Roshan Digital Accounts

Buying a house through Roshan Apna Ghar is easier and attractive. Why?

Providing a secure living to their loved ones back home is a dream for most of our valued Overseas Pakistanis (OPs); and why not, after all, isn’t it one of the main reasons for hitting the road to the overseas?

Roshan Apna Ghar

State Bank of Pakistan being fully cognizant of the close-knit family values of our Pakistani diaspora, has introduced Roshan Apna Ghar (RApG) for our valued Overseas Pakistanis that allows them to own a house – either through self-financing or bank financing from a Pakistani bank through Roshan Digital Account (RDA). RDA offers a wide array of lifestyle banking products and services to overseas Pakistanis and enables them to meet all their banking, investment, payment and financing needs in Pakistan digitally. RApG is one of the most attractive products of the RDA suite that allows OPs to obtain financing at very attractive rates for buying a house for their family members in Pakistan! The financing rates become even more attractive, equivalent to KIBOR, if the OPs opt for lien based financing wherein the OPs offer Naya Pakistan Certificates (NPCs) as the collateral against the financing.

The non-lien based financing where the house purchased through the financing is mortgaged with the bank is available at KIBOR plus 150 basis point as against the normal mortgage financing rate of KIBOR plus 300 bps. The financing is available in both Islamic and conventional modes giving an option to the OPs to opt for mode of their choice. The whole process of financing application, approval and disbursement is digital, the OPs can apply for financing, upload the income verification and property documents and get the confirmation of approval of the financing, all digitally.

RApG gives OPs an opportunity to not only avail housing finance at attractive rates for purchase of their dream house in Pakistan, but also allows them to invest in real estate and/or purchase houses for their families through their own savings in RDA. The most distinguishing feature of RApG is the “Repatriability” of real estate investments made through RDA. All investments made in real estate through RDA, either through bank-financing or self-financing, are fully repatriable. Further, these investments are subject to simple and full and final taxation regime; the OPs are required to pay only 1 percent of the property value each at the time of purchase and sale of the property as the full and final settlement of their tax obligation against real estate transactions with no requirement of filing the tax return. Isn’t it an icing on the cake for the OPs!