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Home | Personal Banking | Consumer Finance | Easy Home | Application Procedure

Easy Home

Road map to your dream home

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.

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