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Easy Home

Islamic House Financing

Easy Home is a Shariah-compliant Home Finance facility! One that is comprehensive, affordable, and totally hassle-free. Meezan Bank is committed to meet our customers’ needs in a truly Shariah-compliant manner coupled with dedicated service excellence. Why not have the best of both worlds? Isn't that what you are working so hard for anyway?

 

Easy Home not only allows you to own your own home by paying easy instalments but also keeps you safely away from interest based financing.

 

 

Easy Home works on a Diminishing Musharakah basis

 

With Easy Home you participate with Meezan Bank in joint ownership of your property, where the Bank will provide a certain amount of financing. You agree to a monthly payment to the bank of which one component is for use of the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a free and clear title to the property.

Financing in DHA Creek Vista

Creek Vista is a mega residential project of DHA comprising of high rise complexes equipped with all modern day facilities. Meezan Bank proudly announces to be the first Islamic Bank to extend Home Financing for purchase of apartments in Creek Vista.

 

*For details, please call our 24/7 call center or visit our Housing Hub nearest to you.

 

Flexibility and Variety to meet you requirements

 

  • Flexible Financing Tailored to Support You
    • High financing amounts
    • Adequate financing against property value
    • Flexibility to make partial prepayments
    • Minimal processing charges
    • Affordable and competitive instalment amounts with a regular reducing monthly rental
    • Rate relaxation for select MNCs & LCGs

 

  • Quick Processing Time
    Absolutely hassle-free. Quick turn-around-times, with no burdensome complexity or excessive paper work. It is simple, halal, and easy! Click here for details

 

  • Even the eligibility is Easy!
    We at Meezan Bank, as prescribed by Islamic Shariah, seek to guarantee equal access to financing for all qualified applicants, while ensuring that the qualification process is bias-free. Click here for details

 

  • Non Resident Pakistanis
    Non Resident Pakistanis can apply with peace of mind for the fastest processing of their case.

 

Easy Buyer 

Choose it and get ready to move in!

 

Features:

  • Flexible financing from minimum PKR 500,000/- to PKR 40 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 70% for Salaried / SEP / NRP.
  • Up to 60% for Business persons.
  • No restriction on early unit purchase / early termination

 


 

Easy Builder

For that special home you want to build!

 

Easy Builder allows you to get financing for

  • Residential construction on applicant’s owned land
  • Purchase of land & residential construction
  • Enhancement of an already constructed residential bungalow

 

Features:

  • Flexible financing from minimum PKR 500,000/- to PKR 40 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 70% for Salaried / SEP / NRP.
  • Up to 60% for Business persons.
  • No restriction on early unit purchase / early termination after 12 months of completion

 


 

Easy Renovate

Make your home even better or just repair it!

 

Features:

  • Flexible financing from minimum PKR 300,000/- up to 30% of property value.
  • Easy selection of financing tenure from 2 years up to a maximum of 15 years

 


 

Easy Replace

Transfer your existing mortgage!

 

You can now continue to enjoy your home, but with the added satisfaction and peace of mind you always wanted. Meezan Bank will help you switch your existing liability over to us and let you enjoy the benefits of Halal and totally flexible financing.

 

Features:

  • Flexible financing from minimum PKR 500,000/- to PKR 40 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 70% for Salaried / SEP / NRP.
  • Up to 60% for Business persons.
  • No restriction on early unit purchase / early termination after 12 months of completion

Payment Plans

 

 

Step-up-Model

The Step-up Payment plan is introduced for customers who intend to avail maximum financing facility with lower instalments. The step up model is based on Shariah-compliant structure of Diminishing Musharakah. In this model, the bank’s share is divided into Musharakah units and in the initial half of the facility tenure, the customer purchases one Musharakah unit from the bank every month and in the later half of the facility tenure, the customer purchases two Musharakah units from the bank every month. Thus the monthly instalment during initial years is comparatively lower which is easily affordable. This model is a Shariah-compliant alternative available to the customers who wish to avail maximum financing facility from the Bank.

