about “Rent to Own”
Here is a compilation of most common questions people ask along with the answers. However, if you need any specific information unavailable here, you may email your queries to us.
Yes, rent to own homes are a real opportunity for the real buyers. Hammer properties exclusively works with Authorities on Joint Venture basis, therefore all of our housing units are 100% genuine with guaranteed handing over dates.
Yes, you can rent to own housing units, exclusively with Hammer Properties on our various projects. We offer wide range of repayment methods.
Yes, Hammer Properties have exclusive rights to "Rent to Own" services. Whereas both Rent to Own and R20 are our registered trade marks in Pakistan. We have Pakistan wise exclusive rights to market under Rent to Own and R20.
Rent to own is a service to buy a house while living in it and paying installments like rent, whereas R20 is an abbreviation of Rent to Own. Both trade marks are exclusively owned by Hammer Properties in Pakistan.
To rent to own or lease to buy a house or apartment, first step is to register with "Hammer Properties" by registering at our website and getting your U.I.D Number (Unique Identity Number) followed by paying registration fees to our dedicated Bank account. The next step is to do the booking and allocation by reimbursing charges. You chose installments plan and start paying monthly installments. The possession of the housing unit will be given to you after 3 years from the date of your booking. You may move in upon receiving the possession of your housing unit and repay in monthly installments while living in it, just like rent.
In the first stage, these projects will be available in Karachi and Rawalpindi /Islamabad. On lateral stages more cities will be added.
Any adult Pakistani who is an employee or self employed and can pay the monthly installments is eligible to avail this opportunity.
Our "Rent to Own" system is not a bank loan and thus there will be no interest / mark-up on it. There will be no security asked from the customer and likewise there will be no mortgage. This is simply rent to own system, where the rent paid will go towards the cost of the home for you to own it, while living in it.
We offer 3 year, 5 year, 7 year and 10 year repayment plans. The client could choose anyone of the repayment plan at one time. Some plans could be changed to suit customer's needs (subject to company approval)
The houses will be of 3 Marla (90sq/yards) and 5 Marla (140sq/yards), whereas the apartments will be of 4 Marla (120sq/yards). Apart from these there are also 10 Marla and 1 kanal villas and Type C, Type D and Type apartments on selected projects.
Any adult Pakistani with valid I.D. card is qualified for rent to own home, as long as he/she can pay monthly installments.
The offer is to lease first and then own after successfully paying off all the installments based on ijarah system. Upon completion of the lease tenure, the ownership will be transferred to the beneficiary's name as per the lease agreement in accordance to local laws. Since there is no bank loan, no interest and no mortgage involved, this offer qualifies to be Sharia compliant in accordance to Pakistan's supreme religious council and scholars, who have made it permissible in Pakistan.
In case of death of any customer, the lease agreement will automatically be transferred to the legal heirs of the customer as per local laws.
Every project at each location will have standard amenities like mosque, parks, jogging tracks, mini supermarket and cafeteria, green area, daycare center for children, guests waiting area and parking, community center, first aid clinic, elementary and primary school, 24 hours round the clock security, fitness and health club and gymnasium are some of the key civic amenities offered at each project.
Yes, Hammer Properties offer buy-back offer at any stage. The amount will be equivalent to the installments paid by the customer.
The registration fee is 15000/- Rupees for resident Pakistanis and 150$ for Pakistanis living abroad. However, the registration fee will be revised in near future.
Yes, the customer can refund the amount he/she has paid at any stage of the lease tenure. However, if the handing over is already done, then the rented period shall be calculated, the monthly rent will then be deducted as the client has already benefited by living in the housing unit. Furthermore, an inspection will be carried out to determine the condition of the housing unit, should any maintenance is required, the cost will be deducted and remaining balance shall be paid to the client.
As per our policy, we will maintain the uniformity of the rents for the entire lease tenure. However, if any unforeseen situation occurs where increase in rent is inevitable, then the rents may fractionally be raised after mutual consultation with the Authorities, who happen to be our JV partners.
There is no difference between "rent to own and lease to own". Both are types of rent to own listings through which you rent a home and have the option to buy it at any point throughout the lease, by clearing the outstanding dues.
We at Hammer Properties have made the prices affordable and we can fairly say that our housing units are inexpensive as compared to the market value.
The client on first stage will register at our website, where he/she will be assigned a U.I.D. (Unique Identity Number), which will be valid for lifetime and is non-transferrable at any stage. Upon getting the U.I.D. number, the client will go to our dedicated Bank and pay the registration fees. The Bank will issue a receipt which will be brought to our offices for booking and allocation, the booking and allocation fees shall also be paid exclusively at our dedicated Bank against the U.I.D. number, and the chosen monthly installments shall be paid in the same manner. After 3 years, the possession of the housing unit will be handed over to the client, where he/she can move in and pay the rest of the payments while living in the housing unit just like monthly rent. Upon paying the total balance amount, the client will be given the ownership (as per local property laws).
You can rent to own a house without a down payment. However, you could adjust the amount in monthly installments.
Yes, you can rent to own with a previous eviction. There are no specific requirements to rent to own. Therefore, you can rent to own a home with a previous eviction. We will market evicted housing units on our app and website in future, if any eviction takes place.
Our housing units are designed specifically for the low income earning professionals, daily wagers, self employed workers and middle class families. They could adjust the installments are per their requirements and can pre-pay some installments to take a break, if they have any seasonal fluctuation in their earnings, they could adjust installments accordingly. The customer can choose to pay either in large tranches or in monthly installments to suit their budget (Subject to company approval).