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Meezan Roshan Apna Ghar (Self Investment)

To facilitate Non-Resident Pakistanis (NRPs) with owning real estate in Pakistan, Meezan Roshan Apna Ghar enables NRPs with a Meezan Roshan Digital Account (RDA), allowing them to to invest in any residential and commercial property in the country on repatriable basis. Some key features of the arrangement are:


All funds will be invested from Meezan Roshan Digital PKR Account. All payments (token money, down payment/advance, payments made in full, partial, tranches, etc.) must be made from RDA - PKR to fully repatriate the proceeds/disinvestments in future.
A customer can invest in his/her own name or jointly with eligible family members (which includes parents, brother, sister, wife, children—lineal ascendant and descendant only).
Facility for direct payments in favor of seller only.
Full repatriation of proceeds*.


The Bank shall conduct proper due diligence and require the customer to submit documents as per the Bank’s internal processes and regulatory guidelines.


*In case of disinvestment before three years, the customer can repatriate funds up to the lower amount of sale proceeds or principal investment amount in PKR on the date of the investment, while the differential amount, if any, and any profit/return earned from eligible investments made out of this amount may be repatriated after the expiry of three years from the date of investment.

Meezan Roshan Apna Ghar (Bank Financing)

“Get your family a home of their dreams in Pakistan through Roshan Apna Ghar.”

Meezan Roshan Apna Ghar is a Riba-free solution to customers’ home financing needs, designed especially for RDA holders and Islamic Naya Pakistan Certificate (INPC) holders.

It works on the Shariah-compliant concept of Diminishing Musharakah where the Bank and Customer become joint owners in property. The Bank leases its share of property to Customer against periodic rentals. The Customer also purchases Bank’s share of property over the tenure to ultimately become sole owner of the property.

Types of Bank Financing:

• Lien - For customers who are willing to keep their investment in INPC or RDA deposit funds as lien against their net financing amount as collateral. In this case, no mortgage will be created on the property.
• Non-Lien - For customers who are availing financing facility without cash collateral to invest in Meezan Roshan Apna Ghar (MRAG) or Mera Pakistan Mera Ghar (MPMG). In this case, an equitable or token mortgage will be required.

Key Features

  • Invest directly from your Meezan Roshan Digital PKR account (fully digital processing).
  • Easily convert between foreign currencies (USD, EUR, & GBP) and PKR.
  • Maximum financing with attractive pricing options including variable and five-year fixed rates*.
  • A low processing fee of only Rs. 4000 (excluding FED).
  • Flexibility to make partial unit purchases with no early termination profit after first year. For termination within first year, 1% extra profit will be applicable.
  • Optional life Takaful covering death (due to any cause) and accidental/natural disability.
  • Property Takaful (covering the financing amount) absolutely FREE for customers.
  • Eligible for financing under State Bank of Pakistan Mera Pakistan Mera Ghar Housing Scheme to all customers who fulfill the criteria under respective tiers.

*Terms and conditions apply. Kindly see the Eligibility Criteria.

Eligibility Criteria


Citizenship
Lien Based
  • All Non-Resident RDA holders having valid NICOP & POC.
Non-Lien Based
  • All Non-Resident RDA holders having valid NICOP
Product Category

Buyer, Builder, Renovation

Segment
  • Salaried Individual
  • Non-salaried individual (individuals earning via their business)
Age (Applicant & Co-Applicant)
Lien Based
  • Salaried individual: 20 to 65 years.
  • Non-salaried individual: 20 to 65 years.
Non-Lien Based
  • Salaried individual: 20 to 65 years.
  • Non-salaried individual: 20 to 65 years.

In both types of financing, the age of applicant must not exceed 60 years. However, it may be extended to 65 years, provided applicant justifies that he/ she can make payments even after retirement age.

Co-applicant’s age must 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.

