Roshan Apna Ghar
JS Bank now offers a House Finance Facility to all customers of Roshan Digital Account (RDA) under the Roshan Apna Ghar scheme. This facility allows customers to finance their home purchase in Pakistan, providing options to use their investment as lien against the net financing amount or avail financing without cash collateral. It’s an ideal opportunity for non-resident Pakistanis seeking a home loan in Pakistan through the Government Mark-up Subsidy Scheme for housing finance.
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- Maximum financing against property value
- Exclusive price offering
- Flexibility to make partial pre-payments with zero charges after the first year
- For the first year, 1% will be charged upon early termination; afterward, no charges will be levied
- Lowest processing fee of PKR Rs. 4,000/- (exclusive of FED)
- Government Mark-up subsidy scheme (GMSS) for housing finance will be applicable as per already defined criteria under respective tiers
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Profit Rate
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FEES/CHARGES
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Variable Rate
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Fixed rate (5- Years)(where applicable)
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1-year KIBOR*
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5-Year PKRV**
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*KIBOR – Karachi Interbank Offer Rate, announced on the 1st working day of each calendar month immediately preceding the year’s end of (transaction).
** PKRV – Pakistan Revaluation Rate, announced on the 1st working day of each calendar month immediately preceding the year’s end of (transaction).
Note:
For a fixed rate, after the fixed-rate period, the customer will have an option to choose either to 1) Continue on fixed-rate offer by JS Bank at the time of repricing OR 2) Opt for variable pricing/rate from the 5th year onwards.
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Profit Rate
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FEES/CHARGES
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|---|---|---|
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Variable Rate
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Fixed rate (5- Years)(where applicable)
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1-year KIBOR + 1.5%
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5yr PKRV + 1.50%
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*KIBOR – Karachi Interbank Offer Rate, announced on the 1st working day of each calendar month immediately preceding the year’s end of (transaction).
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** PKRV – Pakistan Revaluation Rate, announced on the 1st working day of each calendar month immediately preceding the year’s end of (transaction).
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.
ii. Pricing will be reevaluated after every six months or any change in discount rate
announced by SBP
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 | Salaried Individual
Non-salaried individual |
| Co-applicant | Co-applicant is mandatory.
Co-applicant will be an immediate family member like spouse, parents, adult |
| 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 coapplicants | Four co-applicants are allowed |
| Age (Applicant & Coapplicant / co-borrower) | 20 to 65 years
In case income is not clubbed;
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| Financing Range (Buy, Build) |
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| Financing Range (Renovate only) |
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| Financing Tenure | 3 to 25 Years |
| Payment frequency Option |
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| Bank Investment Ratio (BIR) (Buyer, Builder) | Maximum up to 85% of property value |
| 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 |
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 |
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| Product Category | Buy, Build, Renovate |
| Target Market |
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| 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 beconsidered. |
| Maximum number of co-applicants | Four co-applicants are allowed |
| Age (Applicant & Coapplicant) | 20 to 65 years
In case income is not clubbed;
In case of income clubbing;
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| Financing Range (Buy & Build) |
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| Financing Range (Renovate only) |
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| Financing Tenure | 3 to 25 Years |
| Payment Frequency Option |
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| Bank Investment Ratio – BIR (Buy & Build) | i. In case of Pak rupee: Maximum up to 99% of property value.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 | Not applicable |
| 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. |
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 |
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| 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 |
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| 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 |
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| Financing Tenor | Minimum 5 years and maximum 20 years financing tenor, depending upon choice of customers | ||
| Early Payment/ Unit Purchase Option |
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| Age (Applicant & Co-applicant) | 20 to 65 years
Co-applicant’s age must not exceed 65 years at the time of maturity, incase income of coapplicant is not clubbed. However, if co-applicant’s income is clubbed, then the age criteria same as applicant will be applicable. For the purpose of income clubbing, only a nonresident Pakistanis can be considered |
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| 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) |
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| Debt Burden Ratio (DBR) | Maximum up to 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. |
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| Income Assessment |
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| Employment status (for Salaried individual only) | Both permanent and contractual | ||
| Employment / Business Tenure | Minimum overall employment / business tenure will be two years | ||
- Applicant’s copy of NICOP
- 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 Professional Association Membership Certificate / Practice License (if applicable)
- Bank Statement – last 12 months (Original OR duly attested by the bank with stamp / notary public) through embassy.
- 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
- Proof of allotment, transfer and /or Title document of the property to be mortgaged
- Applicant’s copy of NICOP
- Copy of Co-Applicant’s CNIC/ NICOP
- Two passport-sized coloured photographs of applicant and co-applicant(s) each.
