KARACHI: HBL Islamic Banking and Dolmen Group recently entered into a strategic partnership, 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 70 percent of the cost of each unit for a period of up to 20 years to pre-approved 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.

Commenting on the agreement, Afaq Khan, Head HBL Islamic Banking has said as the largest Bank in Pakistan, the vision is to provide Shariah compliant home financing solutions to all segments of society. Faisal Nadeem, Director Dolmen Group said that Dolmen Group is delighted to offer a differentiated Home Financing Facility to complement a unique residential development.

Copyright Business Recorder, 2020