Easy Home - Islamic House Finance

Easy Home is a completely interest (Riba) free solution to your home financing
needs. Unlike a conventional house loan, Meezan Bank’s Easy Home works
through the Diminishing Musharakah where you participate with Meezan Bank in
joint ownership of your property. The nature of the contract is co-ownership and
not a loan. This is because the transaction is not based on lending and borrowing
of money but on joint ownership of a house. Meezan Bank, thus 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 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 rent for 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
clear title to the property.

Key Features

 Highest Financing Amounts

 Maximum Finance against Property Value

 Flexiblility to make Partial Pre-payments

 Shariah Compliant Life Takaful Facility

 Affordable Installments and regular reducing monthly rental

 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.

Procedure to apply for Bank Loan

There is a simple 10-step method while applying for an Easy Home advance.
These are:

 Download the application form from Bank’s website and fill the required
details.

 Attach the required documents with form

 Submit the form along with cheque for further procedures.

 Sit tight for Meezan Bank to check your addresses.

 Credit evaluation.

 The bank will check the legitimacy of your archives.

 The estimation of your coveted property will be assessed.

 You will get a restrictive offer letter.

 Open an account at Meezan Bank.

 Sign the Islamic House Finance Agreement and other required

documents.

 You will be joined by a Meezan Bank authority and legal advisor for the
procedure of property exchange and its confirmation. The legitimate
customs are embraced at this stage.

These are the required details you may require to get a house loan from
Meezan bank. For more information do visit Meezan bank franchise or
website. For more such article keep visiting rightdeed.com
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-Applicant’s CNIC (If applicable)
 2 Latest passport-sized colored photographs of Applicant/Co-Applicant
 Copy of last paid utility bills (Electricity/Gas/Telephone)
 Copy of CNIC of legal heirs
 Copy of recent credit card bills and other credit facilities (If applicable)
 Copy of professional certificate/Degree (If applicable)
 Copy of Rent Agreement (If applicable)
 Life Takaful documents (Declaration of Good Health/ Health Questionnaire)

Income Information
For Salaried Individuals
 Employment Certificate, salary, date of joining & present designation
 Original or certified salary slips of last three months
 Previous employment proof (If applicable)
 Salary A/c bank statement of salary account for the-Last 12 months

For The Businessman/ Self Employed/Professionals

 Three 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)

PROCEDURE AFTER SUBMISSION OF APPLICATION

FORM
 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.
ACCOUNT OPENING FORM
 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