SUNAINA

ROLL NO: BC16-421

CLASS: B.COM(HONS)
SECTION: B(MORNING)

HAILEY COLLEGE OF COMMERCE

UNIVERSITY OF THE PUNJAB
Easy Home - Islamic House Finance
 Easy Home - Islamic House Finance

Easy Home is a completely interest (Riba) free

solution to your home financing Needs . Based
on
• Diminishing Musharakah
• joint ownership
• gradually transferring ownership
 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.
APPLICATION
FORM
 REQUIRED DOCUMENTS

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
FROM
• 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