 

UMI Model

Easy Home is structured under the concept of Diminishing Musharakah where Meezan Bank and Customer enter into a Musharakah Agreement whereby both the parties provide their investments to be utilized for the purposes of purchase/construct/renovate the property. The Joint ownership is created in the property between Bank & customer by virtue of the Musharakah agreement. (This is based on the principle of Shirkat ul Milk) Bank’s share is divided into units and is given to the Client on rent and Client promises to purchase Bank’s share (units) over the tenure of transaction Client purchases the units every month and will eventually become the owner of the property. Rental amount is adjusted according to the bank’s share (units) remaining in the property. In UMI , the Musharakah unit price remains constant through out the financing period.

 

Payment Frequency and Mode

Monthly instalments, through Direct Debit of customers account maintained at any branch of Meezan Bank Ltd.

 

Profit Calculations

 

Meezan Bank's Profit margin is correlated to the conventional mortgage market trends

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.

 

For Salaried Customers including SEP’s, NRP’s & Merchant Navy

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.

For Businessman Customers

 

Fixed – 1st Year : K * + 4.00 % p.a
Annual Re-pricing : K ** + 4.00 % 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.

 

 

  • Additional Unit Purchase
    Additional units will be revalued at 3%

 

  • Revision of Profit Rates
    Profit rates will be revised annually on Account Anniversary

 

 

 

Your payments to Meezan Bank are completely Riba-Free and Shariah-compliant!

 

As a Diminishing Musharakah it conforms to Shariah laws specifically related to financing, ownership and trade. Taking ownership through a partnership and then transferring complete ownership to the consumer instead of simply lending money is the major factor that makes our product Shariah compliant. The nature of the contract is a co-ownership and not a loan because the transaction is not based on the lending and borrowing of money but on the joint ownership of an asset. Meezan Bank shares in the cost of the asset being purchased, for example in the case of buying a home. In conventional mortgages the interest charged is a mark-up on the money lent. The profit charged by Meezan Bank is the utilization payment for your use of our share in the property throughout the life of the contract.

 

Fatwas on Housing Finance

 

The following parameters define the specific requirements that will constitute an eligible application of Easy Home: Islamic Housing Finance.

 

Particulars Eligibility
Citizenship - Pakistani and Non Resident Pakistanis as per policy
Residence & Work Address Pakistan & other countries (NRP) as per policy
Age

- Minimum age required for a Primary Customer is 25 years.
-Co-applicant must be over 21 years of age.
- Maximum 65 years old at the time of maturity of facility for Primary Customer.
- Maximum 70 years old at the time of facility maturity for Co-applicant.
In case of Salaried Person - Applicant and/or Co-applicant, maturity date of facility shall not exceed the date of retirement.

Customer / Applicant - Primary (or Single) & Co-applicant allowed.
- Co-applicant must be a member of the immediate family i.e. spouse & parents only
Income Salaried - Minimum Gross Income of PKR 40,000 per month.
- 100% Co-applicant income will be clubbed in case of spouse.
Self-Employed / Business Person - Minimum Gross Income of PKR 50,000 per month.
Personal Reference - Two personal references (one relative and other office colleague/friend) not living with the customer
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.

 

Additional Required Documents

 

Shariah Compliant Life Takaful Coverage by M/s. Pak Qatar Takaful Company against very nominal Takaful contribution payable by customer with monthly HF instalment. As per this arrangement, in the event of the death of a customer (due to any cause), the Takaful benefit will cover the outstanding amount. The Takaful cover will also be available incase of customer’s natural or accidental disability.

Applying for Islamic Housing Finance is Easy! Simply download the application form and follow the 10 easy steps given below to make your dream of owning a Home, in a truly Halal way, come true.

 

Step 1: Application Form & Initial Payment

  • Submit a filled & signed application form to Meezan Bank.
  • Submit the required cheque for Processing Fee & External Agency costs.


