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Central bank says the project will facilitate overseas Pakistanis in acquiring property in their homeland on attractive margins
The State Bank of Pakistan on Wednesday announced that this week it will launch the Roshan Apna Ghar scheme to facilitate the acquisition of property for overseas Pakistanis.
“Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through the Roshan Digital Account,” read a statement issued by the central bank. Announced earlier this year by Prime Minister Imran Khan, the Roshan Apna Ghar scheme has been described as a “lifestyle banking” product by the SBP.
“Non-resident Pakistanis can now easily buy or obtain financing from the comfort of their homes abroad without the need to visit a bank branch,” it said, adding that expatriates could now also buy or finance a house from any participating bank’s pre-approved projects. The tax regime is simple and final. In case of sale of property, the principal amount invested can be remitted abroad without the requirement of any permission.
“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,” read the SBP’s statement. It claimed that profit rates were “attractive,” and that financing was available in both conventional and Shariah-compliant versions.
Hailing the Roshan Digital Account as a major initiative of the State Bank of Pakistan, the central bank noted it was launched on Sept. 10, 2020 in collaboration with commercial banks. These accounts, it said, provided innovative banking solutions for millions of overseas Pakistanis seeking to undertake banking, payment and investment activities in their homeland.
It recalled that the government had launched several financial products for overseas Pakistanis under the Roshan Digital Account, including the Naya Pakistan Certificate for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.