All You Need to Know about Meezan Bank Home Loan

The ownership of the house inculcates a sense of security among its residents and gives them freedom to decorate the house as per their wish. As, the income of the average family in Pakistan increases the desire to have their own home also increases. This ultimately leaves the impact on the housing prices. The increase in demand also marks an increase in the real estate sector. Resultant, the price hike in the real estate sector more or less equates with the increase in pay and the ultimate effect will be zero. Therefore, Multiple leading banks and financial institutions have jumped in to bridge this gap of price and provides home loans on market competitive rates to the customers, so, that they can buy their home. This articles highlights the key aspects of Meezan Bank home loans.

Among these leading banks who provide home loans in Pakistan, Meezan Bank outshines the industry. They are providing Shariah compliant Meezan bank home loans to its valued customers on market competitive rates. Meezan bank home loan offers co-ownership of the property in which you agree to pay monthly regular installments to become the sole owner of the property with a clear title.

 

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Key Features of Meezan Bank Home Loan   

Key features of Meezan bank home loan are as follows:

– Opportunity to avail highest financing amounts in the realm of home loan

– Gives you maximum finance against property value

– Provides you flexibility to make partial pre-payments

– Offers you Shariah complaint financing facility

– Affordable installments

– Gradually regular reducing monthly rental

 

Additional Reading: Home Loans in Pakistan- Tips for Planning Your Monthly Installment   

 

Product Categories Offered by Meezan Bank Home Loan  

Meezan bank home loan is offering its customers wide ranging product categories to take the maximum advantage from it, these are as follows:

1. Meezan Easy Buyer
2. Meezan Easy Builder
3. Meezan Easy Renovate
4. Meezan Easy Replace

Let’s view these product categories in detail.

1- Meezan Easy Buyer

It provides you financing facility from minimum PKR 500,000/- up to PKR 50 Million. The financing period will range from 3 – 20 years. Bank provides 75% financing facility to the salaried class and to the business class it will finance up to 65%.

2- Meezan Easy Builder

It allows you to construct home on already owned piece of land. With Meezan easy builder, you can secure financing facility ranges between PKR 5 Million to 50 Million. The time span of the loan ranges from 2-20 years exclusive of the construction period. The bank will finance 75% amount in the realm of home loan to the salaried class individuals and 65% to the self-employed.

3- Meezan Easy Renovate

With Meezan Easy Renovate, you can make your home even better by repairing it or adding extra value by some other means. For this the bank can provide financing range from PKR 5 to 10 Million, with the loan tenure of 2-15 years. The bank will finance 30% of the amount for home renovation.

4- Meezan Easy Replace

Meezan easy replace allows you to transfer your home mortgage from any other bank to the Meezan bank and gives you flexible financing starting from PKR 5 Million up to 50 Million. The time span of the loan amount ranges from 3-20 years. The bank will finance 75% of the amount in case of salaried person and 65% in case of self-employed.     

 

Payment Plans to Avail Meezan Bank Home Loan  

There are two different payment plans to avail Meezan Bank Home Loan, which are as follows:

– UMI Model

– Step-up Model

 

Let’s have a look on these modes of payments.

 

UMI Model

Under the umbrella of UMI Model, Meezan bank home loan is given to the customer under the concept of Diminishing Musharakah, where by both parties (Bank and Customer) enter into an agreement where their investments are being utilized for the objective of purchase, construction and renovation of the property. This ownership is based upon the principle of Shirkat-ul-Milk, in which bank’s share is divided into units and the customer promises to purchase those units by paying regular monthly installments, and eventually became the owner of the property.

 

Step-up Model

In Step-up mode of payment, the customers can avail maximum financing facility in the realm of home loan with lower installment rate. Step-up model follows the principle of Diminishing Musharakah. In this mode of payment, the customer is providing the opportunity to pay comparatively low installment payments, which he/she can afford, and gradually increasing the installment amount. This model is designed specially for those customers who want to avail maximum financing for home loan.

 

Eligibility Criteria  to Avail Meezan Bank Home Loan

Eligibility criteria to avail Meezan Bank Home Loan is as follows:

 

1. Must be a Pakistani national
2. The age of the primary applicant must be 25 years at minimum and 65 years at maximum at the time of maturity. In case of co-applicant the minimum age should be 21 years and maximum 70 years at the time of financing maturity.
3. For salaried person, applicant and co-applicant financing maturity date will be their date of retirement
4. For self-employed, the maximum age of the co-applicant will be 65 years at the time of financing maturity, if business income is being clubbed and 70 years if its is not.
5. Meezan bank home loan can be availed by the individual as a primary applicant or with a co-applicant as well. However, it is mandatory for a co-applicant to be an immediate family member.
6. Minimum income of a salaried person must be PKR 40,000/- per month, while in case of self-employed it is PKR 75,000/-
7. It is mandatory for a salaried person to be on a permanent job with at-least 2 years continuous working experience in the same industry. On the other hand, for business, it is 3 years.

 

Bottom Line   

In a nutshell, Meezan Bank Home Loan is providing an amazing opportunity for its valued customers to buy and build their home through a Shria compliant product offering. Besides this, you can take loan to renovate your existing home by adding value in it, Meezan bank home loan is catering all needs pertaining to the home loan. Visit Mawazna.com to compare and buy best home loans offered by the leading financial institutions in Pakistan.

 

“Mawazna Karein Apne Liye, Apno key Liye”