Step 2: Required Documents

Kindly attach all the required documents, as mentioned below, along with your Application Form:

Personal Information

  • Copy of Applicant's CNIC
  • Copy of Co-Applicants CNIC (if applicable)
  • 2 latest passport-sized colored Photographs of Applicant / Co-Applicant
  • Copy of last paid Utility Bills (Electricity/Gas/Telephone)
  • Borrowers Basic Fact Sheet
  • Copy of CNICs of legal heirs
  • Copy of recent Credit Card Bills and any other credit facilities (if applicable)
  • Copy of professional Degree / Certificate (if applicable)
  • Copy of Rent Agreement (if applicable)
  • Life Takaful documents (Declaration of Good Health / Health Questionnaire)

Income Information

For Salaried Individuals

  • Employment Certificate including salary, date of joining & present designation
  • Original or Certified salary slip of last three months
  • Previous employment proof (if applicable)
  • Salary A/c Bank statement - last 6 months

For Businessman / Self Employed / Professional

  • 3 years proof of business (e.g. Tax Return / Bank Certificate)
  • Copy of NTN Certificate & last three years tax returns
  • Bank Statement of Business Account - Last 12 Months
  • Copy of Partnership deed (In-case of Partnership)
  • Professional Association Membership Certificate / Practice License (if applicable)

  • If you have selected the property to buy or want financing for construction/ replacement/renovation
    • Complete chain of property documents (copies at initial stage & original before disbursement)

 

In the case of a Co-Applicant, all income related documents will also be required.


Step 3: Address Verification

Meezan Bank will verify your residential & office addresses and the addresses of references submitted.




Step 4: Income Estimation

For Businessman / Self Employed professionals
Meezan Banks External Consultant will contact you to determine your monthly income to help you in obtaining the maximum possible financing from the Bank.

For Salaried Individuals
Meezan Bank will verify the income with your employer.

 


Step 5: Legal opinion

Meezan Bank will obtain a legal opinion on the property documents provided by you.

 

Step 6: Property Valuation

Meezan Banks appointed Valuation Agency will evaluate the property to determine its market value



Step 7: Credit Approval & Sanction Letter

After you have fulfilled all Meezan Banks credit requirements, we will give you a conditional sanction letter.



Step 8: Account Opening

After approval of the case, you are required to open an account at Meezan Bank.



Step 9: Signing of House Finance Agreement


After completion of the above steps and approval of your case, you are required to come to Meezan Bank for signing of the Islamic House Finance Agreement and other legal documents


*In Home Construction / Renovation Cases Original Documents will be handed over to the bank at this stage 

 

Step 10: Transfer of Property and Disbursement

 

In Home Buying / Replacement Cases

A Meezan Bank officer & authorized lawyer will accompany you and the seller of the property to the appropriate bank 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.

 

Schedule of Charges

The Easy Home application process is subject to the following fees

 

Segment

Salaried

Businessmen

     
Processing Charges
PKR 5,000
PKR 5,000
FED on Processing Charges@ 16%
PKR 800
PKR 800
Legal Report Charges
At Actual
At Actual
Property Valuation Charges
At Actual
At Actual
Income Estimation Charges
N/A
At Actual

 

*Documentation charges are exclusive of above-mentioned charges and will be obtained at the time of signing of Musharakah Agreement according to the limits of financing.

Charity / Late Payment Charges

In Easy Home, in the event of any delay in monthly payment without a valid reason, the customer will be required to pay as charity a sum of Rs.500/- (Rupees Five Hundred Only) and an amount @20% per annum on such overdue amount remaining unpaid.

