New scheme to allow overseas Pakistanis to buy house in home country

Khaleejtimes l Dubai

The Daily Tribune – www.newsofbahrain.com

Overseas Pakistanis will now be able to realise their dream of having a house in their home country by availing central bank housing finance scheme to be launched this week.

Prime Minister Imran Khan launched the first-of-its-kind initiative for over nine million non-resident Pakistanis on Friday.

PTI Senator Faisal Javed Khan said, the programme is being jointly launched in collaboration with the finance ministry and the State Bank of Pakistan.

"On this Friday insha'ALLAH PM Imran Khan will address a ceremony in connection with launching of #RoshanApnaGhar and also Roshan Digital Accounts reaching $2 Billion deposits mark in mere 11 months. Hats off to our overseas Pakistanis for their phenomenal response," Faisal tweeted.

In a statement on Friday, the central bank said it would be launching a new product, Roshan Apna Ghar, for non-resident Pakistanis for the acquisition of property in Pakistan.

"Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account," said the State Bank of Pakistan, the central bank.

Roshan Digital Account is a major initiative of the State Bank of Pakistan, launched on September 10, 2020, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions to over nine million non-resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities in Pakistan.

Under the initiative, several financial products have been provided to overseas Pakistanis, including the Naya Pakistan Certificate for investment, the Roshan Apni Car scheme and the Roshan Samaaji Khidmat for donation to charities.

"Roshan Apna Ghar is the new lifestyle banking product in the same category," the central bank statement said.

"Non-resident Pakistanis can now easily buy or obtain financing with the comfort of sitting in their houses abroad without the need to visit a bank branch. They can buy or finance a house from bank's pre-approved projects or any other property," it added.

The central bank said the tax regime is simple and final for the Roshan Apna Ghar scheme.

"In case of sale of property, the principal amount invested can be remitted abroad without needing any permission. The profit rates are attractive. Financing is available in both conventional and Shariah-compliant version," according to the SBP.