Dubai Islamic Home Finance is the key to your dream home and we are eager to put this key in your hands. Using the Shirkat-ul-Melk cum Ijarah model, the Bank enters into a partnership with you and helps you in fulfilling your dream of owning a home quickly, conveniently and in a fully Shari\u2019a compliant manner. Whether you want to buy, construct, renovate or simply transform your present home finance of any other bank, Dubai Islamic Home Finance would be the best Sharia-compliant alternative.<\/p>\n
Why pay rent when you can use your hard-earned money to invest in your home? \u201cDubai Islamic Home Finance\u201d is the first consumer product launched by Dubai Islamic Bank Pakistan Limited, which turns your dream into reality and gives you a secure future, today.<\/p>\n
Currently Dubai Islamic Home Finance is offering the following product variants:<\/p>\n
Home Purchase: <\/strong>Fulfill your dream with a clear conscience! You can become the owner of a new Home\/ Apartment through our home purchase product.<\/p>\n Home Renovation (Purchase of Undivided Share): <\/strong>Give your home a new look! Make DIBPL a partner in your existing property by selling a certain undivided share of your property to the bank. The Bank will lease back its undivided share to you. You can get financing upto 60% of property value.<\/p>\n Purchase of Undivided share of Property Mortgaged by other banks (Balance Transfer): <\/strong>Always wanted to own your home the Shari\u2019a compliant way? DIBPL will help you get rid of your interest-based home finance at any Conventional bank by purchasing an undivided share in your property and leasing it back to you for monthly rentals. The option can also be availed for residential properties financed by other Islamic banks.<\/p>\n Construction Finance: <\/strong>Always wanted to construct your dream home? Now DIBPL will help you in fulfilling your dream. In Construction Finance, you will sell an undivided share of your currently owned plot (on which construction is to be carried out) to DIBPL from time to time thus forming a joint-ownership or Shirkat-ul- Melk in the plot (\u201cAsset\u201d). DIBPL would then lease its undivided share in the Asset to you through a Lease Agreement. You will start paying monthly rentals from the date of signing of the Lease Agreement. At the time of each sale of undivided share of the Asset (i.e. for each tranche disbursement), the bank\u2019s ownership share in the Asset will increase and subsequently an addendum to the Lease Agreement will be executed between you and the bank. Financing for construction of residential property will be provided by the Land already owned by your good self.<\/p>\n Pricing Mechanism \/ Rental Rate Criteria<\/strong><\/p>\n Dubai Islamic Home Finance is a variable rate product i.e. the rental rate is linked with revisable Karachi Interbank Offered Rate (KIBOR) which shall be revised after every six or twelve months from the date of contract booking depending upon your chosen renewal option.<\/p>\n Applicable Profit Rate = Relevant KIBOR + Margin<\/strong><\/p>\n The prominent features of the Pricing Mechanism of the Dubai Islamic Home Finance are further explained in detail as follows:<\/p>\n What makes Dubai Islamic Home Finance the right choice?<\/strong><\/p>\n There are so many reasons that make Dubai Islamic Home Finance the right choice!<\/p>\n\n