Roshan Ghar Apna Pakistan Scheme

A new sign of hope to attain economic stability in Pakistan emerges under the title of ‘’Roshan Ghar Apna (RDA)’’. To put the main reason of the establishment of this scheme in one sentence would be to attract more foreign currency in the country and also increase investment opportunities for the Pakistanis leaving overseas. So, basically this housing scheme will allow the foreign Pakistani to buy property within Pakistan without entering in any kind of ruckus or nuisance. This Scheme is a result of collaboration between the commercial banks in Pakistan alongside with State Bank of Pakistan.

Silent Features of RDA

• Financing time range will begin from 3 years to 25 years
• Buyer must own a Roshan Digital Account
• Maximum financing against property value
• During the 1^st year of purchase, in case of termination 1% will be charged after that no charges will be applied
• Processing fee is Rs 4000/- (exclusive FED)
• Optional life insurance in case of death due any cause (accidental/ disability)
• Property Insurance (covering financing amount) is free for the buyers
• Govt Mark-up subsidy scheme (GMSS) for housing finance will be applicable as per already defined criteria under respective tiers

Types of Financing facilities

There are 2 types of financing facilities established to facilitate its users

Standard Financing

This financing facility will deal with 2 types of financing

• Lien based financing  
•  100% lien shall be marked equivalent to finance amount on Roshan Digital Account or Naya Pakistan Certificate till the maturity of loan.
• Minimum balance in Roshan Digital Account or investment in Naya Pakistan Certificate should be equivalent to finance amount.
• Without Lien based financing

the typical housing finance offered against mortgage of the property to be purchased; banks may fund up to 85% of the property value for purchase or construction of a house, and up to 30% of the property value for the renovation of home

Government Mark-up Subsidy Scheme

Under this scheme, the financing rates will be applicable to Mera Pakistan Mera Ghar Scheme to the Roshan Ghar Account holders. As a matter aside insurance of property to the financing amount is also free.

                      Criteria For Buyers

Purchase Without Lien Marketing

SALARIED INDIVIDUALS

• Applicant must be a Non-Resident RDA account holder.
• Applicant must have a valid NICOP or POC
• Applicant must be 20 years of age or more at the time of financing application and 60* years or less/ retirement age, whichever is lower at the time of financing maturity.
• There will be no minimum income criteria
• Co-applicant residing in Pakistan

NON-SALARIED INDIVIDUALS

• Applicant must be a Non-Resident RDA account holder.
• Applicant must have a valid NICOP
• Applicant must be 20 years of age or more at the time of financing application and 65 years or less at the time of financing maturity.
• There will be no minimum income criteria
• Co-applicant residing in Pakistan

  CO-APPLICANTS

• Co-applicant is mandatory
• Co-applicant must be a family member (could be a spouse, parent, adult siblings or adult childer)
• CNIC is also required
• Co-applicant’s age must not exceed 65 years

CO-FINANCEE

• Co-finance must be a foreigner
• Authorized NICOP is mandatory
• Minimum overall utilization/ business tenure should be of 2 years

PURCHASE WITH LIEN MARKETING

SALARIED INDIVIDUALS

• Candidate must be a foreigner and must own an RDA account holder
• Candidate must possess a valid NICOP or POC
• The age limit varies from 20 years to 65 years  
• There will be no income criteria
• Co-applicant must be Pakistani resident

NON-SALARIED INDIVIDUALS

• Applicant must be an out-of-state RDA account holder
•  Candidate must possess a valid NICOP or POC
• The age limit varies from 20 years to 65 years  
• There will be no income criteria

NOMINEE

• CNIC/SNIC is required of the candidate
• A nominee must be a friend/ lawyer who might assist in mortgage transaction 
• Nominee is required due in case of absence of the co-applicant in the country

WITHOUT LIEN CHARGES

G

VISION OF PRIME MINSTER IMRAN KHAN

On 27^th August,2021 Prime Minster Imran Khan initiated the Roshan Ghar Apna scheme among many other well-known personalities from the business, finance, real-estate sector. PM Imran Khan labeled this project as a ‘’Game Changer’’. He also stated the following comments:

“The new initiative will 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”