Meezan Bank Personal Loan Calculator - Easy Home is a free (interest free) solution for your home financing needs. Unlike a conventional home loan, Meezan Bank's Easy Home works by reducing Musharaka, where you share joint ownership of your property with Meezan Bank. The nature of the agreement is joint ownership, not credit. This is because the transaction is based on the joint ownership of the house, not on borrowing and lending money. Therefore, Meezan Bank shares the cost of the purchased house. Creating joint ownership and then gradually transferring ownership to the consumer rather than simply lending money is the key to making Easy Home Shariah compliant.
With Easy Home, you participate in joint ownership of your property with Meezan Bank, where the Bank provides a certain amount of financing. You make a monthly payment to the Bank, one part for the house and one part for your equity. In fact, the total monthly payment will continuously decrease as your equity in the property increases. When you make the agreed full investment, you become the sole and absolute owner of the property.
Meezan Bank Personal Loan Calculator
*Maximum age of co-applicant in the case of a businessman is 65 years at the time of funding (if business income is included) and 70 years if business income is not included.
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Note: As per State Bank of Pakistan regulatory requirements, customer/individual adverse history (ie late payment/delayed/cancelled payment) will be reflected in electronic CIB reports for two years after payment.
At Meezan Bank, profitability is directly linked to market trends to provide competitive products to our customers. Shariah allows the use of any general market feature as a criterion for determining the profit margin of a particular product. The fact that our product's applicable interest rate is based on factors used to determine the applicable mortgage interest rate does not invalidate the transaction or agreement from a Shariah point of view, nor does the transaction's interest rate. - raise up. On the other hand, the basic design of this product determines its Shariah compliance.
* For first year fixed rate, 'K' means KIBOR (Karachi Bank Offer Rate) published on 1st working day of each calendar month.
** The relevant KIBOR is published as the 12-month KIBOR on the first working day of the month of interest rate revision.
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Meezan Bank's Easy Home operates through reduced Musharah and adheres to Shari'a laws, especially regarding financing, ownership and business. The nature of the agreement is joint ownership, not credit, because the transaction is based on joint ownership in the home, not lending and borrowing money. Meezan Bank shares the cost of the purchased house. Creating joint ownership and then gradually transferring ownership to the consumer rather than simply lending money is the key to making Easy Home Shariah compliant.
Easy Home Bank offers up to 65% and 75% of property value financing for businesses and salaried individuals. The customer receives a monthly payment to the Bank, part of which is for the use of the house and part of which is to buy the bank's share in the house. After the customer has paid the agreed payment in full, he becomes the sole owner with free and clear title to the property. Therefore, the interest charged by the Bank is a payment for the use of its share in the house during the term of the contract.
Submit the completed and signed application form to Meezan Bank. Submit the required check for processing fees and agency fees.
For recruiting professionals / merchants, Meezan Banks will conduct credit evaluation and due diligence based on the information provided. (Income estimator in Meezan Bank dashboard calculates the income and reports to the bank)
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After Meezan Banks fulfills all the loan requirements, the bank will issue you a conditional offer letter.
Once these steps are completed and your case is approved, you will be required to come to Meezan Bank to sign the Islamic House Financing Agreement and other legal documents.
An officer of Meezan Bank and an authorized lawyer will accompany you and the seller of the property to the relevant bank (in case of BFT) or registrar's office to transfer the Property. The real estate documents are handed over to a lawyer who, after checking the documents, submits the payment order to the bank or seller, and then completes the legal procedures on behalf of Meezan Bank.
Document costs do not include the above mentioned costs and are available within the scope of funding when the Musharaka agreement is signed.
Car Loan Calculator
Meezan Bank's Easy Home operates through Musharaka reduction and adheres to Shariah laws related to financing, ownership and business. The nature of the agreement is joint ownership, not credit, because the transaction is based on joint ownership in the home, not lending and borrowing money. Meezan Bank shares the cost of the purchased house. Creating joint ownership and then gradually transferring ownership to the consumer rather than simply lending money is the key to making Easy Home Shariah compliant.
Using Easy House, the Bank finances up to 65% and 75% of the property value for companies and individuals. The customer receives a monthly payment to the Bank, part of which is for the use of the house and part of which is to buy the bank's share in the house. Once the customer has paid the full amount they agreed upon, they become the sole owner of the property. Thus, the interest charged by Meezan Bank is a payment for using the equity of the house during the term of the contract. Your payments to Meezan Bank are completely interest-free.
At Meezan Bank, profitability is directly linked to market trends to provide competitive products to our customers. Shariah allows the use of various market characteristics as criteria for determining the profit margin of a particular product. The fact that the applicable interest rate of our products is the same as the rates used for conventional mortgages does not invalidate the transaction or agreement from the point of view of Shariah; nor does it make the business profitable; Rather, the basic design of a product determines its Shariah compliance.
What? Is there room for an additional applicant in the modest home and can the applicant's income be considered for approval in the improvement check?
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Yes, a close family member (non-obligatory relationship) can be an additional applicant for Easy Home. 50% of the applicant's income can be pooled to approve the check improvement. If a joint filer is a spouse, 100% of the income may be combined to calculate the income.
Easy Home offers the flexibility of Early Unit Purchase / Termination at any time during the ownership of the property, but in the case of an Easy Home buyer, one month after purchasing the property. In case of Easy Builder, Easy Renovate & Easy Replace - Bank takes 12 months from last payment/share purchase to purchase a unit. This restriction is based on the Shariah requirement to avoid Bai Inah or buy back. Early termination can only be done on a specific payment date. If you wish to use the facility, you must notify the Bank 10 days in advance. After the real estate price rises, musharak units are sold at a maximum price of 3%. If the market price remains the same or falls, no additional payment is made and the musharakah units are sold at par.
MBL offers all its customers the option of availing Sharia Takaful service* with highly compatible monthly takaful contribution. Under this scheme, in case of accidental or natural death of the customer, the Takaful benefit covers the outstanding amount on the date of death. Takaful cover is also available in case of natural or accidental disability of the customer. Home Government Scheme Naya Home Loan Pakistan | How to Apply for Housing Plan | Meezan Bank Auto Loan | Meezan Bank Loan | Mera Pakistan Mera Ghar
Naya Home Loan Pakistan | How to Apply for Housing Plan | Meezan Bank Auto Loan | Meezan Bank Loan | Mera Pakistan Mera Ghar
Naya Pakistan Housing Loan
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Meezan Bank Home Loan Eligibility Criteria Citizen of Pakistan (Resident or Non-Resident) as per policy Age Applicant: Minimum 25 years and maximum 65 years for tenure* Additional applicant: Minimum 21 years for tenure and maximum 70 years*.
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