Eligibility Criteria

• Min – Max Loan Limit: 50 % of the gross salary or Minimum: PKR 40,000 up to 2.0 Million
• Availability of Pre-Partial Payments: Yes, No Penalty on Pre-Payments.
• Minimum Salary Requirements for Salaried Individuals: PKR 40,000
• Minimum Income Requirements for Self Employed Professionals
• Age Limits (Min-Max): 21 years to 60 years
• Eligibility Criteria: 1-year service as a Permanent Employee.
• Late Payment Charges (If Any): NIL
• Pre-Payment Penalty (If Any): NIL
• Loan Tenure:
  • availed against 2 times of the salary - 12-23 months
  • Loan availed against 3 times of the salary - 24-35 months
  • Loan availed against 4 times of the salary - 36 months

Profit Rate

APR or Markup Rate: 1 Year KIBOR + 6% p.a. against Provident Fund offered by the company. If availed against 6 Post Dated cheques - 1-year KIBOR + 10%

Required Documents

• Valid CNIC
• Direct debit Authority
• Employment Certificate
• Original Salary slip
• Copy of utility bill.

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.