I have been living on rent from over 3 years; tried searching for alternatives of owning home however couldn't get far as banks required 30-40% for leasing any house/plot and for me, it wasn't possible.
I am looking for a solution/alternative where I start owning a properly with lowest amount possible for me and later pay as installments, as soon all payment is done, ownership will change to me.
Does this thing exists? If yes, guide me about it.
Dear Janib, unfortunately there is no such thing in Pakistan, it may be there in western countries but not here, however you can go for plot on installment option and once the installments are over you can construct house on it or sale it and get an affordable house.
Agreed with Imran sab,
follow this comments,my good wishes with you may Allah do good and all your dreams and wishes come true.
Thank you guys for the suggestions,
You can try City Housing and Grand city.
Dear Soomro Sb: The first basic thing to own a property is to have a keen interest to own a house and then explore ways and means to materialize the desire. I know many people who have been living in Islamabad for over 3 decades but do not own a house or a plot despite the fact that they had a reasonable income and could save money to invest into property. The main reason for their failure was that they did not have an interest and now after 3 decades they would tell you that the property buying is beyond their reach. Now that you have shown interest and have also started exploring options, you have taken the first fundamental step. Please do not let this interest die down even if you do not have money. You will see that Allah will help you. Start saving money by curtailing all your unnecessary expenses and when you are able to raise reasonable funds through savings, invest the money in some undeveloped area where you can make the down payment from your savings. For subsequent instalments, continue to make savings and also take loans from your friends and relatives. Please do not consider bank loans as an option because in Pakistan the interest rates are exhorbitant. Stay focused and do not give up, and InshaAllah you will own a house in a few years. Believe me this is a very practicable way, and not only this is my own personal experience but also I know many people who now own house(s) though initially they did not have any money. I hope and pray that your dream comes true one day.
100% agree with the suggestio of Khan Sahib.
Efforts, focus and struggle are must for achieving any goal...
Soomro Sb, our sincere prayers and wishes are with you..
Regards
You can get information on house murabaha or relevant financing structure from Meezan bank. This will allow you to buy the house and you can pay the loan off with rental income; sort of rent-to-buy structure. I am not fully sure about it but overheard my friend who was in communications with one of the bank representatives. You can call the bank helpline for more information.
@Zubair, Meezan bank offers such facility however its based on 40:60 ratio. For a 20 lac house, I have to give 8 lac. If I had 8 lac saves, I could have purchase a smaller plot with it already.
Isn't there any NGO or any other kind of firm who does this?
@Zubair, Meezan bank offers such facility however its based on 40:60 ratio. For a 20 lac house, I have to give 8 lac. If I had 8 lac saved, I could have purchase a smaller plot with it already.
Isn't there any NGO or any other kind of firm who does this?
Very nice, detailed and realistic explanation by Khan Sahib!!
Khan Sb. Very nice answer.
God Bless you all and may Allah help all of us achieve all our goals.
Excellent ans by khan sahib. Very practical approach. God bless you . I am surely going to follow this:). But i am in second phase where i have some savings…so need to take the third step.