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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
- RSM-South
- 0321-8228484
- muhammad.irfan3@dibpak.com
- Muhammad Kashif-RSM
- North
- 0321-5694244
- muhammad.qure@dibpak.com
- Farhan Waheed
- RSM Central2
- 0300-8662196
- Farhanw@dibpak.com
- Qasim Khalique
- RSM-Central1
- 0333-5777596
- qasim.khalique@dibpak.com
Salient Features
- 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.
Pricing
Following pricing will be will be applicable for variants other than GMSS;
Variable Rate
- 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
Note:
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.
A. Product Features – Without lien:
Following criteria will be applicable to those RDA/INPC customer who are willing to avail house finance facility without lien marking and are not eligible / qualified for GMSS.
| Citizenship | All non-resident RDA accountholders having valid NICOP |
| Product Category | Buy, Build, Renovate |
| Target Market |
|
| Co-applicant |
Co-applicant is mandatory for lien Based Financing Co-applicant will be an immediate family member like spouse, parents, adult siblings & children. At least one should be permanently living in Pakistan. |
| Co-Borrower for income clubbing |
100% Co-Borrower’s income will be clubbed in case of spouse. 75% Co-Borrower’s income will be clubbed in case of other than spouse.
For the purpose of income clubbing, only a non-resident Pakistanis can be considered. |
| Maximum number of co-applicants | Four co-applicants are allowed |
| Age (Applicant & Co-applicant / co-borrower) |
20 to 65 years Salaried Individual The age of applicant must not exceed 60 years however, may be extended to 65 years provided applicant justifies that he/ she can repay the loan even after retirement age.
Non-salaried individual The age of applicant must not exceed 65 years.
In case income is not clubbed; There will be no age restriction for co-borrower / applicant
In case of income is clubbed; Same age criteria will be applicable as that of main applicant for Co-borrower / applicant. |
| Financing Range (Buy, Build) |
Minimum Rs. 500,000/- Maximum No cap |
| Financing Range (Renovate only) |
Minimum Rs. 500,000/- Maximum Rs. 10 million |
| Financing Tenure | 3 to 25 Years |
| Payment frequency Option |
EMI: Equal Monthly Installment |
|
Bank Investment Ratio (BIR) (Buyer, Builder |
Maximum up to 85% of property value for Non Lien
|
| Bank Investment Ratio (BIR) (Renovation only) | Up to 30 % of property value |
| Number of housing units at a time. | At a time one financing facility may be allowed |
| Net Monthly income | There will be no minimum income criteria however, maximum 50% DBR will be kept while underwriting credit facility. |
| Debt Burden Ratio | 50% of the net disposable income |
| Employment Status (for salaried individual only) | Permanent & Contractual |
| Employment / Business Tenure | Minimum overall employment / business tenure will be two years |
| Primary applicant | Non-resident RDA accountholder should be the primary applicant. |
| Income Assessment |
|
| Property Appraisal |
Property to be appraised by an approved PBA Appraiser only. Appraisal requires one property valuation for the cases up to Rs.10 Million and two valuations for cases where financing facility above Rs.10 Million. Therefore, for all housing finance cases up to Rs.10 Million, only one full scope valuation will be conducted. In cases where financing amount exceeds Rs.10 (M), two full scope valuations will be conducted. |
| Legal Evaluation | The copies of property documents are initially vetted by legal advisor who is reputed lawyer or firm of lawyers on the Bank’s approved list at later stage, all original property documents are “verified as originally seen” at lawyer’s office before disbursement |
| Property Ownership |
Singly owned – property title in the name of main applicant (NRP RDA account holder) Joint ownership – Spouse and/or adult children can be a joint owner. In case where main applicant (NRP) is not available in Pakistan, spouse and/or adult children who are also a co-applicant may be considered for property ownership through a GPA given by primary applicant. |
| Rental frequency |
Monthly (through Direct Debit authority on applicant’s RDA being maintained in participating Bank). In case where RDA holder has FCY account, it is mandatory to open a PKR account (i.e. NRP rupee value account). In case if RDA accountholder doesn’t remain to be an NRP, they can serve their facility via local channels, however the proceeds will not be eligible for repatriation over and above the payment made form RDA outside the country even if his residential status becomes NRP again. |
| Documentation Charges | At actual |
| Cash Lien for the completion of post disbursement formalities | An amount will be kept in lien equivalent to the amount recommended/suggested by Bank’s legal counsel for the completion of all outstanding post-disbursement formalities (if any). |
| Legal Agreement / Other Documents Signing Criteria |
In case main applicant (NRP) is available, legal agreement and other documents will be signed by applicant in the presence of bank officer. Whereas, in case where main applicant (NRP) is not available, legal agreement and other documents will be signed by applicant and will be attested by Pakistan embassy of the country of stay. Any/all charges for the same will be borne by the customer.
