Roshan Apna Ghar

JS Bank now offers House Finance Facility to all customers of Roshan Digital Account (RDA). This facility will be available for our customers who are either willing to keep their investment as a lien against their net financing amount as collateral or avail of financing without cash collateral. Further, this will also be available to all the customers of the Government Mark-up Subsidy Scheme for housing finance.

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.

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Salient Features

  • Maximum financing against property value
  • Exclusive price offering
  • Flexibility to make partial pre-payments with zero charges after first year
  • For the first year, 1% will be charged upon early termination after words 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.


Pricing

 
Profit Rate
FEES/CHARGES
Variable Rate
Fixed rate (5- Years)(where applicable)
1-year KIBOR + 1.5%
5yr PKRV + 1.50%
  • Processing Fees – PKR 4,000 + FEED
  • Early Termination Price – 1% for first year, Nil there after
  • Charity may apply in case of delay in Payment
  • Property Appraisal – At Actual
  • Legal Opinion – At Actual
*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.
 
Profit Rate
FEES/CHARGES
Variable Rate
Fixed rate (5- Years)(where applicable)
1-Year KIBOR*
5-Year PKRV**
  • Processing Fees - PKR 4,000 + FED.
  • Early Termination Price - 1% for the first year, Nil after that.
  • Penalty may apply in case of delay in Payment.
  • Property Appraisal - At Actual.
  • Legal Opinion - At Actual.

*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:
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
Product Features

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 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 coapplicants Four co-applicants are allowed
Age (Applicant & Coapplicant / 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 Coborrower / applicant.
 
Financing Range (Buy, Build)
  • Minimum Rs. 500,000/-
  • Maximum Rs. 100 Million
Financing Range (Renovate only)
  • Minimum Rs. 500,000/-
  • Maximum Rs. 10 million
Financing Tenure 3 to 25 Years
Payment frequency Option
  • UMI: Un Equal Monthly Installment
  • EMI: Equal Monthly Installment
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
Product Category Buy, Build, Renovate
Target Market
  • Salaried
  • Non-salaried
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
  • 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 clubbing;
  • Same age criteria will be applicable as that of main applicant for Coborrower / applicant.
Financing Range (Buy & Build)
  • Minimum Rs. 500,000/-
  • Maximum No cap
Financing Range (Renovate only)
  • Minimum Rs. 500,000/-
  • Maximum No cap
Financing Tenure 3 to 25 Years
Payment Frequency Option
  • UMI: Unequal Monthly Installment
  • EMI: Equal Monthly Installment
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
  • 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
  • Salaried individual
  • Non-Salaried individual
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
  • 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.
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
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 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.
Income Assessment
  • Salaried Individual: Income will be ascertained through salary slip / certificate with 6- months bank statement where salary credited/reflected.
  • Non-salaried individual: Income will be ascertained through bank statement proxy of last one year
Employment status (for Salaried individual only) Both permanent and contractual
Employment / Business Tenure Minimum overall employment / business tenure will be two years
Required Documents

  1. Applicant’s copy of NICOP
  2. Copy of Co-Applicant's CNIC/ NICOP
  3. Two passport-sized coloured photographs of applicant and co-applicant(s) each.
  4. Employer's certificate including tenor/designation/renumeration details.
  5. Employment Contract (if applicable)
  6. Last three-month salary slip.
  7. Copy of Professional Association Membership Certificate / Practice License (if applicable)
  8. Bank Statement - last 12 months (Original OR duly attested by the bank with stamp / notary public) through embassy.
  9. Copies/ details of any financing facility being availed in the country of employment or in Pakistan
  10. Copies of educational qualification degree / certificates.
  11. Copy of Rental Documents (if applicable)
  12. Copy of recent Credit Card Bills. (if applicable)
  13. Copies of last 2 years tax documents where applicable
  14. Credit Bureau Report of stay country
  15. Proof of allotment, transfer and /or Title document of the property to be mortgaged
  1. Applicant’s copy of NICOP
  2. Copy of Co-Applicant's CNIC/ NICOP
  3. Two passport-sized coloured photographs of applicant and co-applicant(s) each.
  4. Valid Business Proof
  5. Bank Statement - last 12 months (Original OR duly attested by the bank with stamp / notary public) through embassy.
  6. Copies/ details of any financing facility being availed in the country of employment or in Pakistan
  7. Copies of educational qualification degree / certificates.
  8. Copy of Rental Documents (if applicable)
  9. Copy of recent Credit Card Bills. (if applicable)
  10. Copies of last 2 years tax documents where applicable
  11. Credit Bureau Report of stay country
  12. Proof of allotment, transfer and /or Title document of the property to be mortgaged