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MANZIL-ISLAMIC |
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> Manzil-Islamic Home Purchase Plans |
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Manzil-Islamic Home Purchase Plans
Manzil differs from a conventional 'interest' mortgage because we are able to provide financial help without our clients having to pay us interest. We can do this by employing the Ijarah method of Islamic Finance.
How it works?
Ijara :
Under Ijara the bank will buy and own your chosen property.
We then sell it to you for the same price with payment spread over a period of up to 25 years.
While you are buying the property from the bank we will also charge you rent for living in a property we own.
The bank therefore makes its profit from the rent we receive from you and, once you have paid us the full purchase price, the property will become yours.
The bank therefore makes its profit from the higher sale price of the property.
Qualifying criteria
Suitable for those in permanent employment or the self-employed. Who are able to pay the purchase price before the age of 65. Minimum age 18.
• Bank statements
•Credit check
•Employment status check
• Minimum deposit.
Minimum deposit requirement
•20% of property value up to £100,000.
•17% of property value £100,000 to £250,000 (max 17%).
•25% of property value for Non-UK residents, for applicants working aboard, or for buy-to-let properties.
Qualifying Property & Value
•All types of residential property, owner occupied property considered in England & Wales.
•Minimum lease term; 40 years-unexpired in excess of the payment period (currently excluding right to buy).
•Minimum property value - £50,000 (residential)
•Minimum finance amount - £40,000
•Buy to let property value - £100,000
•Minimum finance amount - £60,000
Payment terms
•Ijara - up to 25 years, minimum term 7.5 years.
•Max 15 years for non-UK residents
Income Multiplier
•3 times primary annual income (sole applicants).
•3 times the higher income plus 1 times the lower income or 2.5 times combined income for joint applicants, however, we will look at each case on its own merits.
For more information please visit: http://www.ahliunited.com
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