- Valid Business Proof
- Bank Statement – last 12 months (Original OR duly attested by the bank with stamp / notary public) through embassy.
- 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
- Proof of allotment, transfer and /or Title document of the property to be mortgaged
Q1. Who can open a Roshan Digital account?
A. JS Bank offers a wide range of products including:
- Home buyer – you can buy an apartment/house
- Home build – construct on an already owned plot (self-spouse)
- Plot purchase and construct on it
- Home Renovation
- JS – MPMG (Govt. Markup Subsidy Scheme for Housing Finance)
Q2. Who can apply for JS Roshan Apni Car?
Q3. What is the basic eligibility to avail JS Roshan Apni Car facility?
Q4. What are the financing options of Roshan Apni Car?
- Lien Based Financing
- Non-Lien Based Financing
Q5. What is the Lien-Based Segment?
A. In a lien-based segment, you have to invest in Islamic /conventional Naya Pakistan Certificates or have a balance in your Roshan Digital Account in Pak Rupees equivalent to the financing amount, which will be a lien/ pledge equal to the tenure of financing.
You cannot premature the certificate or withdraw/repatriate the funds from your Roshan Digital Account until the maturity or full settlement of the financing.
Q6. What will be the total processing time after I apply for a home finance?
Q7. How much financing amount am I eligible for?
Q8. What is security or mortgage charge requirements to avail JS Roshan Apna Ghar?
b. Non–lien-based Product: Equitable mortgage for all and token registered mortgage for customers based on their risk profile.
Q9. What is the co-applicant requirement for availing Roshan Apna Ghar?
b. Non–lien Product: Co-applicant is mandatory. Co-applicant will be an immediate family member like a spouse, parents, adult siblings & children living in Pakistan.
Q10. What markup options are available in Roshan Apna Ghar?
Q11. What would be the application costs in total?
Q12. What happens in case there is a delay in payment of installment?
Q13. Can I make an early payment to settle my loan?
Q14. Is there any early payment facility/early purchase settlement available?
Q15. What is the requirement of the physical presence of the buyer or Power of Attorney (PA) for the registration of Sale Deed and Creation of Charge?
A.
- Lien-based Product: not required as the property can be transferred in his/her name ex-parte subject to respective; his/her nominee can witness the transaction to ensure that the sale deed is duly executed/registered in his/her name.
- Non –lien Product: either physical presence or PA is required to collect the title documents and to create a charge in favor of the Bank.
- Outright Purchase: Physical presence or PA not required as the property can be transferred in his/her name ex-parte subject to respective authority’s discretion; his/her nominee can witness the transaction to ensure that the sale deed is duly executed/registered in his/her name.
16. Are financing rates (KIBOR & JS Bank mark-up) negotiable?
17. What other charges I shall be required to pay apart from JS Bank’s mark up?
18. What would be the mode of payment?
19. Why choose JS Bank over other banks?
A.
- We provide multiple financing options i.e. Home/apartment purchase, home construction on own plot, plot purchase + construction, and home renovation.
- We provide end-to-end advisory services
- Our policy is to secure your investment by providing mandatory Life and Property Insurance at economical rates
- Your property Title Documents are thoroughly examined by our legal experts, to ensure any possible future issues regarding legal deficiency in the property/security.
20. What is tax applicability on different types of real estate property in Pakistan?
21. What is the process for execution of special power of attorney for pre & post documentation and mortgage formalities?
A. Special power of attorney can be given by the owner(s) of the property to execute sale-purchase transaction, retrieval of tile and ancillary documents from concerned authority/society, submission of documents to banks, execution of mortgage deed and charge creation documents. The template of power of attorney will vary for different societies/authorities and will be executed accordingly.
- The special power of attorney should be properly filled along with required copies of CNIC/NICOP etc.
- The owner(s) will execute the special power of attorney in the office of embassy/consulate office of Pakistan in his/her country of residence.
- The embassy/Consulate office will attest the signature of executant along with witness of documents
- The identification copies of witnesses
- Duly attested power of attorney will be sent to attorney-holder to Pakistan for its execution.
- The power of attorney will be verified by the Ministry of Foreign Affairs office in Pakistan with applicable fee
- The power of attorney will be registered in the office of sub-registrar (where required)
22. What type of property document(s) are needed to be provided to the Bank in case of self-financing or lien-based financing?
23. What is the requirement of reparability of the funds from disinvestment of the investment in real estate either through bank financing or self-financing?
a. Lien based – For customers who are willing to take finance against their investment in INPC or RDA deposit funds. In this case, the deposit will be marked lien as security with the Bank till the time finance is settled. No mortgage will be created on the property.
b. Non-Lien based – For customers who are availing financing facility against mortgage of property being financed.