The State Bank of Pakistan (SBP) will be launching the Roshan Apna Ghar scheme this week, which will allow non-resident Pakistanis to acquire properties in their home country.
The plan to launch the scheme was announced in a statement released by the SBP on Wednesday.
“The non-resident Pakistanis can now purchase or obtain financing for houses in Pakistan through the Roshan Digital Account,” it said. “The Roshan Digital Account is a major initiative of the State Bank of Pakistan, which was launched on September 10, 2020 in collaboration with commercial banks operating in the country.”
The central bank pointed out that these accounts provided innovative banking solutions for millions of non-resident Pakistanis seeking to undertake banking, payment and investment activities in Pakistan.
Under the initiative, several financial products have been provided to the overseas Pakistanis including Naya Pakistan Certificates for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.
“Roshan Apna Ghar is a new lifestyle banking product in the same category,” it said. “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.”
Expatriates could also buy or finance a house from bank’s pre-approved projects or any other property, the central bank said.
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.
“Profit rates are attractive. Financing is available in both conventional and Shariah-compliant versions,” the SBP said.
Published in The Express Tribune, August 26th, 2021.
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