What is Shariah Compliance?
Shariah compliance adheres to the standards of Shariah law and the Islamic religion’s precepts. It’s also a pool where individuals combine their money to invest to achieve halal earnings while adhering to Shariah’s principles.
Shariah-compliant adheres to the standards of Shariah law, and everyone wants to live in the most comfortable environment possible. We need money that not everyone has to be more pleased with it. Everything seems to be expensive in the aftermath of the current epidemic. Living in a rented property may be aggravating at times. Having your own house is a gift.
Having a house these days when the cost of raw materials rises is similar. To do so, you must get a loan from any bank following Islamic law and Shariah. Finding the finest Shariah Compliance Installments in Pakistan is a complex undertaking.
So, in this post, I compiled a list of some of Pakistan’s most outstanding Shariah Complaints.
Table of Content
- Meezan Bank
- Habib Bank Limited
- MCB Islamic Bank Ltd
- National Bank of Pakistan
- Bank Alfalah
- Askari Bank
- Faysal Bank
- Dubai Islamic Bank
- Bank Islami
- Bank Al Habib
1. Meezan Bank
- Loan Amount: 5 Lac to 50 million
- Installments: 24 to 240 monthly installments
Conditions:
- Monthly income: 40,000/-
- Age Limit: 25-65 years
- Bank Statement: 12 Months
- Employment Proof: 2 years.
2. Habib Bank Limited
- Loan Amount: 2 million to 15 million
- Installments: 60 to 240 monthly installments
Conditions:
- Monthly income: 1 Lac
- Age Limit: 22-60 years
- Bank Statement: 12 Months
- Employment Proof: 5 years
3. MCB Islamic Bank Ltd
- Loan Amount: up to 30 million
- Installments: 24 to 240 monthly installments
Conditions:
- Monthly income: 60,000/-
- Age Limit: 25-65 years
- Bank Statement: 12 Months
- Employment Proof: 5 years
4. National Bank of Pakistan
The bank offers building and purchase loans to its clients via the NBP Saibaan program. It also provides its valued clients with simple terms and conditions with home loans. Because of its variable yearly return strategy, NBP house loan offers Pakistan’s best home loan rates.
- Loan Amount: up to 35 million
- Installments: 3 to 20 years installments
Conditions:
- Monthly income:
- Rs.10 000 for government employee
- Rs.15,000 for private employee
- Age Limit: 23-60 years
- Bank Statement: 12 Months
- Employment Proof: 2 years
5. Bank Alfalah
- Loan Amount: 2 million to 50 million
- Installments: 36 to 240 monthly installments
Conditions:
- Monthly income: 70,000/-
- Age Limit: 23-60 years
- Bank Statement: 12 Months
- Employment Proof: 2 years
6. Askari Bank
- Loan Amount: 5 Lac to 20 million
- Installments: 36 to 300 monthly installments
Conditions:
- Monthly income: 50,000/-
- Age Limit: 22-60 years
- Bank Statement: 12 Months
- Employment Proof: 2 years
7. Faysal Bank
The housing loan program of Faysal Bank is founded on the principle of decreasing Musharakah. Furthermore, the bank and the customer jointly own the asset in this scheme. The bank then rents out the customer’s units to others. Finally, when the customer has paid for all teams, the asset is transferred to his name, making him the only property owner.
- Loan Amount: 5 Lac to 100 million
- Installments: 1 to 20 years installments
Conditions:
- Monthly income: 100,000/-
- Age Limit: 21-60 years
- Bank Statement: 12 Months
- Employment Proof: 6 Months.
8. Dubai Islamic Bank
Similarly, customers of Dubai Islamic Bank may now get house loans without paying any Riba.
- Loan Amount: up to 75 million
- Installments: 1 to 20 years installments
Conditions:
- Monthly income:
- Rs.40 000 for salaried employee
- Rs.50,000 for self-employed
- Age Limit: 25-60 years
- Bank Statement: 12 Months
- Employment Proof: 2 years
9. Bank Islami
- Loan Amount: 2 Lac to 50 million
- Installments: 24 to 300 monthly installments
Conditions:
- Monthly income: 51,000/-
- Age Limit: 25-65 years
- Bank Statement: 12 Months
- Employment Proof: 6 Months
10. Bank Al Habib
- Loan Amount: 3 Lac to 20 million
- Installments: 240 monthly installments
Conditions:
- Monthly income: 60000/-
- Age Limit: 23-60 years
- Bank Statement: 12 Months
- Employment Proof: 6 Months.
Final Verdict
In Pakistan, no bank currently offers interest-free loans. On the other hand, the banks mentioned above provide loans with favorable conditions. However, you may receive a loan against your property in Pakistan if you fulfill all of their standards. Therefore, examine these banks and their requirements before deciding which bank is ideal for your Pakistani house loan.
