What is Roshan Apna Ghar?
Roshan Digital Account is a remarkable initiative, led by the State Bank of Pakistan (SBP) for the ease of millions of Non-Resident Pakistanis (NRPs) residing across the world.
Roshan Apna Ghar offers NRPs around the world to invest in Pakistan Real Estate where the preliminary working can happen and transaction can be executed without traveling to Pakistan. Roshan Apna Ghar is available for Customers wanting to purchase property from their own funds or avail financing from the bank. . The Financing at Dubai Islamic Bank works through Musharakah cum ijarah and/or any other Shariah compliant product/instrument conforms to Shariah laws specifically related to financing, ownership.
We propose to offer House Finance facility to all non-resident customers of Roshan Digital Account (RDA). This facility will be available for customers who are either willing to keep their investment as lien against their net financing amount as collateral or avail financing without collateral. Further, this will also be available to all the customers of Govt. Mark-up/Profit Subsidy Scheme (GMSS) for housing finance as per already defined criteria under respective tiers.
- Muhammad Irfan
- Muhammad Kashif-RSM
- Farhan Waheed
- RSM Central2
- Qasim Khalique
- Maximum financing against property value
- Exclusive Price Offering
- Flexibility to make partial pre-payments with zero charges after first year
- For first year 1% will be charged upon Early Termination after words NO charges will be levied.
- Processing fee Rs. 4,000/- (exclusive of FED)
- Optional life Takaful covering death (due to any cause) and accidental/natural disability
- Property Takaful (covering the financing amount) absolutely FREE for customers
- Govt. Mark-up/Profit subsidy scheme (GMSS) for housing finance will be applicable as per already defined criteria under respective tiers.
Following pricing will be will be applicable for variants other than GMSS;
- Without lien 1-year KIBOR + 1.5%
- With lien 1-year KIBOR only
Fixed rate (5- Years) (where applicable)
- Without lien 5yr PKRV + 1.50%
- With lien 5yr PKRV only
i. For fixed rate regime, customer will have an option to choose either to
a. Continue on Fixed rate offer by the participating bank at the time of repricing OR
b. To opt for a variable pricing/rates will be applicable after 5th year.
PIB 5 Year rate will be considered for PKRV rate
ii. Pricing will be reevaluated after every six months or any change in discount rate announced by SBP for Variable Rate. However, for existing customers, any change is pricing will be applicable or will take effect at their respective anniversary / repricing.
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Terms and Conditions:
- How is Roshan Apna Ghar Shariah-compliant?
Dubai Islamic Bank’s Roshan Apna Ghar is based on the Shariah-compliant concept of Shirkatul Milkcum Ijarah. Under this mechanism:
- Bank and customer become joint owners in the property
- Bank leases its share of property to customer against periodic rentals
- Customer undertakes to purchase bank’s share in property at the end of the tenure.
- Upon completely purchasing bank’s share, customer ultimately becomes the sole owner of property
- Who can apply for DIB Roshan Apna Ghar Finance?
Dubai Islamic Bank’s Roshan Apna Ghar is a special product for Dubai Islamic Bank’s RDA customers only.
- Under which segments the customer can apply?
RDA customer can apply based on:
- Lien based( fixed and variable pricing)
- Non lien based( fixed and variable pricing)
- Mera Pakistan Mera Ghar (Government Profit Subsidy Scheme)
- Off plan projects( to be launched soon)
- Which facilities can be applied under Dubai Islamic Bank’s Roshan Apna Ghar?
Customer can apply for following facilities in Lien and Non-Lien based offerings:
- Home/Flat Purchase
- Construction Finance
- Home Renovation
Customer can apply for following facilities in Mera Pakistan Mera Ghar (Government Profit Subsidy scheme):
- Home Purchase
- Construction Finance
- What are the financing tenure options offered by Dubai Islamic Bank’s Roshan Apna Ghar?
Tenure of the facility is between 3 to 25 years in lien and non-lien based product.
Tenure of the facility is between 5 to 20 years in Mera Pakistan Mera Ghar (Government Profit Subsidy scheme) product.
- How much financing amount am I eligible for under Dubai Islamic Bank’s Roshan Apna Ghar?
The minimum financing amount is PKR 500,000/- in lien and non-lien based product
- What are the rate options offered by Dubai Islamic Bank’s Roshan Apna Ghar?
The customer can apply both on fixed and variable rate in lien and non-lien based product.
- What pricing does Dubai Islamic Bank’s Roshan Apna Ghar offer?
Following would be the pricing:
- Lien based:
Variable Rate: 1-year KIBOR only
Fixed rate (5-Years): 5-year PKRV(PIB rate) only
- Non Lien based:
Variable Rate: 1-year KIBOR + 1.5%
Fixed rate (5-Years): 5-year PKRV(PIB rate) + 1.5%
- Mera Pakistan Mera Ghar (Government Profit Subsidy Scheme) – Tier based pricing
- What is KIBOR?
KIBOR is the Karachi Interbank Offered Rate used as a benchmark for price setting. For the stated scheme, KIBOR shall mean 12-month Karachi Interbank Offer Rate announced on 1st working day of each calendar month. For repricing, KIBOR shall mean 12-month Karachi Interbank Offer Rate announced on 1st working day of each calendar month immediately preceding the end of repricing date.
- What would be DIB’s markup and my monthly installment?
Without lien 1-year KIBOR + 1.5%
With lien 1-year KIBOR
- What is the difference between Fixed and Variable rate?
Under variable rate, rental component of instalments will be based on benchmark to be revised annually, whereas under fixed rate, rental component of instalment will be based on fixed rate for 5 years and will be revised after 5 years.
- What are the other charges applicable?
Please refer to the Bank’s Schedule of Charges.
- Can I terminate the facility before the maturity date?
Yes, you can settle your facility before the maturity date.
For first year, bank may deduct 1% Early settlement; afterwards NO early termination charges will be levied (in lien and non-lien based product).
Zero early termination Charges in Mera Pakistan Mera Ghar (Government Profit subsidy scheme).
- What is the maximum bank investment ratio?
For Lien and Non-lien Based product
Home Purchase/Plot + Construction/Construction Finance – Maximum up to 85% of property value
Home Renovation – Maximum up to 30% of property value.
- How can I repatriate my funds invested in Roshan Apna Ghar from Pakistan , what will be the process?
Dubai Islamic Bank Pakistan Offers its Valued Roshan Digital Account Holders the ability to purchase property through their own funds or Financing form the bank through the Roshan Apna Ghar Portal. Property Purchased or Finance needs to be valuated by at least 2 companies who are PBA approved and a legal decision on the property has to exist prior to any transaction. The Customers are allowed to make payment 10%+- of the avg value by the 2 companies. Where payment is routed through the RDA account to the Beneficiary as per Sale Deed. Proof of transaction has to remain with the bank. At the time of Sale proceeds can be deposited to the bank account where again Valuation is done of the property. Principal Amount can be repatriated at any point of time when selling the property and repatriating but the profit can be repatriated only after 3 years.