A Shariah Compliant Home Financing solution
and floating financing options
financing of the property value
Buy a new home at competitive pricing.
Plan renovation/extension to your home by availing enhancement on existing Saadiq Home Finance.
Avail financing against your home for renovation or extension purposes.
Transfer you existing home finance at another bank to Saadiq Home Finance.
Both hybrid and floating pricing options.
Up to 25 years financing tenor.
You can avail home financing in selected areas within Karachi, Lahore and Islamabad/Rawalpindi cities.
SCB is currently not financing under construction properties. Customer has the option to purchase a house, get financing against his existing property or transfer his outstanding home financing facility from another bank (BTF).
NRPs of Malaysia, Singapore, UAE and Bahrain are eligible to apply for Saadiq Home Finance Facility. Financing can be serviced via NRP account or through Roshan Digital Account (Islamic/Conventional).
Proceeds from the sale of the financed property can not be repatriated.
It takes 21 – 25 working days from customer application to disbursement, given that all documentation is in order.
Customer can qualify for a minimum of PKR 2 Mn to maximum of PKR 55 Mn for home purchase facility, from PKR 0.5Mn up to PKR 15 Mn or 40% of the property value whichever is lower for home credit facility and from PKR 0.5Mn up to PKR15 Mn or 40% of the property value whichever is lower for enhancement.
Customer will be levied a late payment penalty. This penalty will be paid in charity by the Bank as per Islamic Banking principles.
Late payment penalty will be levied as per the prevailing Schedule of Charges. This penalty will be paid in charity by the Bank as per Islamic Banking principles with the instructions of Shariah Board.
Yes. Following partial purchase price will apply:
|1st year||5.5% of the payment amount|
|2nd year||4.5% of the payment amount|
|3rd year and more||3.5% of the payment amount|
Following early purchase price will apply:
|1st year||5.5% of the outstanding amount|
|2nd year||4.5% of the outstanding amount|
|3rd year and more||3.5% of the outstanding amount|
The Takaful rate charged to the customer is 0.030% per annum of the financing amount and it is communicated via the sales representative to the customer. Customer also signs a Takaful policy which has the applicable rate mentioned.
Both Floating rates and Hybrid rates options are available for Saadiq Home Finance. Hybrid rate offers fixed rate for the first 3 years or 5 years and a floating rate subsequently.
The underlying Islamic mode of this housing program is Diminishing Musharaka. Diminishing Musharakah (Shirkat ul Milk) is a form of co-ownership in which Bank and customer will share in the joint ownership of a tangible asset (e.g. house) in an agreed proportion. It is agreed that one of the co-owners (customer) will purchase, in periodic instalments, the share of the other co-owner (Bank) until the ownership of that tangible asset is completely transferred to the purchasing co-owner (customer). Furthermore, along with the purchase of share, the co-owner (customer) will also make agreed periodic payments (rent) for the usage of other co-owner’s share (Bank) in the asset, till ownership of the asset is completely transferred to the customer.
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