Eligibility Criteria

• Valid CNIC of Applicant
• 6 months’ bank statement in case of JS bank customer
• 1 Year bank statement in case of non – JS bank customer
• Salary Requirement for Salaried Individuals: PKR 50,000
• Income Requirement for Self Employed Professionals: PKR 50,000
• Age Requirements: 18 Years to 60 Years
• Vehicle Age Requirement: Used & Imported, 9 years from the date of Manufacturing
• Minimum Down Payment: 15 % for Local assembled vehicles & 30 % for Imported vehicles
• Maximum Financing Limit: PKR 300,000 to PKR 50 Million
• Loan Tenure: 1 to 7 years
• Pre-Payment Penalty: 6 % of the principle amount in first two years. After 2 Years – NIL

Profit Rates

• APR or Markup Rate: 1 Year Kibor + 4% to 5%
  

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

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

Salary persons

• 3 latest pay slips
• 2 references CNIC & their Contacts Details
• 2 photographs of Applicant

Business Person

• Request on Company’s Letter head
• 1-year bank statement(s)
• Account Maintaining Certificate
• NTN Certificate
• CNIC of Applicants
• 2 References with CNIC & Contact Details
• 2 Photographs of Applicant.

What makes Easy Home Shariah-Compliant?

Meezan Bank’s Easy Home works through Diminishing Musharakah and conforms to Shariah laws specifically related to financing, ownership and trade. The nature of the contract is co-ownership and not a loan because the transaction is not based on lending and borrowing of money but on joint ownership in a house. Meezan Bank shares the cost of the house being purchased. Creating joint ownership and then gradually transferring ownership to the consumer instead of simply lending money is the major factor that makes Easy Home Shariah-compliant. With Easy Home, the Bank will finance up to 65% and 75% of the property price to businessmen and salaried individuals respectively. The customer agrees to a monthly payment to the Bank, part of which is for use of the house and part for purchasing the bank’s share in the house. When the customer has made the full payment which had been agreed upon, he becomes the sole owner with a free and clear title to the property. The profit charged by Meezan Bank is therefore payment for use of its share of the house during the life of the contract. Your payments to Meezan Bank are hence completely Riba-Free.

Is there a room for a co-applicant in Easy Home and can Co-applicant’s income be considered for approval in limit enhancement?

Yes, the immediate family member (selective relations) can become co-applicant in Easy Home case. Co-applicant’s 50% income can be clubbed for approval in limit enhancement. Incase co-applicant is spouse, then 100% income can be clubbed for income computation.