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EBL Islamic Home Finance

Islamic Home Finance is now within your reach! EBL Islamic Banking offers this EMI-based Shariah-compliant term finance facility for your dream home. The financing is provided under a DMF (Diminishing Musharakah Finance) agreement that is fully compliant with Islamic Shariah principles. With so many attractive features, EBL Islamic Home Finance brings the perfect solution to make your dream home a reality.

[Diminishing Musharakah Finance (DMF) is an Islamic financing method based on joint ownership, lease, and sale. In this arrangement, the bank and the client jointly acquire/purchase/construct an asset (e.g., home, car, equipment) with equal or unequal equity contributions. The bank leases its share of the asset to the client to use or avail the benefit of the asset. Alongside rental payments, the client gradually buys the bank’s share. After each payment, the client’s ownership increases while the bank’s share decreases. Eventually, the bank’s entire equity is diminished and transferred to the client and client becomes the sole owner of the asset.]

Purpose of Financing

Apartment purchase
Home Construction
Home Renovation

Primary Features

Financing amount: BDT 5,00,000 to 4,00,00,000
Financing up to 70% of property value
Repayment tenor of maximum 25 years
Minimum age of 22 years at the time of Financing application
Maximum age of 65 years at the time of Financing maturity
Legal heir/successor of the property as co-applicant
Competitive rate of rent
Processing fee – as per EBL Schedule of Charges
Advance/Partial prepayment allowed
Grace Period/Moratorium allowed

Mandatory Documents for all Professionals

Clear photocopy of National ID Card
Clear Lab Print photographs - 2 copies
Original Bank statement of last 12 months
Copy of e-TIN Certificate and latest tax return acknowledgement copy
Properly filled up CIB undertaking & enquiry form as per NID
Property Title Deed
Up to date Mutation & Land Development Tax of property
Approved Building plan along with approval letter from competent authority of property
Other property related documents as applicable

Mandatory Shariah Documents for all Professionals

DMF Agreement & General Terms and Conditions
Musharakah and Ijarah Contract
Undertaking to purchase Musharakah Units (Waad Bil Bai)
Confirmation of purchasing of Musharakah Units of the Bank

EBL may ask for any relevant documents if necessary.

All applicable fees as per EBL Schedule of Charges.

Other requirements

Income declaration

For Businessmen:

Minimum gross income required : BDT 50,000 per month
Length of experience : Minimum 3 years of business experience
Other requirements

Trade license copy (latest 3-year and inception)
Certificate of Incorporation (for limited companies)
Memorandum and Articles of Association, latest Schedule X & Form XII (for limited companies)
Registered Partnership Deed (for partnership business)

For Land Owners:

Minimum gross income required : BDT 50,000 per month
Other requirements
Rental Income generating property related documents – Valid Rental Deed, Title Deed, Mutation, Land Development Tax (Khajna), Building plan & approval copy.