|
| Verification (Applicant / Co applicant) |
For salaried NRP, verification will be done through HR email confirming designation / grade, detail of remuneration and years in employment. Telephonic verification of NRP’s residence / office will also be conducted.
For non-salaried NRP, business verification may be done through email to an authorized Govt. body or through business tax returns or business / work permit confirming nature and years in business. Telephonic verification of NRP’s residence / office will also be conducted.
For Co-applicant / Co-Borrower: Where income is clubbed (NRP): Same as primary/main applicant. Where income is not clubbed (NRP): Only phonic residence verification will be conducted. Where income is not clubbed (Non-NRP): Both physical and telephonic verification of residence will be conducted. |
| Creation of Mortgage | Equitable mortgage for all and token registered mortgage for customers based on their risk profile |
B. Product Features – With lien:
Following criteria will be applicable to those RDA/INPC customer who are willing to avail house finance facility with lien marking and doesn’t eligible / qualifies for GMSS.
| Citizenship | All non-resident RDA accountholders having valid NICOP & POC |
| Product Category | Buy, Build, Renovate |
| Target Market |
|
| Lien Marking on Finance amount) |
Lien marking on customer’s RDA accounts minimum upto the extent of financing amount. (INPCs are issued for 3 months, 6 months, 12 months, 3 years and 5 years with no rollover option. Therefore, customer’s undertaking to re-book INPC or maintenance of RDA account (upto the required value) will be obtained, till the settlement/maturity of the finance amount. CAD to ensure that lien remain marked throughout the settlement/maturity of the finance amount. |
| Recovery in case of delay / default in rental payments | If customer fails to pay monthly rentals up to 180 DPD, complete facility will be settled with lien account / certificate after completion of collection efforts / dunning process. |
| Release of lien amount | RDA deposit/ INPC will be marked lien against net finance amount (NFA) for the complete financing tenure. However, after every two years, Bank will release RDA deposit/INPC from lien marking on principal redemption and customer’s satisfactory repayment history. CAD and Branch banking will be handling the activity. |
| Co-applicant / Co-borrower | Co-applicant is not mandatory in this case, however if opted it will be an immediate family member like spouse, parents, adult siblings & children. Further, applicant also has an option of appointing a “nominee” to carry out any assignment on his/her behalf having no legal obligations on nominee. |
| Co-applicant / Co-borrower for income clubbing |
100% Co-borrower / Co-applicant income will be clubbed. For the purpose of income clubbing, only non-resident Pakistanis can be considered. |
| Maximum number of co-applicants | Four co-applicants are allowed |
| Age (Applicant & Co-applicant) |
20 to 65 years
The age of applicant must not exceed 60 years however, may be extended to 65 years provided applicant justifies that he/ she can repay the loan even after retirement age.
The age of applicant must not exceed 65 years.
