Real Estate Investment
The Bank of Punjab taking Roshan Digital Account product as a journey to explore new ventures of interest for its customers has untapped the avenue of investment in Residential & Commercial Real Estate for its NRVA holders (both for Conventional and Islamic). Bank’s role will be limited only to process the payment without any liability vis-à-vis the underlying transaction carried on behalf of the account holder. All banking transactions are subject to prevailing laws in Pakistan.
Eligibility for Investment in Residential and Commercial Real Estate Sector:
1. Non-resident Pakistanis maintaining NRVA with BOP can invest in real estate either in his/ her own name or jointly with his/ her family members which include parents, brother, sister,
wife, children, and lineal ascendant and descendants only. Relevant documents such as Nikkah Nama in case of wife, copy of father’s CNIC or any other document showing
evidence of the relationship in case of brother / sister, etc. will be submitted to the Bank for relationship validation.
2. The Investment shall be made out of funds received in NRVA from abroad through banking channel in Pakistan or through transfer from the account holder’s own Foreign Currency
Value Account (FCVA) or other NRP Rupee Value Account (NRVA) with BOP.
Investment Options:
Customer will have the option to make investment in property of his / her own, selected or through off-line projects list available on RDA portal.
Documentation:
Following minimum information/ documents will be required at the time of making payment of investment through NRVA:
Request for investment in real estate through fill-in the E-Form available on RDA portal under financial transaction tab.
Copy of purchase agreement/ purchase letter/ transfer letter of the housing or relevant authority or any other document evidencing sale/ purchase of property, as applicable.
Copy of title document / allotment letter / any other document issued by the relevant registration authority as an evidence of existing ownership.
Copy of valid Computerized National Identify Card/ NICOP/ NTN of the seller(s).
Copy of valid Computerized National Identify Card/ NICOP/ NTN of Nominee.
Payment plan for investment in property on installments (where applicable).
Copy of valid Computerized National Identify Card/ NICOP/ NTN of co-owner (where applicable).
Copy of document evidencing relationship of co-owner with NRVA holder (such as Nikkah Nama in case of wife, father’s CNIC or any other document showing evidence of the
relationship in case of brother / sister, etc.), where applicable.
Latest valuation reports of the property from two independent valuators, not more than three months old, listed on Pakistan Banks Association’s (PBA) approved list for valuation of
residential and commercial property. In case of investment in newly offered schemes where the property is being purchased by the investor directly from the developer, the price
set by the developer would be used and the valuation would not be required. [To be arranged internally by the Bank.]
Further, there are other documents which will be required from your side in due course as mentioned below:
Copies of duties & taxes paid receipts on account of property investment within 30 working days after payment.
A copy of title document of the property within six months from the date of final payment showing evidence of ownership of the property in investor’s name or jointly with his/her
family member name, as the case may be. Until the copy of title document is submitted, a copy of receipt issued by the relevant registration authority shall be deposited.
NOTE: Funds repatriation will be allowed only upon submission of all required documents to the Bank.
Repatriation of Disinvestment Proceeds:
1.After three years, investor can repatriate the full amount of sale proceeds of the investment in property.
2. In case of dis-investment before three years, investor can repatriate funds up to the lower of the amount of sale proceeds or his/her 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 / the date of last installment. The differential amount can be invested in other eligible securities from NRVA.
Contact Details:
In case of any query/ concern/ feedback, you may contact us through e-mail at rda@bop.com.pk or call us at BOP helpline: +92 21 111 267 200 / +92 42 111 267 200.