Meezan bank home loan 2022
Meezan bank house loan 2022
Easy Home – Islamic House Finance
Easy Home is a totally curiosity (Riba) free resolution to your home financing wants. Unlike a traditional house loan, Meezan Bank’s Easy Home works via the Diminishing Musharakah the place you take part with Meezan Bank in joint possession of your property. The nature of the contract is co-ownership and never a loan. This is as a result of the transaction isn’t primarily based on lending and borrowing of cash however on joint possession of a house. Meezan Bank, thus shares the price of the house being bought. Creating joint possession after which progressively transferring possession to the buyer as a substitute of merely lending cash is the key issue that makes Easy Home Shariah-compliant.
With Easy Home you take part with Meezan Bank in joint possession of your property, the place the Bank will present a specific amount of financing. You comply with a month-to-month fee to the Bank of which one part is hire for the home, and one other to your fairness share. In reality, the whole month-to-month fee is lowered repeatedly as your share within the property grows. When you’ve got made the complete funding, which had been agreed upon, you turn into the only real proprietor with a transparent title to the property.
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