In case income is not clubbed;
In case of income clubbing;
|
| Financing Range (Buy & Build) |
|
| Financing Range (Renovate only) |
|
| Financing Tenure | 3 to 25 Years |
| Payment Frequency Option | Ø EMI: Equal Monthly Installment |
|
Bank Investment Ratio – BIR (Buy & Build) |
i. In case of Pak rupee: Maximum up to 99% of property value. ii. In case of FYC: Maximum up to 99% of property value (however, lien equal to 105% of property value would be created on INPC/RDA Deposits to cater for foreign exchange rate volatility. |
| Bank Investment Ratio – BIR (only Renovate) | Up to 40 % of property value |
| Number of housing units at a time | At a time one financing facility may be allowed |
| Net Monthly income | There will be no minimum income criteria. |
| Debt Burden Ratio | |
| Employment Status (for salaried individual only) | Permanent & Contractual |
| Employment / Business Tenure | Minimum overall employment / business tenure will be one year |
| Primary applicant | Non-resident RDA accountholder should be the primary applicant. |
| Income Assessment |
|
| Property Appraisal |
Ø Property to be appraised by an approved PBA Appraiser only. Ø Appraisal requires one property valuation for the cases up to Rs.10 Million and two valuations for cases where financing facility above Rs.10 Million. Therefore, for all housing finance cases up to Rs.10 Million, only one full scope valuation will be conducted. In cases where financing amount exceeds Rs.10 (M), two full scope valuations will be conducted. |
| Legal Evaluation | The copies of property documents are initially vetted by legal advisor who is reputed lawyer or firm of lawyers on the Bank’s approved list At later stage, all original property documents are “verified as originally seen” at lawyer’s office before disbursement |
| Property Ownership |
Ø Singly owned – property title in the name of main applicant (NRP RDA account holder) Ø Joint ownership – Spouse and/or adult children can be a joint owner. Ø In case where main applicant (NRP) is not available in Pakistan, spouse and/or adult children who are also a co-applicant may be consider for property ownership through a GPA given by primary applicant. |
| Rental frequency |
Ø Monthly (through Direct Debit authority on applicant’s RDA being maintained in participating Bank). In case where RDA holder has FCY account, it is mandatory to open a PKR account (i.e. NRP rupee value account). Ø In case if RDA accountholder doesn’t remain to be an NRP, they can serve their facility via local channels, however the proceeds will not be eligible for repartition over and above the payment made form RDA outside the country even if his residential status becomes NRP again. |
| Documentation Charges | At actual |
| Cash Lien for the completion of post disbursement formalities | An amount will be kept lien equivalent to the amount recommended/suggested by Bank’s legal counsel for the completion of all outstanding post-disbursement formalities (if any). |
| Legal Agreement / Other Documents Signing Criteria |
In case main applicant (NRP) is available, legal agreement and other documents will be signed by applicant in the presence of bank officer. Whereas, in case where main applicant (NRP) is not available, legal agreement and other documents will be signed digitally by applicant in presence of a video recording which will be kept by the bank as an evidence of signing of legal and other documents. Any/all charges for the same will be borne by the customer.
(b) |
| Verification (Applicant / Co applicant) |
For salaried NRP, verification will be done through HR email confirming designation / grade, detail of remuneration and years in employment. Telephonic verification of NRP’s residence / office will also be conducted. For non-salaried NRP, business verification may be done through email to an authorized Govt. body or through business tax returns or business / work permit confirming nature and years in business. Telephonic verification of NRP’s residence / office will also be conducted.
For Co-applicant:
|
| Creation of Mortgage | No requirements of mortgage – equitable or registered |
C. Product Features – GMSS:
Following criteria will be applicable to those RDA / INPC customer who are willing to avail house finance facility under Govt. mark-up subsidy scheme for house finance.
| Parameter | Tier 1 (T1) | Tier 2 (T2) | Tier 3 (T3) |
| (NAPHDA Projects) | (Non-NAPHDA) | (Non-NAPHDA) | |
| Citizenship | All non-resident RDA accountholders having valid NICOP | ||
| Eligibility Criteria |
First time home owner One individual can have subsidized house finance facility under the scheme only once |
||
| Product Category |
Easy Buyer: Purchase of a constructed residential property (Apartment/Flat/House) Easy Builder: Type 1(A) – Residential Construction on Applicant’s Owned Land Type 1(B) – Purchase of Land & construction of a residential unit thereon. Type 2 – Expansion/Extension of existing residential housing Unit |
||
| Size of Unit |
a) House upto 125 sq yds (5 Marla) with maximum covered area of 850 sq ft and b) Flat/apartment with maximum covered area of 850 sq ft. |
a) House upto 125 sq yds (5 Marla) and
b) Flat/apartment with maximum covered area of 1,250 sq ft. |
a) House upto 250 sq yds (10 Marla) and
b) Flat/apartment with maximum covered area of 2,000 sq ft. |
|
Subsidized Profit Rate |
First 5 years = 3% | First 5 years = 5% | First 5 years = 7% |
| Next 5 years = 5% | Next 5 years = 7% | Next 5 years = 9% | |
| For period exceeding 10 years = 1-year KIBOR+2.5% | For period exceeding 10 years = 1-year KIBOR+4% | For period exceeding 10 years = 1-year KIBOR+4% | |
| Maximum Price of Units | PKR 3.5 million* | NO CAP | NO CAP |
| *Market value of a single residential unit at the time of approval of financing | |||
| Financing Range | Maximum PKR 2.7 million | Maximum PKR 6.0 million | Maximum PKR 10.0 million |
| Bank Investment Ratio (BIR / LTV) | Maximum up to 90% | Maximum up to 85% | |
| Target Market |
|
||
| Financing Tenor | Minimum 5 years and maximum 20 years financing tenor, depending upon choice of customers | ||
| Early Payment/ Unit Purchase Option |
No restrictions on Early Payment/unit Purchase. Upon early unit purchase, subject to appreciation in property price, musharakah units will be revalued at 0% higher price. In Builder case, unit purchase will start after 12 months of disbursement of last trench. |
||
| Age (Applicant & Co-applicant) |
20 to 65 years
The age of applicant must not exceed 60 years however, may be extended to 65 years provided applicant justifies that he/ she can repay the loan even after retirement age.
