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.

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.
  

Businessmen 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.
  

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:
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)
• 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 of salary account for the - last 12 months

For Businessman and / Self Employed / Professionals
• 3 years proof of business (e.g. Tax Return / Bank Certificate)
• Copy of NTN Certificate & last three years tax returns
• 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 of the Co-applicant will also be required.
• 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.

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.