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Roshan Apna Ghar Scheme for Overseas – A Game Changer Initiative by PM Imran Khan

30/11/2021

Roshan Apna Ghar Scheme for Overseas – A Game Changer Initiative by PM Imran Khan

If you ask any overseas Pakistani about his dream, the majority will unanimously reply to have their own home back in their motherland. Yes! Having a home in Pakistan is one of the biggest wishes that compel them to work outside Pakistan, save money and live a peaceful life. The Prime Minister of Pakistan Imran Khan has taken a “game-changer” initiative in this regard as overseas Pakistanis will now be able to realize their dream of having a house in their homeland – by availing housing finance through the recently launched Roshan Apna Ghar Scheme for Overseas.

What is Roshan Apna Ghar Scheme?

Roshan Apna Ghar is considered a landmark initiative as it is like opening an avenue for over nine million non-resident Pakistanis. Addressing the ceremony, the premier said, "I think this [initiative] will help us attract a lot of money because Pakistan needs dollars and overseas Pakistanis are the only source to decrease the gap between the country’s exports and imports".

Moreover, the financing option is available in both conventional and Shariah-compliant modes at highly competitive rates. There was land grabbers mafia working in Pakistan, luring overseas investors to invest in the plot but all they did was looting investors’ money through fraudulent acts. Therefore, a lot of people keep from investing in properties in Pakistan. Instead of following conventional investment modes, banks are involved in the scheme, which will add to the confidence of overseas Pakistanis.

Salient features of Roshan Apna Ghar Scheme for Overseas Pakistanis Roshan Apna Ghar Scheme for Overseas Pakistanis is a great initiative by the current government that highlights benefits like:.

  • Availability of finance through conventional and Shariah-compliant modes
  • Flexible loan repayment plan spread over 3 to 25 years
  • Free insurance for every purchased property
  • Attractive mark-up rates
  • The option to include other non-resident Pakistanis as co-borrower
  • You can take a loan to buy a plot, a home or to renovate an existing house
  • Financing option is available on both lien or non-lien basis

Banks involved in Roshan Apna Ghar Financing Scheme The government has taken this initiative with the help of the State Bank of Pakistan (SBP) and several commercial banks are included in the list to facilitate the overseas investors such as Standard Chartered Bank, Meezan Bank, Samba Bank, Habib Bank Limited, Bank Alfalah, United Bank Limited, Faysal Bank, and Muslim Commercial Bank. Several other banks will soon be added to the list to help overseas Pakistanis complete the property purchase process

Standard financing facilities…

Currently, there are two types of financing facilities available in the Roshan Apna Ghar Scheme under Standard Financing: Lien-based and Non-lien based financing.

Lien-based financing

Lien-based financing means that a borrower must have an equal amount of balance in the account in form of Naya Pakistan Certificates or Roshan Digital Account (RDA). In this condition, banks can finance up to 99% of the total property value to Overseas Pakistanis for the purchase of plot, property or construction of a house. On the contrary, the financing facility for the renovation of the house is 40%.

Non-lien based financing

In this option, the loan amount is against the value of the property to be purchased. Under non-lien based financing, banks can release up to 85% of the value of the property for the purchase and construction of a house. On the contrary, the financing facility for the renovation of the house is 30% of the total value of the property.

In this situation, a borrower must be physically present to avail of financing option and in case, he cannot be there, he can hand over the Power of Attorney to another person who will complete the transaction on the borrower’s behalf.

This initiative is hailed by the majority of overseas Pakistanis as it will help them realize their dream of having a residential property in Pakistan, without worrying about fraud. Soon, more information will be made available for the borrowers through this page. So, keep coming back and know more about Roshan Apna Ghar Scheme for Overseas Pakistanis.

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