Whether you are young and looking for your own home or a mature couple looking to own a home, owning your home is one of the most important aspect of our lives, yet satisfying things that you will do in your lifetime. A good news is that home loan can help you to get there.
Having your own home gives you security and it can often be seen as a financial investment as it could increase in value over time. However, a having your own home, your own space and independence are what makes owning your own so rewarding but what do you know about the MCB Islamic Bank Home Loan? To purchase a home, purchase land to build your own home or make a specific property investment, it is important that you know all about the MCB Islamic Bank home loan in case if you are planning to apply for one soon.
Key Features of MCB Islamic Bank Home Loan – Rihayesh Finance
This Shari’ah compliant home loan is designed to give couples and individuals the opportunity to own their own home. Therefore, it makes it possible for you to purchase a home that is ready for you to move into. However, if you are considering building your own home then this is also a loan that is perfect for you.
It is possible that you might already own a home that requires improvement or renovation work, this loan will make that possible and affordable. Finally, it also enables you to purchase a plot of land and build your own home on it in future, enabling homeowners to create their dream home.
Additional Reading: A Guide to Selecting an Affordable Home Loan to own a Property in Your City
Those who are looking to apply for this home loan could have finance of up to PKR 60 million for a home purchase, PKR 30 million for constructing their own home, PKR 20 million for renovation work and PKR 60 million for purchasing a plot and building a home.
The loan can be taken out over a period of 2 years up to 20 years and for self-employed individuals, they can have finance of up to 70% of the value of the property while salaried individuals can obtain a loan of up to 80%. It is possible for joint applicants to obtain a loan and the monthly instalment is competitive with takaful rates that are also highly competitive.
Who is this Home Loan Suitable for?
Effectively, the home loan – Rihayesh Finance from MCB Islamic bank is aimed at middle class families and those who want to own or build their own home. The financing is targeting those who are self-employed, professionals and salaried individuals as this ties in with the eligibility criteria.
Eligibility for MCB Islamic Bank Home Loan – Rihayesh Finance
Those who are applying for this specific product will need to earn a net salary of PKR 60,000 for those who are salaried and PKR 100,000 for those who are self-employed. The minimum age of applicants is 25 years old while the maximum age is 65 years for those who are salaried and 70 for those who are self-employed. Those who are salaried must have spent a minimum of 6 months in their current employed role and those who are self-employed must have been in business for one year.
Are You Searching for a Home Loan in Pakistan?
When the time comes for you to search for a home loan so you can purchase or build your first home, it is important that you consider all options. Comparing the banks and lenders is now even easier than ever before because Mawazna.com makes it possible to compare home loans from a wide range of providers. This enables you to seek out the best deal and find a product that is perfect for you.
“Mawazna Karein Apne Liye, Apno key Liye”
Disclaimer: During the writing, Team Mawazna puts every single effort to provide the upto date information. The above information was captured at the time of writing in Sep. 2018. However the provider banks may change the product information, charges and offers at any time without any notice therefore it is advised to validate the information with the Provider bank before applying for a certain product.