid CNIC/SNIC
  • 02 passport size photographs
  • Duly filled and signed application form
  • Proprietorship Certificate
  • Registered Partnership Deed (in case of unregistered, company account maintenance certificate showing list of partners and their shares in percentage along with tax returns)
  • Articles & Memorandum with latest Form A & 29
  • NTN/Tax Returns
  • Degree/Diploma/Certificate in case of Professional
  • Bank Certificate clearly stating

  • Title
  • CNIC No
  • Account Number
  • Business Entity (in case of company account)
  • Account Opening Date
  • Authorized Signatory Name (borrower should be in authorized signatories)

New to Bank Customers


Salaried individuals:

  • Copy of valid CNIC/SNIC
  • 02 passport size photographs
  • Duly filled and signed application form
  • Original Salary Certificate
  • Original Last three months’ pay slip
  • Letter of awareness from Commanding Officer mentioning department, unit, rank, designation and duration of service on official letterhead (Only for Armed Forces – Mandatory)
  • 12 (twelve) months bank account statement where salary is credited
  • Documentary proof of total 5 years employment permanent employment

Self-employed business persons/professionals:

Proof of Occupation (Business or Profession) which can include - as may be applicable:

  • Copy of valid CNIC/SNIC
  • 02 passport size photographs
  • Duly filled and signed application form
  • Proprietorship Certificate
  • Registered Partnership Deed (in case of unregistered, company account maintenance certificate showing list of partners and their shares in percentage along with tax returns)
  • Articles & Memorandum with latest Form A & 29
  • NTN/Tax Returns
  • Degree/Diploma/Certificate in case of Professional
  • 12 (Twelve) months bank account statement
  • Bank Certificate clearly stating

  • Title
  • CNIC No.
  • Account Number
  • Business Entity (in case of company account)
  • Account Opening Date
  • Authorized Signatory Name (borrower should be in authorized signatories)

Non-Resident Pakistani Customers


  • Copy of CNIC/NICOP/SNIC
  • 2 (two) Recent passport size photographs
  • Salary account statement for last 12 months
  • Duly filled and signed application form
  • Copy of Pakistani passport
  • Minimum last 3 salary slips
  • Copy of valid visa
  • Letter from employer simply stating date of joining, cadre of employment and income details

Pricing


Parameter
Charges
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%

Applicable Floor rate is 8% and Cap rate is 30%.

Charges


Parameter
Charges
Application Processing Charges
PKR 10,000/-
Partial Payment/ Early Settlement Charges
5% price raise in the units purchased
Charity Due to Late Payment
PKR 2,500/- Per Month
Property Appraisal To be borne by the applicant
At Actual
Legal Opinion To be borne by the applicant
At Actual
Creating Mortgage (Token Legal Mortgage)
To be borne by the applicant
Property Takaful
To be borne by the bank

Note: Terms and Conditions apply. Charges to be applied as per effective Islamic Schedule of Banking Charges (I-SOBC)

Guiding Principle


HBL Home Finance is based on the concept of Diminishing Musharakah. According to this concept, the customer and the bank both invest jointly in an asset to create joint ownership. This proportionate share of the bank is divided into units. The bank then leased its share of asset (units) to the customer against rental payments. In parallel, the customer periodically purchases the units under the ownership of the bank. Upon purchase of all the units, the customer becomes the sole owner of the asset.

With HBL’s Islamic HomeFinance, the bank can finance up to 70% of the property price to customers. The customer agrees to a monthly payment to the bank, part of which is for use of the house and part for purchasing the bank’s share in the house. When the customer has made the full payment which had been agreed upon, he becomes the sole owner with a free and clear title to the property. The profit charges by HBL Islamic Banking is therefore payment for use of its share of the house during the life of the contract. Your payments to the bank are hence completely interest-free.

Frequently Asked Questions (FAQs)


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.

For further information, call 111-111-425