IFIC Islamic Home Finance is a Finance product to facilitate individuals to purchase new/used residential property (House/flat/apartment/ duplex/condominium etc.) for their own use or let out for residential purposes only. Construction/ Extension/ Modification/ Finishing/ Renovation of existing residential property are also applicable under this product.

IFIC Islamic Home Finance is designed based on Hire Purchase under Shirkatul Meelk (HPSM). HPSM is a special type of Finance mode where three separate contracts are combined: Shirkatul Meelk (Partnership in ownership), Ijarah (Lease) and Sale &Purchase.

Features:

• HPSM Tenure: Short, Medium or Long, depending on the nature of the Proposal.
• The duration shall be clearly stated in the agreement.
• In determining the HPSM duration/Tenure, cash flow of the customer, economic life of the asset as well as regulatory guidelines shall have to be taken into consideration.
• HPSM Finance Amount
  • For Semi Pucca:
    • ​Minimum: BDT 5 Lac
    • Maximum : BDT 50 Lac
  • For Other Than Semi Pucca:
    • Minimum: BDT 5 Lac
    • Maximum : BDT 2 Crore
• Tenure
  • ​For salaried personnel, Self Employed professionals, Business person, Land lord
    • Minimum: 1 Years
    • Maximum: Semi Pucca 15 Years
       Other Than Semi Pucca 25 Years
  • For Contractual Officials
    • Minimum: 1 Years
    • Maximum: Semi Pucca 10 Years
       Other Than Semi Pucca 15 Years
• Minimum Income Requirement for the Finance
  • For Main Applicant:
    • Tk. 35,000/- For A/C Payee or Partial A/C Payee salaried customer. For partial A/C Payee per month, the cash portion of salary should not exceed 40% of gross salary.
    • Tk. 40,000/- for Self Employed Professional & Businessperson, Minimum 40% of monthly income must be reflected in the Bank account.
    • Tk. 40,000/- for Landlord, Minimum 25% of total rental income must be reflected monthly in the Bank account.
  • For Co Applicant:
    • Co-Applicant’s income is not mandatory, to consider Co-Applicant’s income for all customer segment, minimum monthly income is BDT 10,000/-

Eligibility:

• Any Bangladeshi individual, Resident, Non-Resident
• Eligible for Purchase of Flat/ Apartment /House (Commercial/Individual/Staff HBF), Construction/Extension/Renovation/Finishing Work, Take-over: (as per Shariah rules)
• Eligible customers: Salaried person, Self Employed professionals, Business Person, Land Lord
• Age: 22-70 (At least one applicant must cover the age range), at the time of finance maturity.
• Have an account with IFIC.
• Have a property in his/her name.
• Must reside for at least 6 months at the present address.
• Minimum 01-year experience in for salaried person and 02 years’ experience in other profession.

For more information, please contact to your nearest branch/uposhakha.