Prime minster Imran Khan started an amazing initiative for overseas Pakistanis. The Roshan Apna Ghar scheme aids the overseas Pakistani to invest and own properties in Pakistan with the help of Roshan Digital Account. This initiative helps the overseas Pakistanis to invest in safe and secure opportunities. The non-residents of Pakistan can purchase and can obtain financial aid to own a house in the country. According to the PM this initiative can be a game changer for the account deficit of Pakistan.
The overseas Pakistanis are a great asset for our country, but their potential had never been recognized before and hence they have never been given initiatives and secure options to invest and bring the dollars in Pakistan. The Roshan initiative is a huge step for a Roshan Pakistan. It can aide the overseas Pakistanis for safe investments and in return the dollars decrease the gap in exports and imports.
According to the PM, Pakistan can greatly benefit from the investment potential of the overseas community, their technical skills, and their expertise in the long run. And it can be very beneficial for the Pakistani economy. In the past the non-residents were hesitant to invest in real estate in Pakistan because of land grabbing mafias. But with Roshan initiative the banks will provide honest investment options and loans to own properties in Pakistan to the non-residents.
Roshan Digital Account
Roshan digital account is the facility provided to the nonresidents by the government to help them with the banking facilities in Pakistan. It gives them the access to Pakistani banks without a consulate, embassy, or physical bank branch. Non-residents of Pakistan face a lot of trouble to invest in Pakistan, but the RDA simplifies the whole process for them. The process is quite simple and entirely digital to make the Pakistani banking facilities more accessible to overseas Pakistanis.
RDA also helps the overseas Pakistanis with various investment options that are safe and secure. The RDA initiative helps to keep the money safe and bring wealth in the Pakistani economy. With RDA accounts the nonresidents can also buy stocks and governmental bonds. They can invest in different industries, buy a house or a car. It broadens the investment spectrum for the overseas Pakistanis.
The banks that provide the RDA services are
- Bank al-Falah
- Standard chartered Bank
- Meezan Bank
- Samba Bank
- Faysal Bank
- And Muslim Commercial Bank
By providing a safe environment for investments and housing opportunities, we have opened a door with new possibilities. A feat that will help build a Roshan Pakistan. With the help of state bank, the federal government started an initiative under the pretense of Roshan Digital Account including the Naya Pakistan Certificate, Roshan Apni car and Roshan Samaji khidmat programs. These initiatives will help the economy of Pakistan immensely by making the overseas feel at ease with safe investment options.
Many of Pakistan’s banks have helped provide amazing opportunities to attract overseas investments. In the past the overseas did own the properties but it was a very risky thing because in their absence the land grabbing mafia used to covet their land and they used to harass the non-residents. The Roshan Digital account have collaborated with commercial banks and the RDA to provide for easy access to investment opportunities and to protect the investment of overseas Pakistani from kabza groups.
Here are some features to note regarding the initiative
- For pre-approved projects off-plan financing is available
- Every property purchased through this initiative will have free insurance.
- The loans provided are convenient and highly- flexible, providing tenure for 3-25 years.
- There are two types of modes available financially, conventional, and shariah-compliant.
- You can add other non-residents as co-borrowers.
- Financial rates are highly attractive.
- The non-residents don’t have to be physically present. Except for non-lien-based financing.
Process of buying a property through Roshan Initiative
The process of buying the property through this initiative is quite simple and easy to understand. There are some commercial banks in collaboration with RDA that provides the services of Roshan initiative. The non-residents can buy the property by using their Roshan digital account with easy-to-follow step.
- First, you need to visit the websites of the banks that are in collaboration with RDA. These banks include,
Bank Alfalah, Meezan bank, HBL, UBL, Standard Chartered Bank, Faysal Bank, Samba Bank and Muslim Commercial Bank.
- Then you need to select the property and provide the copies of all the mandatory documents.
- Then you need to nominate a person in Pakistan as you won’t be present physically for the sale and financial transaction.
- Next step is transfer; the property will be transferred to the investors name.
- The bank will hold onto the payment for the screening and valuation of seller and the property.
There are a few other things to keep in mind before proceeding with the home financing.
Based on the applicant’s cash flows and repayment capacity, the applicant can select the property before or after applying for the loan. Secondly if you are applying for a lien-based financing then there is no requirement of co borrower. But if you apply for non-lien based one then you need a co borrower as their presence is mandatory. And the last thing is that Roshan initiative supports self-chosen properties as well as banks chosen properties.