Arranging finance for home construction?

Dear brothers, assalamo alaikum. I have been following forum for 1 year & it is very helpful. I will be grateful if some brother can help me with my problem. I have 1 kanal plot in islamabad on which i wish to construct house soon. I have money to manage upto grey structure but after that no more. From where can i get a good home financing deal (prefer sharia based) to finish my house without waiting? Any recommendations? Thank you in advance.

In which part of the city is your plot located? Is it CDA area or some society? The best option, and the only option to the best of my knowledge is to get a loan from an Islamic Bank. But mind you, banks usually don't lend in Bahria town.

There are some societies which are also currently offering cash incentive to home builders to get their areas populated. You wont get this money upfront but if you manage finances from some friend or relative, you can get that money back from the society fairly soon after construction. Maybe you can strike a deal with your contractor for the last installment.

Thanks Kashif for reply. My plot is located in G-15, it is called Jammu Kashmir housing society. They are not giving any cash incentive I checked. Which society is giving this incentive and how much? I have met some banks but I am confused about their conditions. One of my relatives took loan from bank and he got badly trapped. He was chased by recovery officers it was terrible. I don’t want that situation. Can you tell which bank could be good and why? Thank you for the help.

Wakeeh. You can sell 1 Kanal and buy 40x80 size. You will have full home constructed with that money.

Another option is to have 1 floor only.

Bank rates are too high even if it's sharia compliant. Also a lot of tension.

Thanks B.R. Malik. The bank rates these are around eleven to twelve percent which I checked. It looks okay to me but I am concerned about hidden conditions. Your idea of getting 14 marla is also workable but I think more money may be lost in making these transactions. But I will consider it also.