Financing Range & Tenure
Financing Range (Buyer, Builder)
  • Minimum Rs. 500,000/-
  • Maximum No cap
Financing Range (Renovation)
Lien Based
  • Minimum Rs. 500,000/-
  • Maximum No cap
Non-Lien Based
  • Minimum Rs. 500,000/-
  • Maximum Rs. 10 Million
Financing Tenure

3 to 25 Years

Co-Applicant
Maximum Number of Co-Applicants

A maximum of four co-applicants are allowed.

Lien Based
  • Co-applicant is not mandatory in this case. However, if opted, he/she will be an immediate family member like a spouse, parent, adult sibling and/or 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.
Non-Lien Based
  • Co-applicant is mandatory and will be an immediate family member, like a spouse, parent, adult sibling and/or children. At least one should be permanently living in Pakistan.
Co-applicant (NRP) for Income Clubbing
Lien Based
  • 100% Co-applicant income will be clubbed.
Non-Lien Based
  • 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.

Net Monthly Income
Lien Based
  • There will be no minimum income criteria.
Non-Lien Based
  • There will be no minimum income criteria however, maximum 50% DBR will be kept while providing financing facility.
Employment Tenure
Lien Based
  • Minimum overall employment / business tenure will be one year.
Non-Lien Based
  • Minimum overall employment / business tenure will be two years
Creation of Mortgage
Lien Based
  • No requirement of mortgage - equitable or registered
Non-Lien Based
  • Equitable mortgage with token registered mortgage
Physical Presence
Lien Based
  • Not required as the property can be transferred in the name of ex-parte as per customer request. Customer’s nominee can witness the transaction to ensure that the deed/sale deed is duly executed/registered in his/her name. Customer shall provide a copy of title deed for bank’s record.
Non-Lien Based
  • Either physical presence or Power of Attorney (POA) is required to execute and collect the title documents and to create a charge in favor of the Bank.(Download Power of Attorney)

Product Profit Rates


Variable Profit Rates
Segment Variable Rate* Re-pricing*** (Annual)
Non Lien Based Salaried Individual Fixed – 1 year K* + 1.5% p.a. 1 Year K* +1.5%p.a.
Non-Salaried individual
Lien Based Salaried individual Fixed – 1 year K* p.a. 1 Year K* p.a.
Non-Salaried individual
Fixed Profit Rates
Segment Fixed Rate** 5 Years Re-pricing*** (After 5 Years)
Non Lien Based Salaried Individual 5 Years PKRV****+1.5%
(Fixed Rate for First 5 years, after which Fixed rate/variable rate will apply)
5 year PKRV**** + 1.5%
OR
1 Year K* + 1.5% p.a.
Non-Salaried individual
Lien Based Salaried individual 5 Years PKRV****
(Fixed Rate for First 5 years, after which Fixed rate/variable rate will apply)
5 year PKRV****
OR
1 Year K* p.a.
Non-Salaried individual
*For first year fixed rate, ‘K’ denotes KIBOR (Karachi Interbank Offer Rate), announced on 1st working day of each calendar month.
**Pricing will be reevaluated after every six months or any change in discount rate announced by SBP
***KIBOR shall mean 12 –month (Karachi Interbank Offer Rate), announced on 1st working day of each calendar month immediately preceding the end of (transaction)the year.
****PKRV = Pakistan Revaluation Rate
Note: The applicant will have the option of both variable and fixed rate on completion of the 5 years fixed rate term.

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Note: In case any developer / builder intends to enlist their project with Meezan Bank, kindly contact the Bank at the following email id: [email protected]

Products


Easy Buyer

Easy Buyer

Choose it and get ready to move in!

Easy Builder

Easy Builder

For that special home you want to build!

Easy Renovate

Easy Renovate

Make your home even better or just repair it!

Processing Charges

Type of Charges Salaried & Businessmen
Processing Charges PKR 4,000
FED on Processing [email protected] 16%** PKR 640
Legal Report Charges At Actual
Property Valuation Charges At Actual
Documentation charges are exclusive of above mentioned charges and will be obtained at actual at the time of signing of Musharakah Agreement according to the limits of financing.
** Subject to applicable Government Taxes.

In case of any query, kindly contact the Bank representative at the following email id: [email protected]

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