UBL Ameen Address-Islamic House Financing Facility
UBL Ameen Address is a Shariah compliant solution based on the concept of Diminishing Musharakah; whereby the bank and customer enter into a Musharakah (Partnership) as joint owners of the House being financed. The possession will be handed over to the customer however, since the major shareholding will be of the bank; therefore, the customer will have to pay rent for using Bank Portion. Apart from the rent, ownership will transfer from the bank to the customer through the purchase of ownership share units by the customer. A complete schedule will be provided comprising of the Rental and the Unit Purchase Payments.
UBL Ameen Address empowers you to own your dream house by offering a host of options that are affordable and flexible. Now, choose the best service at the lowest prices, and make your dream house a reality with UBL Ameen Address. This product applicable for the following:
VARIANTS OF UBL AMEEN ADDRESS.
Following variants are being offered to UBL Ameen customers
- Ameen Home Purchase (Buy a home)
- Ameen Home Equity (Renovation)
- Ameen Build a home (Construction)
- Ameen Balance transfer facility
- BTF from Conventional Bank
- BTF from Islamic Bank.
1. FINANCIAL EXPOSURE
3.1 MINIMUM/MAXIMUM FINANCING AMOUNT (RURAL & URBAN)
The financing will be allowed in the below mentioned bracket:
|
Product Category
|
Minimum (In PKR)
|
Maximum (In PKR)
|
|
Ameen Home Purchase
|
1 Mn
|
50 Mn
|
|
Ameen Home Equity (Renovation)
|
1 Mn
|
30% of Appraised Value
|
|
Ameen Build a Home (Construction)
|
1 Mn
|
50 Mn
|
|
BTF (IB to IB) / (Conventional to IB)
|
1 Mn
|
50 Mn
|
3.2 TENURE (MINIMUM & MAXIMUM).
|
Product Category
|
Minimum
|
Maximum
|
|
Ameen Home Purchase
|
03 years
|
20 years
|
|
Ameen Home Equity
|
03 years
|
20 years
|
|
Ameen Build a Home (Construction)
|
03 years
|
20 years
|
|
BTF (IB to IB) / (Conventional to IB)
|
03 years
|
20 years
|
3.3 COLLATERAL REQUIREMENT
For the purpose of securing the payment of money advanced or to be advanced by way of finance, and to secure bank’s interest mortgage property will be marked as collateral.
3.4 PRICING
The financing will be offered at the following Pricing to the following segments:
|
Segment
|
Pricing
|
|
Salaried
|
1 Year KIBOR* + 3.5%
|
|
Self Employed Businessmen/Professional
|
1 Year KIBOR* + 3.5%
|
*Reprised annually based on 1 year KIBOR (Ask Rate)
3.5 PARTIAL PRE PAYMENT
Partial payment will be allowed once a year. The amount of partial payment should be a minimum of Rs/- 50,000 and a maximum amount of 6 monthly installments.
3.6 EARLY SETTLEMENT / EARLY BUYOUT PRICE
In the event of Early settlement unit price will be revised with 8%, 5% & 3% of outstanding Musharakah Units respectively in 1st, 2nd, & 3rd year onwards.
|
S. No.
|
Year of Financing
|
Early Settlement / Buy Out Price
|
|
1
|
1st Year
|
8 %
|
|
2
|
2nd Year
|
5 %
|
|
3
|
3rd Year (onward)
|
3 %
|
2. CREDIT CRITERIA
Segment wise financing Criteria for each segments are mentioned hereunder.
a) Profession:
|
Profession
|
Employment/Experience Period
|
|
Salaried - Known Companies
|
1 year of work experience and should not be on probation in current job.
|
|
Salaried-Government Servants (BPS 17 & above)
|
|
Salaried - Unknown Companies
|
2 years of work experience and should not be on probation in current job.
|
|
Salaried-Government Servants (BPS 16 & below)
|
|
SEB/SEP
|
3 years in business
|
b) Age:
|
Category
|
Minimum
|
Maximum (At Financing Maturity)
|
|
Salaried
|
25 years
|
60 Years or retirement age (max up-to 65 years).
|
|
SEP/SEB
|
25 Years
|
65 Years
|
c) Financing Limits:
|
Product Variants
|
Minimum
|
Maximum
|
|
Ameen Home Purchase (Buy a Home)
|
1.0 Mn
|
50 Mn
|
|
Ameen Home Equity (Renovation)
|
1.0 Mn
|
30% of Appraised Value
|
|
Build A Home (Construction)
|
1.0 Mn
|
50 Mn
|
|
BTF (IB to IB)
|
1.0 Mn
|
30% of Appraised Value
|
|
BTF (Conventional to IB)
|
1.0 Mn
|
50 Mn
|
d) Minimum Income:
|
Profession
|
Minimum Income (Net)
|
|
Salaried
|
Rs. 25,000/=
|
|
SEB / SEP
|
Rs. 75,000/=
|
e) Debt Burden:
|
Income
|
Debt Burden
|
|
<= PKR 100,000/=
|
Income <= Rs. 75K: 45%
|
|
> PKR 100,000/=
|
Income > Rs. 75K: 50%
|
Documentation Requirements
- Copy of CNIC
- Two recent Photographs each of primary as well as co-applicants
- Signed LOU (Letter of Understanding), which states the applicable rental rate at the time of booking of financing.
- Other Documents are required to substantiate the length of business
- General Income Documents for Salaried and SEB / SEP are given below. However, the required documentation as per your profession and income segment shall be communicated to you by our respective Relationship Managers.
Click Here for the application form.
Click Here for Undertaking and mandatory documents form.
Category Wise Requirement
|
Segments
|
Documents
|
|
Salaried
|
- Employment Certificate confirming last 12 months’ work experience
- Tax Document for the past 24 months
- Current Salary Slip
- Bank Statement for the last 12 months
|
|
SEB/SEP
|
- Employment Certificate confirming last 12 months’ work experience
- Tax Document for the past 24 months
- Current Salary Slip
- Bank Statement for the last 12 months
|
Please note that all branches in the above cities can be contacted for UBL Ameen Address.
For more information, call us at (021) 111-825-888
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