Meezan Bank Limited has introduced Pakistan’s first Islamic home financing facility in collaboration with Naya Nazimabad. The initiative is the first of its kind. It offers Shariah-compliant financing for under-construction apartments.
The partnership was formalized through a memorandum of understanding (MoU). It was signed by Arif Habib, Chairman of Naya Nazimabad, and Irfan Siddiqui, President & CEO of Meezan Bank Limited. The Naya Nazimabad house loan follows the State Bank of Pakistan’s guidelines to expand ethical and affordable housing solutions.
This new Meezan Bank loan for a home has been developed under the guidelines of the State Bank of Pakistan. Under this plan, Meezan Bank will finance up to 70% of the apartment’s total value. The repayment period is up to 25 years. The scheme aims to support middle and upper-middle-income families.
Who Can Apply for the Naya Nazimabad House Loan?
These are the requirements to apply for the Naya Nazimabad house loan:
- Must be a Pakistani national (resident or non-resident).
- Must be a self-employed professional or business owner.
- Age: Between 25 and 65 years (up to 70 for co-applicants).
- Per month minimum income: PKR 50,000 for salaried and PKR 100,000 for contractual employees.
- Minimum job experience: 2 years for salaried and 3 years for business owners.
- Co-applicants must be applicant’s immediate family members.
How to Apply for a Meezan Bank Loan for a Home?
- Go to any branch of Meezan Bank.
- Sign and submit the application form.
- Pay processing and external agency fees.
- Attach all needed documents.
- The bank will verify your income, documents, and property valuation.
- Once approved, sign the agreement with Meezan Bank.
- Go to the registrar’s office with a Meezan Bank officer and a lawyer.
- Complete the property transfer.
