KARACHI: HBL Islamic Banking and Dolmen Group had entered into a strategic partnership last month, as per which, they are to provide access to Premium Real Estate using the Islamic Home Financing facility.
This facility has been rolled out for Dolmen Group’s customers and “Grove Residency” is the first project which is being offered Shariah Compliant Home Financing through this partnership.
“Grove Residency” is a premium residential community development by Dolmen Group comprising of three residential towers with modern amenities. The project is currently under construction and is expected to be completed in 2023.
Under this arrangement, HBL Islamic Banking offers a Home Financing Facility of up to 70pc of the cost of each unit for a period of up to 20 years to preapproved customers of “Grove Residency”. This finance facility will have preferential rates and will be dispersed to the customer at the time of the handover of the project. The minimum equity contribution of customers required up to handover will be in the form of principal payments spread over three years without any financial charges.
This partnership provides customers the ease to make payments that are spread out over long term installments, similar to making monthly rental payments. The process is open and transparent, making premium real estate more accessible to customers, and providing new avenues for investment to salaried individuals and entrepreneurs.
Commenting on the arrangement, Afaq Khan, Head – HBL Islamic Banking, said, “As the largest Bank in Pakistan, our vision is to provide Shariah compliant home financing solutions to all segments of society. Premium housing will no longer just be a dream, because this facility will enable customers to have the flexibility and convenience to afford it. HBL is pleased to partner with the Dolmen Group, Pakistan’s leading Premium Real Estate Developers.”
Faisal Nadeem, Director Dolmen Group said, “We are delighted to offer a differentiated Home Financing Facility to complement a unique residential development. Dolmen Group aims to reshape the community living experience over the next few years with the development of premium apartment projects. Making such developments accessible to the wider community is an important part of our vision and HBL being the largest bank in Pakistan will be a key player in helping us realise that goal.”