What Is Creditech Home Financing
Creditech Home Financing is a Shariah-compliant, interest-free solution for purchasing a home. Instead of a traditional loan, it works through a partnership where Creditech and you jointly own the property. You make monthly payments that include rent and an increasing equity share. As your share grows, your payments decrease. Once fully paid, you become the sole owner of the property. This structure ensures an ethical, transparent, and manageable home financing option.
Creditech Home Financing - Eligibility Criteria
Citizenship:
Pakistani National (Resident or Non-Resident) as per the Bank’s policy.
Age:
- For Applicant & Co-Applicant (with income clubbing): Minimum 25 years and maximum 65 years at the time of financing maturity.
- For Co-Applicant (without income clubbing): Minimum 21 years and maximum 70 years at the time of financing maturity.
- For Salaried Applicants: Age must not exceed 65 years or retirement age (whichever is earlier).
Customer / Applicant:
- Primary (Single) & Co-applicant allowed.
- Co-applicant must be an immediate family member (spouse, parents, adult children, brothers & sisters).
Income:
- Salaried & Self Employed Professional (SEP): Minimum gross income of PKR 50,000 per month.
- 100% of the spouse’s income may be clubbed for income calculation.
- Self-Employed / Business Person: Minimum gross income of PKR 100,000 per month.
- Self-Employed Professional includes doctors, engineers, auditors, and architects.
- For contractual employees, a minimum gross income of PKR 100,000 per month is required.
Employment Tenure:
- Salaried: Minimum 2 years of continuous work history in the same industry/field.
- For contractual employees, 2 years continuous work history in the same industry/field plus 4 years total experience.
- Self-Employed / Business Person: Minimum 3 years in current business/industry.
Required Documents
- For Salaried Individuals:
- A copy of the recent pay slip or employment certificate.
- For Businessmen:
- Business proof such as a bank certificate confirming proprietorship, NTN, business association letter, or tax return.
- Bank Statements:
- Copy of the last six months’ bank statements.
- Photograph:
- One recent passport-size photograph.
- Specimen Signature:
- Specimen signature card, preferably on the bank’s prescribed format.