Eligibility criteria to apply for BankIslami home loan
☑️ Pakistani citizenship
☑️ Age between 25–65 for main applicants
☑️ Minimum monthly income: PKR 60,000 (locals), PKR 80,000 (NRPs)
☑️ At least 6 months in current job or 3 years of business
☑️ NRPs must appoint a Pakistan-based co-applicant
Documents required
📄 CNIC/NICOP copies of applicant and co-applicant
📄 2 passport-size photographs
📄 6 months of paid utility bills
📄 Income proof: salary slips or tax returns
📄 Property documents and approved building plan
📄 Bank statement (12 months) and employment verification
Approval depends on fulfilling the listed criteria. BankIslami may request additional documents based on your profile.
How to apply for BankIslami home loan
To begin the BankIslami home loan process, visit your nearest BankIslami branch and request a Muskun financing consultation. After discussing your property goals, you’ll complete a physical application form and submit the required documents. The bank will verify your address, job, and references, and assess your financial capacity.
If eligible, you’ll receive an offer letter followed by a Shariah-based co-ownership agreement called Musharakah. For purchases, BankIslami issues a pay order to the seller; for construction or renovation, funds are transferred directly to your account. If your application is declined, you may reapply later after meeting conditions.
How to repay monthly installments of BankIslami home loan
Monthly repayments are calculated based on the bank’s remaining ownership share in your property. You’ll pay rent for that share, which gradually reduces as you purchase units of ownership.
Payments are made through your branch or authorized channels. Your schedule is agreed upon upfront—align it with your income cycle for better consistency.
Fees and costs
Muskun Home Loan follows Islamic finance structures like Diminishing Musharakah and Ijarah, which means there is no interest. Instead, you pay monthly rent on the bank’s portion. If you close the loan within the first year, a 5% early settlement fee applies.
After that, early closure is free. Minor administrative and legal review charges may be included depending on your specific case. Always verify these costs when signing the initial agreement.
A tip for your wallet
The BankIslami home loan process allows partial prepayments with zero penalties after the first year. Use this to your advantage—whenever you receive a bonus or lump sum income, make an early purchase of Musharakah units.
This reduces the rent portion in future installments. Additionally, consider clubbing income with your spouse or siblings right from the start to boost your financing eligibility and secure better repayment terms.
Ready to begin your application?
Click below to start the BankIslami home loan process, explore your eligibility, and discover how to apply with full Shariah compliance. The BankIslami home loan process is transparent, ethical, and designed for long-term peace of mind. Tap the button and begin your halal journey toward home ownership.