You are in

FOR INDIVIDUAL

For Companies

Benefits

Saadiq Home Finance Features

building home

Buy a new home at competitive pricing.

time uploading

Plan renovation/extension to your home by availing enhancement on existing Saadiq Home Finance.

people cashone personal loan credit card

Avail financing against your home for renovation or extension purposes.

money transfer

Transfer you existing home finance at another bank to Saadiq Home Finance.

online price guaranteed

Both hybrid and floating pricing options.

time flexible tenure

Up to 25 years financing tenor.

Application Eligibility

  • Nationality: Pakistani & Non-Resident Pakistanis residing in Singapore, Malaysia, UAE, Bahrain, Saudi Arabia, Qatar, Oman
  • Cities: Karachi, Lahore, Islamabad/Rawalpindi
  • Age: 25 Years to 60 Years (Salaried) & 65 Years (Self-Employed)
  • Income: PKR 300,000 (Salaried), PKR 300,000 (Self Employed)

Documents Required

  • Copy of Valid CNIC
  • Salary Slip/ Bank Statement
  • Employment Letter

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.

Saadiq Home Finance A Shariah Compliant Home Financing solution.
Chat Icon
Chat Icon
Click to Chat

Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving www.sc.com/pk and entering a website operated by other parties:

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/pk

 

PROCEED