bank islami interest free loan || bank islami loan online apply

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• You will approach BankIslami and inform about your needs of financing for Home Purchase, Construction, Renovation or Balance transfer facility.
• You will then submit the filled Application Form along with the required documents and a cheque for processing fee. Our Business Executive will guide you during the whole process.
• The Bank will conduct verification of your residence & office addresses as well as those of the references provided by you.
• The Bank will then conduct your Income estimation to determine the maximum financing that can be provided to you.

1. In case you are Self Employed, our agent will approach you for the necessary income details and documents.
2. In case you are Salaried, we will approach your employer for this purpose.

• A legal opinion is then obtained by the Bank on the property documents submitted by you. Valuation of the property is done to determine its Market value.
• The Bank then issues you an offer letter for the financing amount you qualified for based on your evaluation.
• After your acceptance, a Shirkat-ul-Milk (Musharaka) Agreement is signed between you and the Bank, whereby, the Bank and you will become joint owners (partners) in the Musharakah property.
• A Pay Order is issued in the name of the seller in case of MUSKUN Home purchase by the bank. Your Business Executive and our in house / External lawyer will accompany you for the transfer of property in your name. The Pay Order is then handed over to the seller. In case of MUSKUN Home Construction / Renovation / Replacement cases, the financing amount is simply credited to your account. It is ensured through Shariah-compliance checks that the funds are utilized only for construction/renovation/replacement.
• You and the Bank also execute a Monthly Payment Agreement whereby you agree to pay a monthly payment to the Bank for the use of the bank’s ownership in home.
• Undertaking to Purchase is given by you, under which you undertake to purchase the Musharakah Units (representing Bank’s undivided ownership share in the property) from the Bank periodically.
• On monthly basis, you purchase Musharakah units from the Bank. When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home.
• When you have purchased all units of Bank, you become the sole owner with a free and clear title to your home

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Documents Required

General
Copy of CNIC (Applicant and Co-applicant)
2 passport size photographs (Applicant and Co-applicant)
Completely filled Application form with Applicant’s Profile Report
Copies of Last 6 months paid utility bills
Property Documents
Copy of chain of all title documents
Approved Building plan
Public notice

For Salaried Persons
Employment certificate issued by employer
Last three Salary Slips
Bank Statement of last 12 months
Detail of other financing along with its repayment

For Businessmen
Income tax return for last three years , Proprietorship Letter/Partnership ded/ Memorandum and Articles of Association
Company Bank Statement of last 12 months
Detail of other financing along with its repayment

For NRPs
We offer NRPs (only Salaried segment) purchase/construct/renovate/balance transfer facility of a House/Property only in Pakistan only
Last three months Salary Slip
Copy of Passport
Copy of NICOP
VISA/residential status proof
Tax deduction details
Employment Certificate and Contract Copy
Bank Letter and Banks Statement of last 12 months
2 passport-sized colored Photographs of Applicant / Co-Applicant
All the above mentioned documents relating to NRP should be duly attested by Pakistani Consulate

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Click Here For Online Apply Islamic Bank 

Citizenship	Pakistani
Cities	All major cities where BIPL Branch exist.
Age Limit	Salaried/Businessmen/Selected Professionals: Primary Applicant: 25-65 Years Co- Applicant: 21-70 Years NRPs: Primary Applicant: 25-60 Years. Co- Applicant: 21-70 Years.
Employment Tenure	Salaried: Minimum 6 months at current employment and 2 years continuous employment experience in the same industry/field. Businessmen: 3 years of business / practice.
Minimum Income	Salaried: Rs. 60,000/- NRPs: Rs. 80,000/- (The respective foreign currency must be equivalent to this amount)
Additional Criteria for NRPs	1. An NRP needs to have a Co-applicant residing in Pakistan as an Authorized Person on behalf of the NRP. 2. Only Salaried NRPs can avail MUSKUN Home Financing.