Karachi, August 30, 2013 (PPI-OT): The Small Medium Industrial Leasing Estates Pvt Ltd (SMILE) announced mortgage facilities for SMEs desirous of buying immovable property under Islamic banking based on 20 years repayment plan.
Chief executive officer (CEO) SMILE said those SMEs who wish to purchase immovable property and need simultaneous mortgage with bank would be facilitated and advised the SMEs to buy immovable property as day by day the price of land is increasing and also the cost of construction.
He said SMILE would arrange a loan with any Islamic bank to finance the purchase of real estate, usually with specified payment periods and mark up rates based on Kibor plus a determined percentage. The borrower would give the bank lending the amount a lien on the property as collateral for the loan.
The CEO SMILE advised the SMEs desirous of purchasing the immovable property to ensure that the property to be purchased is leased property and the title documents are in order. The SME borrower would be required to pay equity amount depending upon the agreement with the mortgagee Islamic bank.
The other requirements are of safe location, good condition of the property and the age of the SME borrower which should not exceed 65 years inclusive of 20 years repayment plan and ability to repay back with mark up within 20 years under any circumstances.
For more information, Contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Phones: + 92 35884225 and 6
Cell: + 92 300 8245307 and + 92 321 8245307
Fax: + 92 35380642