There are so many reasons that make Dubai Islamic Home Finance the right choice!

•100% Shariah Compliant 
•Minimum Financing amount of Rs. 0.5 million. 
•Maximum Financing of up to Rs. 50 million. 
•Fastest processing time 
•Affordable monthly payment amount 
•Financing up to 80% of your property value 
•Finance Enhancement option as per the applicable terms. 
•Early & Partial settlement options as per the applicable terms
•Tenor Rescheduling option as per the applicable terms.

Pricing Mechanism / Profit Rate Criteria

Dubai Islamic Home Finance is a variable rate product i.e. the rental rate is linked with revisable Karachi Interbank Offered Rate (KIBOR) which shall be revised after every six or twelve months from the date of contract booking depending upon your chosen renewal option.

Applicable Profit Rate = Relevant KIBOR + Margin

The prominent features of the Pricing Mechanism of the Dubai Islamic Home Finance are further explained in detail as follows:

1. The variable rental is based on a benchmark KIBOR + a predefined margin.

2. The variable rental and the rental payment schedule, which will be offered to you at the time of contract booking, shall be valid for six or twelve months only depending upon your chosen renewal option.

3. The variable rental is (annually or semi-annually) renewable. It is renewed based on the prevailing KIBOR rates at the time of renewal. In other words the rental rate is linked with revisable KIBOR rate which shall be revised after every six or twelve months from the date of execution of the Payment Agreement.

4. The predefined Bank’s margin remains constant throughout the financing period. However the KIBOR may increase or decrease based on market rate movement which can change the rental amount. To further explain this point a hypothetical illustration is given below using 12 month KIBOR as benchmark for your understanding

Installment Payment Frequency and Mode

DIBPL Home Finance customers can make their “monthly rental payments” through any of the following modes/channels as per their convenience.

Over the Counter: 

DIBPL Home Finance customers can deposit their monthly payments/rentals “over the counter” at any DIBPL branch through cash or cheque in a dedicated account.

Direct Debit Instructions: 

DIBPL Branch Banking customers can make their monthly rental payments by simply giving direct debit instructions from their account maintained at any DIBPL branch.

Internet Banking: 

DIBPL Branch Banking customers can easily make their monthly rental payments by using Dubai Islamic Internet Banking facility to internally transfer the rental amount from their personal account to the dedicated account.

Documents

•Copy of primary applicant’s CNIC.
•Copy of Co-partner’s CNIC, if necessary. 
•2 Passport Size Photographs.
•Tax Returns.
•Copy of Utility Bill. 
•Professional Degree (for self employed professionals only). 
•Salary Certificate/Proof of Profession. 
•Latest Salary Slip. 
•Bank statement of the last 12 months & Bank Certificate. 

 FAQ's

1. Who can apply for Home Finance facility?

 Salaried Individual
 Self Employed Professional (SEP)
 Self Employed Businessman (SEB)

2. In how many cities is Home Finance Facility available?

 Karachi
 Lahore
 Rawalpindi/Islamabad
 Faisalabad

3. What is the minimum and maximum financing limit available for Home Finance?

 Home Purchase    Rs 500K – 50 million
 Home Renovation    Rs 500K – 10 million
 Transfer of finance from another bank       Rs 500K – 50 million 

4. What is the product Structure/mode of finance?

It is based upon the following modes of Shari’a
 Shirkat ul Melk (Co-ownership) where the Bank and the Customer jointly own the Asset &
 Ijara (Lease) of the Bank’s share to the Customer.

5. Who can be Co-partner?

Only spouse and immediate blood relatives (Son, Father, brother and mother) except daughter & sister, can be co-partners.

6. Will my spouse's income also be considered in calculating the Finance Burden?

Yes, your spouse's income (Wife or Husband) can be clubbed for finance burden calculation.

7. Can a commercial property be financed or not?

As per State Bank’s Regulations for Consumer Financing, only residential property is allowed to be financed under Home Finance product.

•Our Relationship Officer will visit and help you complete the Home Finance application form.
•Once your application has been analyzed and approved you will receive an offer letter stating the terms of offer and the finance amount DIBPL is willing to provide.
•On completion of these steps, the amount stated in the offer letter which is DIBPL’s contribution towards Musharaka will be deposited by DIBPL to Musharaka account.
•You will be registered as the legal owner of the property at the local registrar’s office.
•You will then be required to execute a lease agreement (Payment Agreement) to lease DIBPL’s undivided share of the property DIBPL for an agreed number of years against monthly rentals.To complete the transaction you would sign the remaining transaction documents.
•After successful completion of Lease, DIBPL will sell its undivided share in the property to the customer for a nominal price.