Roshan Apna Ghar Scheme for Overseas Pakistanis
The Government of Pakistan has been working towards ensuring that overseas Pakistanis have a way to invest in Pakistan. It has been highlighted on multiple occasions and the most recent one was in the UAE. The President of Pakistan, Arif Alvi, announced Roshan Digital Account to make sure that it is easier for overseas Pakistanis to invest in their home country.
There are a lot of opportunities for overseas Pakistanis to invest in the real estate market of Pakistan. This is the reason that the government has been endorsing Roshan Apna Ghar Scheme for overseas Pakistanis.
Roshan Apna Ghar Scheme
Roshan Apna Ghar Scheme is one of the major landmarks in ensuring that Pakistan is increasing its foreign investment. This was introduced by the Prime Minister himself in an event. He had the vision to bring foreign remittance and wanted to provide a safe channel for overseas Pakistanis to invest in the real estate market. There is a lot of potential in the real estate market of Pakistan and overseas Pakistanis can play a vital role in it. The reason behind launching this scheme was to make sure that overseas Pakistanis are saved from different scams, and they are provided with financial stability.
Prime Minister’s Vision
Prime Minister of Pakistan, Imran Khan, has the vision to increase the inflow of dollars in Pakistan. This scheme is going to be financed through banks and it can be financed through Islamic or conventional banking. It is completely up to the consumer to choose between the two for their own peace of mind.
Previously it was difficult to get through the banking system and get financing for overseas Pakistanis. With the introduction of the Roshan Apna Ghar Scheme, overseas Pakistanis can have a home of their own in their native country. The scheme has to offer bank financing from 3 to 25 years at competitive market rates to ensure competition in the market.
Features of Roshan Apna Ghar Scheme
Roshan Apna Ghar Scheme is all about providing seamless bank financing for housing projects for overseas Pakistanis. The highlighting features of the Roshan Apna Ghar Scheme:
- Compliance with both Shariah and conventional banking.
- It has a flexible payment plan ranging from 3 to 25 years.
- All the properties financed through the banking system will be insured under the banking law.
- The financing rates are attractive so that they can direct the attention towards the real estate market of Pakistan.
- Overseas Pakistanis can become Co-borrowers in the property and their physical presence is not even required for the convenience of the consumers except under special circumstances.
Banks providing the facility of financing for Roshan Apna Ghar Scheme
Under the directions of the State Bank of Pakistan, all the major Islamic and conventional banks have joined hands with the central bank. The major banks as of now are:
- Habib Bank Ltd
- Bank Alfalah
- Meezan Bank
- Standard Chartered Bank
- Faysal Islami Bank
- Samba Bank
- United Bank Ltd
- MCB
Financing Categories
The banks are financing the real estate for overseas Pakistanis in two different categories. The categories are Lien-based financing and Non-lien Based Financing.
Lien-based financing
If the overseas Pakistanis are using the means of Naya Pakistan Certificates or Roshan Digital Account for payments, the banks can finance up to 99% of the property value. This will be applicable to both construction and buying of land. If the overseas Pakistanis are looking to renovate their existing property, the bank can only finance up to 40% of the total renovation bill.
Non-lien Based Financing
For Non-lien Based Financing, the bank is only allowed to pay up to 85% of the property value. And they are restricted to providing only 30% financing when it comes to the renovation of an existing property.
How to invest in this Scheme
The overseas Pakistanis can follow these simple steps to avail this opportunity:
Visit the website of different banks and choose the one that best suits your needs.
The overseas Pakistani applicant can select the property from the banking website or property of their own, but it needs to be verified by the bank beforehand to release any sort of payment in the future.
There is no requirement for a Co-applicant in the case of Lien-based financing, but the bank requires you to produce a Co-applicant if you are getting Non-lien Based Financing. The applicant should ensure that the Co-applicant is a permanent resident of Pakistan.
The banks have tried to lessen the burden on the non-resident Pakistanis by providing all the facilities online and even the signatures are required digitally.