The age of applicant must not exceed 65 years.
|
| Monthly Income |
Formal Income: There are no minimum income criteria for formal sector, however maximum 50% DBR will be capped while granting the credit facility. Informal Income: There will be no minimum income criteria for In-formal sector (Only applicable for Tier 1 & Tier 2) |
| Debt Burden Ratio( DBR ) | Maximum upto 50% |
| Co-applicant Income Clubbing |
100% Co-Borrower’s income will be clubbed in case of spouse. 75% Co-Borrower’s income will be clubbed in case of other than spouse. For the purpose of income clubbing, only a non-resident Pakistanis can be considered. |
| Income Assessment |
|
| Employment status (for Salaried individual only) | Both permanent and contractual |
| Employment / Business Tenure | Minimum overall employment / business tenure will be two years |
| 3rd Party Guarantor | As completion of housing unit and mortgage creation takes time applicants face difficulties in obtaining housing finance, especially for low cost housing. In order to address this issue, SBP has allowed acceptance of a third party guarantee the period up to a maximum of one year. |
| Incase of Lien |
Lien based Product- No mortgage – equitable or registered Non–lien based Product- equitable mortgage for all and token registered mortgage for customers based on their risk profile |
Documents Requirement for Non-Resident Pakistanis (Regular HF):
Non -Salaried Individual:
- Duly filled application form.
- Copy of Co-Applicant’s CNIC/ NICOP
- Two passport-sized coloured photographs of applicant and co-applicant(s) each.
- Employer’s certificate including tenor/designation/renumeration details.
- Employment Contract (if applicable)
- Last three-month salary slip.
- Copy of Visa / Work permit / Residence Permit (Iqaama etc.)
- Copy of Professional Association Membership Certificate / Practice License (if applicable)
- Bank Statement – last 12 months Copies/ details of any financing facility being availed in the country of employment or in Pakistan
- Copies of educational qualification degree / certificates.
- Copy of Rental Documents (if applicable)
- Copy of recent Credit Card Bills. (if applicable)
- Copies of last 2 years tax documents where applicable
- Credit Bureau Report of stay country
Non -Salaried Individual:
- Duly filled application form.
- Copy of Co-Applicant’s CNIC/ NICOP
- Two passport-sized coloured photographs of applicant and co-applicant(s) each.
- Valid Business Proof
- Copy of Passport (if applicable/optional)
- Copy of Visa / Work permit / Residence Permit (Iqaama etc.)
- Bank Statement – last 12 months Copies/ details of any financing facility being availed in the country of employment or in Pakistan
- Copies of educational qualification degree / certificates.
- Copy of Rental Documents (if applicable)
- Copy of recent Credit Card Bills. (if applicable)
- Copies of last 2 years tax documents where applicable
- Credit Bureau Report of stay country
Section B: Mechanism for Screening Criteria
Section C: List of pre-approved projects
a) EMAAR
a. Khi community
a. Isb community
b) Dolmen( approval from developer awaited)
c) Eighteen
Section D : Link to RDA customer on boarding forms
Section E : Downloads
Terms and Conditions:
FAQs:
- 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.
