Meezan Bank Home Loan – The ownership of the house inculcates a sense of security among its residents and gives them the freedom to decorate the house as per their wishes. As the income of the average family in Pakistan increases the desire to have their own home also increases. This ultimately leaves an impact on housing prices.
The increase in demand also marks an increase in the real estate sector. Resultantly, 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 provide home loans at market competitive rates to the customers, so, that they can buy their homes. This article highlights the key aspects of Meezan Bank home loans.
Among these leading banks that provide home loans in Pakistan, Meezan Bank outshines the industry. They are providing Shariah-compliant Meezan bank home loans to its valued customers at 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.
Home Loan Calculator: Click Here
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 the flexibility to make partial pre-payments
- Offers you a Shariah-compliant financing facility
- Affordable installments
- Gradually regular reducing monthly rental
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:
- Meezan Easy Buyer
- Meezan Easy Builder
- Meezan Easy Renovate
- Meezan Easy Replace
Let’s View These Product Categories in Detail:
Meezan Easy Buyer
It provides you financing facility from a minimum of 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%.
Meezan Easy Builder
It allows you to construct a home on an already owned piece of land. With Meezan easy builder, you can secure financing facilities ranging between PKR 5 Million to 50 Million. The period of the loan ranges from 2-20 years exclusive of the construction period.
The bank will finance 75% amount in the realm of home loans to the salaried class individuals and 65% to the self-employed.
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 ranging from PKR 5 to 10 Million, with a loan tenure of 2-15 years.
The bank will finance 30% of the amount for home renovation.
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 period of the loan amount ranges from 3-20 years.
The bank will finance 75% of the amount in the case of a salaried person and 65% in the case of a 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 at These Modes of Payment:
UMI Model
Under the umbrella of the UMI Model, Meezan bank home loan is given to the customer under the concept of Diminishing Musharakah, whereby 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 the 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 the Step-up mode of payment, the customers can avail of maximum financing facility in the realm of home loans with lower installment rates. The 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 increase the installment amount.
This model is designed especially for those customers who want to avail of maximum financing for a home loan.
Eligibility Criteria to Avail Meezan Bank Home Loan:
Eligibility criteria to avail Meezan Bank Home Loan is as follows:
- Must be a Pakistani national
- The age of the primary applicant must be 25 years at minimum and 65 years at maximum at the time of maturity. In the case of a co-applicant, the minimum age should be 21 years and a maximum of 70 years at the time of financing maturity.
- For a salaried person, the applicant and the co-applicant financing maturity date will be their date of retirement
- 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 it is not.
- Meezan bank home loan can be availed by the individual as a primary applicant or with a co-applicant as well. However, a co-applicant must be an immediate family member.
- The minimum income of a salaried person must be PKR 40,000/- per month, while in the case of self-employed it is PKR 75,000/-
- A salaried person must be on a permanent job with at least 2 years of 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 homes through a Sharia-compliant product offering. Besides this, you can take a loan to renovate your existing home by adding value to it, Meezan bank home loan is catering to all needs about the home loan.
Registered Office & Head Office
Meezan Bank Limited
Phone: +92 (21) 38103500 & +92 (21) 37133500
Meezan Bank Guarantee Verification
Name: Naheed Ashfaq
Contact: + 92 (21) 38103500 Ext: 3558
Name: Syed Salman Nadeem
Contact: + 92 (21) 38103500 Ext: 2157
Call Centre
+92 (21) 111-331-331 & +92 (21) 111-331-332
Customer Care Unit
To record your complaint, please use the following channels:
24/7 Call Center : +92 (21) 111-331-331 & +92 (21) 111-331-332
Visit SAYJOBCITY.COM to compare and buy the best home loans offered by the leading financial institutions in Pakistan.
FAQs about Meezan Bank Home Loan Calculator
What is the Meezan Bank Home Loan Calculator?
The Meezan Bank Home Loan Calculator is a tool that helps you estimate the monthly installment payments for a home loan based on the loan amount, tenure, and profit rate.
How do I use the Meezan Bank Home Loan Calculator?
To use the calculator, enter the desired loan amount, the number of years for repayment (tenure), and the applicable profit rate. The calculator will automatically show the estimated monthly payment.
What information is required to calculate my home loan?
You need to input the loan amount, loan tenure (duration in years), and the profit rate offered by Meezan Bank.
Can I use the calculator to estimate any type of home loan?
Yes, the calculator can be used for Meezan Bank’s different Islamic home financing products such as purchase, construction, or renovation loans.
Does the calculator give an exact installment amount?
No, the calculator provides an estimated amount. The actual installment may vary depending on other factors such as processing fees, insurance costs, or changes in the profit rate.
What is the maximum tenure I can enter into the calculator?
The maximum loan tenure typically offered by Meezan Bank for home financing is up to 25 years.
What is the minimum and maximum loan amount I can calculate?
Meezan Bank offers home financing with a minimum loan amount starting from PKR 500,000, and the maximum loan amount can go up to PKR 100 million, depending on eligibility.
What is the profit rate used in the calculator?
The profit rate varies based on the financing product and the customer’s profile. You should check with Meezan Bank for the latest profit rates or input an estimated rate into the calculator.
Are the results from the calculator guaranteed?
The results are for estimation purposes only. The actual loan terms, including the installment amount, will be determined after Meezan Bank reviews your application.
Can I apply for a home loan directly after using the calculator?
Yes, after using the calculator to estimate your payments, you can proceed by visiting your nearest Meezan Bank branch or applying online to get more personalized information and start the loan application process.
What factors affect my home loan installment?
The key factors include the loan amount, profit rate, and loan tenure. Additionally, your creditworthiness and income level may impact the final loan agreement.
Is the calculator available for non-residents of Pakistan?
Yes, Meezan Bank offers home financing to overseas Pakistanis, and they can also use the calculator for estimation purposes.
Can I calculate early repayment or partial payments using this tool?
The standard calculator does not account for early or partial repayments, but you can discuss these options with Meezan Bank directly for more specific information.
Where can I access the Meezan Bank Home Loan Calculator?
You can access the calculator on Meezan Bank’s official website under the home financing section.
Is there a fee for using the Home Loan Calculator?
No, the calculator is available for free on Meezan Bank’s website.
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