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HSBC Sharia criteria?

Amanah Home Finance is based on the Diminishing Musharaka mode of financing

Process

The Bank's will purchase the property and then the property will be leased to you for the financing term and you will pay rent. You choose the property you want to buy and make an application. If you meet the criteria, financing will be agreed, then the following steps will take place: On completion, the property will be held in trust by HSBC Trust Company for each of the shares in percentage of the contribution to the purchase price, e.g. 10% for you if you have paid a 10% deposit and 90% for us if that is the amount of financing we have provided.

HSBC Trust Company as trustee will lease the property to you for the financing term. HSBC solicitor will register ownership of the property and the Trust Deed. Your solicitor or other legal adviser will register your ownership of tenancy in your name. You’ll need to make a monthly Amanah Home Finance payment to HSBC for the term of your finance. Your payment will comprise: rent, contribution payment and Charges, if applicable (any other sums payable for a leasehold property and buildings insurance if arranged by the bank).

For each monthly payment that you make you will pay the bank rent for the use of HSBC share of the property and acquire an additional share for yourself. At the end of the agreed term, and when all payments have been made, you can exercise the promise to sell and HSBC will transfer the property to you. You can also purchase our interest in the property from HSBC by exercising the promise to sell at anytime during the term of the finance.

Criteria

Minimum deposit requirement, 10%,

Payment terms, Up to 30 years,

Income Multiplier, Applicants can make one application - i.e. potentially 6 incomes can taken into account when assessing an application. Salary multiples are not used but affordability calculated using customers earnings and outgoings.

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Sharia Mortgages Frequently Asked Questions

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