Consumer Finance
Raast Home Musharakah
BOK offers financing of Home under the Shariah Complaint product i.e. Raast Home Musharakah which is structured under the concept of Diminishing Musharakah (Joint Ownership).
- BOK and Customer will enter in to agreement of D.M where both parties contribute their equity (Investment) as per agreed ratio.
- The share of BOK will be divided into number of Units.
- The customer will purchase these Units one by one periodically until he/she is the sole owner of the house.
- Suitable for Purchase, Construction, Renovation & BTF (Balance Transfer of Funds) of residential hous.
- Rental/Profit Rate will be 01 Year KIBOR + Minimum Spread 2.0 % (Spread depends on Risk rating of a customer)
- Equity Ratio (Bank : Customer)
- For purchase of House 80:20
- For Construction of House/Apartment 80:20
- For Improvement/Renovation 80:20
- For BTF Actual Outstanding
- Note: The above ratio for the exposures of Rs.50.00 Million below, whereas Consumer Raast Home Musharakah facilities of above Rs.50.00 Million shall be observed (at Maximum) Debt Equity Ratio 80:20
- Tenure
- For Purchase of House /Apartment 05 to 20 years
- For Construction of House 80:20
- For Improvement/Renovation 03 to 10 years
- For BTF Actual Outstanding up to Remaining period of facility.
- Mode of payment will be postdated cheques
- Purchase of additional Units is allowed as per BOK-Islamic Banking Group’s procedure
- Premature termination is allowed as per BOK-Islamic Banking Group’s procedure
- Aggregate Exposure of PKR 60 million per client (for construction purchase of house) PKR 15 million (for improvement/renovation of house). For Balance Transfer Facility the maximum limit shall be PKR 60 Million or actual outstanding amount whichever is less.
- Completion time for construction of a house should not be more than 12 months from the release of first tranche
- Age of applicant for Salaried Person should be between 22 and 55 years & for businessman should be between 22 and 60 years
- Salaried employees of Provincial & Federal Governments, Public sector enterprises, Semi Govt. and Autonomous Bodies, Multinational companies, Public private sector recognized Companies, Hospitals & Educational Institutions, Blue Chips Pakistani Companies. (Listed on Stock Exchange), Contractual Doctors of MTI hospitals of KPK and Professors of Public Sector Universities are eligible to Raast Car Musharakah facility subject to the condition that their contract remain valid within the total tenure of the bank’s facility.
- Businessmen/former with sizable documented income high net worth individuals.
- Self-employed professionals.