KARACHI: The State Bank of Pakistan will be launching this week a new product ‘Roshan Apna Ghar’ for non-resident Pakistanis for acquisition of property in the country.

“Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account,” said a statement issued by the central bank on Wednesday.

Roshan Digital Account is a major initiative of State Bank, launched on Sept 10, last year in collaboration with commercial banks. These accounts provide innovative banking solutions for millions of Non Resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities back home.

Under this 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.

“Roshan Apna Ghar is the new lifestyle banking product in the same category,” said the SBP, adding that non-resident Pakistanis can now easily buy or obtain financing with the comfort of sitting in their houses abroad without the need to visit a bank branch.

“They can buy or finance a house from bank’s pre-approved projects or any other property,” said the SBP.

“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 added.

The SBP says that profit rates are attractive. Financing is available in both conventional and Shariah-compliant version, it added.

Published in Dawn, August 26th, 2021