 

Apply Now

Followings Hubs (branches) are offering Housing Finance:

 

Clifton Hub (Karachi)

Address: 3rd Floor, Al-karam Centre,
Plot No. BCI, Block – 7, Clifton, Karachi.
Dir. No. 021-99250696, PABX No. 021-99250691-94

Contact Persons

Wise Ur Rehman (SVP & Business Manager)
Direct: +92 (21) 99250690
PABX: +92 (21) 99250691-94 Ext:164
E-mail:wise.rehman@meezanbank.com

 

 

Mohammad Shahid (Regional Sales Manager)
Cell No. 0300-2221891
E-mail:shahid.abbas@meezanbank.com

 

 

Gulberg Housing Hub Branch (Lahore)

Address: Gulberg Housing Hub (Lahore)

Dir. No. 042-35757435-6, PABX. No. 042-35879870-2

Contact Person

Mujahid Rashid (Hub Manager - Central)
Cell No. 0300-9496445
E-mail:Mujahid.rashid@meezanbank.com

 

Blue Area Branch (Islamabad)

Address: Islamabad Branch, 32, Sohrab Plaza,
Jinah Avenue, Blue Area Islamabad.
Dir. No. 051-2271083, PABX No. 051-2276712-5

Contact Person

Murtaza Mubbashir (Hub Manager)
Cell No. 0333-5369202
E-mail:murtaza.mubashir@meezanbank.com

 

 

Satyana Road Branch (Faisalabad)


Address: Meezan Bank Limited,Satiana Road Branch,P,
719 Batala Colony,Main Satiana Road,Faisalabad
PABX 041-8500715-20

 

Contact Person

Muhammad Irfan (Relationship Manager)
Cell No. 0300-7203505
E-mail:m.irfan@meezanbank.com

 

LMQ Road Branch (Multan)


Address: Nawan Shahar, Multan.
Dir. No. 061-4781554, PABX No. 061-4785604-07

Contact Person

Rauf Javed (Relationship Manager)
Cell No. 0300-6356323
E-mail:rauf.javed@meezanbank.com

 

 

Eid Gah Road Branch (Bhawalpur)


Milad Chowk, Eid Gah Road Branch, Bahawalpur
Pabx No. 062-2732145-47 Ext # 103  Fax No. 062-2732149

Contact Person

Mr. Yasir Nadeem Butt
Cell: 0300-8686220

 

Why is Halal home finance so important to you?


Owning your own home is one of life’s most important achievements. It represents your security, stability, and is a great blessing in itself. It provides that all-important safety and comfort for you and your loved ones.

 

However, in today's often unpredictable and costly environment, saving the required money can take a lifetime in itself. Rising property prices, taxes, inflation, currency devaluation… it’s all a very hard bargain. On the other hand, owning your own home and paying an easy installment, which takes you step by step towards complete ownership, is so much better than paying rent which ultimately only adds to your expenses.

 

Added to that is your desire to stay away from interest based financing and be totally riba-free, thus achie-ving that complete inner satisfaction and peace of mind. Why not have the best of both worlds? Isn't that what you are working so hard for anyway?

 

Islamic Financing on a Diminishing Musharakah basis

With Easy Home you participate with Meezan Bank in a joint ownership of your property, where the Bank will provide a certain amount of financing (usually up to 80%). You agree to a monthly payment to the bank of which a component is for the use of the home, and another for your equity share. In fact, the total monthly payment is reduced regularly as your share in the property grows. When you have made the full investment, which had been agreed upon, you become the sole owner with a free and clear title to the property.

What specifically makes Easy Home Shariah compliant?


As a Diminishing Musharakah it conforms to Shariah laws specifically related to financing, ownership and trade. Taking ownership through a partnership and then transferring complete ownership to the consumer instead of simply lending money is the major factor that makes our product Shariah compliant. The nature of the contract is a co-ownership and not a loan because the transaction is not based on the lending and borrowing of money but on the joint ownership of an asset. Meezan Bank shares in the cost of the asset being purchased, for example in the case of buying a home. In conventional mortgages the interest charged is a mark-up on the money lent. The profit charged by Meezan Bank is the utilization payment for your use of our share throughout the life of the contract. Your payments to Meezan Bank are completely riba-free.

