SBP set to launch Roshan Apna Ghar scheme for overseas Pakistanis

KARACHI: The State Bank of Pakistan (SBP) will be launching this week a housing scheme named Roshan Apna Ghar for overseas Pakistanis.

The central bank in a statement said non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account.

The SBP launched Roshan Digital Account last year on September 10 in collaboration with commercial banks operating in Pakistan. “These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities in Pakistan,” the statement read.

“Under the initiative, several financial products have been provided to the Overseas Pakistanis including Naya Pakistan Certificate for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.”

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The SBP said the Roshan Apna Ghar scheme 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 having to visit a bank branch, it added.

“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,” it said.

“The profit rates are attractive. Financing is available in both conventional and Shariah compliant version.”