SBP plans Roshan Apna Ghar scheme for overseas Pakistanis

KARACHI: The State Bank of Pakistan will be launching this week a new product, Roshan Apna Ghar, for non-resident Pakistanis for the acquisition of property in Pakistan, a statement said on Wednesday.

Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account (RDA).

“Roshan Apna Ghar is the new lifestyle banking product in the same category. 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,” the SBP said in a statement. “They can buy or finance a house from bank’s pre-approved projects or any other property. The tax regime is simple and final. 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 versions.

RDA is a major initiative of the SBP, launched on September 10, 2020, in collaboration with commercial banks operating in Pakistan.