 

Why is the profit margin charged by Meezan Bank correlated to the conventional mortgage market trends?


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.

Eligibility (For NRP Customers)

Particulars Eligibility (For NRP Customers)
Citizenship Pakistani
Product Category Buyer, Builder, Renovation & Replacement
Builder / Renovation Cases In such cases, a responsible person will be appointed by the NRP customer who will look after construction on Musharakah property/land.
Segment Salaried Only
Co-applicant for Income clubbing 50 % of Net income of Parents, Spouse & Son
Age (Applicant & Co-applicant for calculation of MBL financing amount) 25 to 60 years
Co-applicant Age (without income clubbing) 25 to 65 years
Income Gross PKR 150,000/- & above
Employment Tenure Two years (minimum) regular experience in same industry.
Minimum last 1-year existing job in the same country.
Employment Status Permanent & Contractual
Company Eligibility Multinational Co. & Well Established Local Corporate Groups
Financing Tenor 3 to 20 Years
Financing Range PKR 1M - PKR 40M

Required Documents

REQUIRED DOCUMENTS
   

1. Duly Filled in Easy Home Application Form (Application form can be downloaded from Meezan Bank’s website). Download Application Form
2. Two passport-sized colored Photographs of Applicant and Co-Applicant each, CNIC Copy / Pakistan origin card copy (original / attested).
3. Employment Contract (if applicable)
4. Copy of Passport / Visa / residential status Proof
5. Professional Association Membership Certificate / Practice License (if applicable)
6. Copies/ details of any financing facility being availed in the country of employment or in Pakistan
7. Copies of educational qualification degree / certificates
8. Copy of last paid Utility Bills (Electricity/Gas/Telephone) of Co-applicant residing in Pakistan.
9. Copy of Rental Documents (if applicable)
10. Copy of recent Credit Card Bills. (if applicable)
11. Previous Employment Proof (if applicable)
12. Processing Fees Cheque / Pay order of any commercial bank in Pakistan.

 


"For Co-Applicant, all income related documents will also be required – if applicable."

Additional Required Documents

ADDITIONAL REQUIRED DOCUMENTS
   
Employment Letter Verified by Pakistani Embassy abroad.
Salary Slip Verified by Pakistani Embassy abroad.
Last 12 months bank statement Verified by Pakistani Embassy abroad.
Employment Contract with Co. Photocopy required
Passport Photocopy required
VISA Proof Photocopy required
  • Foreign Exchange Manual (FE Manual - 2002), Chapter-19, Clause-6, Point-(iii)   (Loans and Overdrafts to Non-Residents including Loans for Purchase of Residential Plots/Houses/Flats by Overseas Pakistanis).
    • The NRP customer will have to maintain account with the concerned bank and will send remittances from abroad through normal banking channel for credit to the said account from which bank will deduct monthly installments of the housing finance facility. 
    • The housing finance facility will be extended to only those NRPs who are working abroad and do not own immovable property outside Pakistan. 
    • That the housing finance facility will be for purchase of property for residential purpose and not for any commercial purpose. 
    • At the time of maturity/termination/settlement of the housing finance facility. If the NRP customer has sold the property then the sale proceeds shall not be eligible for repatriation in foreign exchange or for credit to a foreign currency account / convertible rupee account of the customer.

 

  • Applicant will be required to open a joint account (with co-applicant) in Meezan Bank and first three Month’s Instalment will be required to be kept as a lien at MBL account throughout the financing tenure.

 

  • Shariah Compliant Life Takaful Coverage by M/s. Pak Qatar Takaful Company against very nominal Takaful contribution payable by customer with monthly HF instalment. As per this arrangement, in the event of the death of a customer (due to any cause), the Takaful benefit will cover the outstanding amount. The Takaful cover will also be available incase of customer’s natural or accidental disability.
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