Documents Requirement for Non-Resident Pakistanis (Regular HF)
Following list will be applicable for regular House Finance customers applying under product A and B. For GMSS, same list of documents will be applicable as defined in GMSS product scheme.
Initial documents:
1. Copy of Co-Applicant's CNIC / Co-Borrower NICOP
2. One passport-sized colored photograph of applicant and co-applicant(s) each.
3. Last three-month salary slip / Employer's certificate / Business and Income Proof (Primary Borrower/Co-Borrower)
4. Bank Statement - last 12 months (Original OR duly attested by the bank with stamp / notary public) through embassy
5. Proof of Relationship (Co-Borrower)
*Bank may ask for any additional documents if required.
**Terms & Conditions Apply.
Product Features – Governement Mark-Up Subsidy Scheme
Following criteria will be applicable to those RDA Customer who are willing to avail house finance facility under Govt. mark-up subsidy scheme for house finance.
| Particulars |
Markup Subsidy Program |
| Eligibility Criteria |
• All non-resident RDA holders having valid NICOP.
• First time house owner
• One individual can have subsidized house loan facility under this scheme only once
|
| Age |
• Minimum Age at the time of application-25 years.
• Maximum Age for both applicants and co-applicants upon the maturity of the financing should not exceed
60 Years for SI and
65 Years for SEP & SEB;
|
| Tier of Scheme |
• Financing under Tier 1 is available through banks for financing under NAPHDA projects
• Financing under Tier 2 and Tier 3 is available through banks for financing of housing units/Apartments/Flats under non-NAPHDA projects
|
| Size of Housing Unit |
Size of the loan is segregated into three tiers, as under:
• Tier 1 (T1)
(a) House up to 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.
• Tier 2 (T2)
(a) House up to 125 sq yds (5 Marla) and
(b) flat/apartment with maximum covered area of 1,250 sq ft.
• Tier 3 (T3)
(a) House upto 250 sq yds (10 Marla) and
(b) flat/apartment with maximum covered area of 2,000 sq ft.
|
| Age of Housing Unit |
Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 under Tier 2 and Tier 3.
|
| Maximum Price of Housing Units |
Maximum Price (Market Value) of a single housing units/Apartments/Flats at the time of approval of financing, as under:
Tier 1 (T1) - Rs 3.5 million
Tier 2 (T2) and Tier 3 (T3) - No cap
|
| Maximum loan size |
Maximum size of the loan of a single housing unit, as under:
Tier 1 (T1) - Rs 2.7 million
Tier 2 (T2) - Rs 6.0 million
Tier 3 (T3) - Rs 10.0 million
|
| Loan Type |
Long term housing finance loans.
|
| Loan Size, Pricing & Security |
| Loan Tiers |
Customer Pricing |
Bank Pricing |
| Tier-1 |
3% for first 5 years &
5% for next 5 years
|
1 Year KIBOR + 250 BPS |
| Tier-2 |
5% for first 5 years &
7% for next 5 years |
1 Year KIBOR + 400 BPS
(Spread may vary)
|
| Tier-3 |
7% for first 5 years &
9% for next 5 years |
| For loan tenors exceeding 10 years, market rate i.e. bank pricing will be applicable for the period exceeding 10 years. |
|
| Tenure of Loan |
Minimum 5 years and maximum 20 years loan tenor, depending upon choice of customers.
|
| Loan Repayment |
Based on Monthly Installment (MI) payable on the 1st of every month.
|
Frequently Asked Questions
1.What is Roshan Digital Account (RDA)?
Roshan Digital Account (RDA) is a major initiative of State Bank of Pakistan, in collaboration with commercial Banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis banks (NRPs) seeking to undertake banking, payment and investment activities in Pakistan
2.What is BOP Roshan Apna Ghar?
BOP Roshan Apna Ghar is an Home Loan Facility where RDA holders can enjoy Home Finance / Loan Facility from BOP on Privilege terms.
3. Who can apply for BOP Roshan Apna Ghar?
Customers maintaining their Roshan Digital Account (RDA) with BOP.
4.Who can benefit from this offer
BOP RDA Holders and their Family Members in Pakistan.
5. What are the benefits of BOP Roshan Apna Ghar?
- Fast Track Processing Quick and hassle free processing of Home loan referrals made under RDA Home Loan. This includes:
o Easy & flexible terms
o Priority processing for Lien based segment.
- Variable Rate
o Without lien 1-Year KIBOR + 1.5%
o With lien 1-Year KIBOR only
- Fixed rate (5- Years) (where applicable)
o Without lien 5-Year PKRV + 1.50%
o With lien 5-Year PKRV only
6. Who can be the Local Nominee / Co-Applicant for BOP Roshan Apna Ghar?
• 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.
• 100% Co-applicant income will be clubbed in case of spouse.
• 75% Co-applicant 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 Four co-applicants are allowed
7. What are the mandatory requirements to avail BOP Roshan Apna Ghar?
Mandatory Requirements are:
- Must be BOP Roshan Digital Account Holder
- Local Nominee / Co-Applicant in Pakistan is mandatory(in Non-Lien based financing).
8. Can I Apply for this facility?
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 may not exceed 65 years at the time of maturity, incase income of co-applicant is not clubbed. However, if co-applicant’s income is clubbed, then the age criteria same as applicant will be applicable.
Lien Marking on Finance amount
Lien marking on customer’s RDA accounts minimum upto the extent of financing amount.
(NPCs 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 NPC 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.
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
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 consider for property ownership through a GPA given by primary applicant.
9. How can the customer apply for Roshan Apna Ghar?
- Customer will initiate the Home loan request from RDA webpage on BOP website www.bop.com.pk
- Customer is required to fill an online application form on Roshan Apna Ghar Web Portal.
- BOP RDA Customer Nominated Nominee / Co- Applicant will be contacted for further documentation and completion of formalities.
10. How much Loan Facility can I avail?
Financing Range (Buy, Build)
• Minimum Rs. 500,000/-
• Maximum No cap
Financing Range (Renovate only)
• Minimum Rs. 500,000/-
• Maximum Rs. 10 million for Non-Lien Customers, Maximum no cap for Lien based Customers.
11. What Mode of Financing is offered in BOP Roshan Apna Ghar?
Financing on Variable Rate
12.What is the period of the Loan?
Maximum up to 25 Years
13. How much initial down payment do I have to make?
Equity Ratio (Buyer, Build)
14. What is the processing fee?
You have to pay a processing fee of PKR 4,000/- (16% Federal Excise Duty will be levied)
15. What other charges do I have to pay?
All other charges will be applicable as per the Schedule of Service Charges.
16.How do I repay the loan?
Monthly installments shall be paid through Direct Debit Instructions from PKR Roshan Digital Account.
It is mandatory for Foreign Roshan Digital Account Holder to open Roshan Digital Account in Pak Rupee.
17. Can I repay the loan before the maturity?
- Yes, you have the option to repay the loan, for first year 1% will be charged upon Early Termination after words NO charges will be levied
18. What is the security of the loan?
The Property is the security, which will be lien marked in favor of the bank