Meezan Easy Home
Meezan Bank Easy Home - Islamic Housing Finance
Eligibility Criteria
Citizenship
Pakistani national (Resident or Non Resident) as per policy
Age
Primary applicant: Minimum 25 years & maximum 65* years at financing maturity
Co-applicant: Minimum 21 years & Maximum 70* years at financing maturity
*Incase of salaried person, applicant and/or co-applicant financing maturity date shall not
exceed the date of retirement.
*In case of businessman, required co-applicant’s maximum age at financing maturity is 65 years
(if business income is being clubbed) and 70 years if business income is not being clubbed.
Customer / Applicant
Primary (or Single) & Co-applicant allowed.
Co-applicant must be an immediate family member.
Income
Salaried
Minimum Gross Income of PKR 40,000 per month.
100% Co-applicant income may be clubbed in case of spouse only.
Self-Employed / Business Person
Minimum Gross Income of PKR 75,000 per month.
Employment Tenure
Salaried
Permanent job with a minimum 2 years continuous work history in the same industry / field.
Self-Employed / Business Person
Minimum 3 years in current business / industry.
Easy Buyer
Choose it and get ready to move in!
Flexible financing from minimum PKR 500,000 to PKR 50 million for Salaried, SEP, NRP &
Businessmen customers.
Easy selection of financing tenure from 3 years to 20 years
Maximum 25 years tenure for Salaried & SEP customer
Bank Investment Ratio (BIR)
Up to 75% for Salaried / SEP / NRP.
Up to 65% for Business persons.
Easy Builder
For that special home you want to build!
Easy Builder allows you to get financing for Residential House on already owned land OR
purchase of land & construction thereon.
Flexible financing from minimum PKR 500,000 to PKR 50 million for Salaried, SEP, NRP &
Businessmen customers
Easy selection of financing tenure from 2 years (excluding construction period of max 12
months) to 20 years
Maximum 25 years tenure for Salaried & SEP customer
Bank Investment Ratio (BIR)
Up to 75% for Salaried / SEP / NRP.
Up to 65% for Business persons.
Profit Rate for Meezan Easy Home
At Meezan Bank, the profit margin is directly correlated to market trends to provide a
competitive product to our customers. Shariah allows the use of any conventional market factor
as a benchmark to determine the profit rate of a particular product. The mere fact that the applied
profit rate of our product is based on similar factors used in determining the applied rate of
interest of a mortgage does not render the transaction or the contract invalid from the Shariah
perspective, and neither does it make the transaction an interest-bearing one. On the other hand,
it is the underlying structure of the product that determines its Shariah compliance.
Salaried Customers
Fixed – 1st Year : K * + 3.00 % p.a
Annual Re-pricing : K ** + 3.00 % p.a.
(Floor 8.00% p.a. and Cap 30% p.a.)
* For first year Fixed Rate, “K” denotes KIBOR (Karachi Inter Bank Offer Rate), announced on
1st working day of each calendar month.
** For annual revision, “K” denotes 90 days average of 12-month KIBOR (Karachi Inter Bank
Offer Rate), announced for each calendar quarter by the Bank
Application Procedure
Submit a filled & signed application form to Meezan Bank. Submit the required cheque for
Processing Fee & External Agency costs.
Attach the required documents with your application
View list of documents
Meezan Bank will verify your residential/office addresses.
For Salaried Self Employed professionals / Businessman, Meezan Banks will conduct necessary
credit assessments and associated due diligence based on provided information. (Income
Estimator on Meezan Bank's panel conducts income estimation and submits report to the bank)
Meezan Bank will obtain a legal opinion on the property documents provided by you
Meezan Bank's appointed valuation agency will evaluate the property to determine its market
value
After you have fulfilled all Meezan Banks credit requirements, the bank will give you a
conditional offer letter.
After approval of the case, you are required to open an account at Meezan Bank.
After completion of these steps and approval of your case, you will be required to come to
Meezan Bank for signing of the Islamic House Finance Agreement and other legal documents
A Meezan Bank officer & authorized lawyer will accompany you and the seller of the property
to the appropriate bank (incase of BFT) or registrars office for Property transfer. Original
Property Documents will be handed over to the lawyer who, after verification of the documents,
will hand over the pay-order to the banker or seller and will then complete the legal formalities
on Meezan Bank's behalf
Type of Charges Salaried Businessmen
Processing Charges PKR 6,000 PKR 6,000
FED on Processing Charges@ 16%** PKR 960 PKR 960
Legal Report Charges At Actual At Actual
Property Valuation Charges At Actual At Actual
Income Estimation Charges N/A At Actual
Mr.Murtaza Mubbashir
(Regional Manager - HF Hub (North))
Cell No: 0304-0920524
E-mail:
[email protected] Consumer Center North (Islamabad)
Address: Mezzanine Floor, 33, Buland Markaz,
Jinnah Avenue, Blue Area, Islamabad.
Dir. No. 051-2271083, PABX No. 051-2871229 - 31
