Funding A Plot/House Purchase For Overseas Pakistanis

Buying Property Buying Process
#1

I am planning to buy a plot and/or house in isb. The question i have is how the purchase is funded? I don't currently have a bank account in pakistan and wondering if I must have a local account to buy real estate? Will also appreciate any overseas pakistani sharing his experience of how he funded a property purchase in pakistan.

Just want to make it clear that i am not looking for finance/loan, just interested in understanding the how finance a purchase when funds are in a foreign bank.

Thank you.

#2

Feel free to email me at mhss07@gmail.Com.

#3

You will have to transfer the funds to pakistan in the first place before you can complete a purchase.

#4

You need to transfer funds/ money to the account of seller in order to purchase plot/ house. Is not that simple… Thanks

#5

Thank you guys. I do think it is simple, but just wondering if there is anything i need to be aware of before i show up in islamabad.

#6

Assuming that your funds are abroad then it may be better to open an account in pakistan in say dollars, and then to transfer the funds from abroad to that account. Then you will need to change the funds from dollars to rupees. It is advisable to pay the seller in bankers draft except for the initial deposit, as having that much cash on you would not be safe.

#7

Now a days state bank requires more paper work from the bank receiving remittances, that is why banks (i went to three of them) discourage nrp account opening. I am hoping to be able to use bank draft from a foreign bank or i can have my bank wire the funds directly to seller's account.

#8

I don't think that bankers draft from a bank outside pakistan will be acceptable.

Wiring money from abroad into sellers account would be risky.

Opening account is difficult in pakistan but if you know the right people and they recommend or introduce you to a banker then all problems would be overcome. Without going through someone or being refered through someone it can be difficult to get anything done in Pakistan.

#9

Dear brother Another option is that if u can fly with dollars dealers accept dollars transaction in pakistan it is treated like cash but this is always risky

#10

Carrying big chunks of money with you is never advisable. Different airports have different limits on that and i tried searching for myself when i had to transfer funds to pakistan but its better to do a bank to bank transfer.

Either open a bank account, preferably joint account with ur next of kin in pakistan whenever possible and then transfer the money. Joint account will help u keep the account active.

#11

Just open $ account in pakistan and transfer your money from internet banking to your pakistan $ account.

#12

Carrying $$ in excess of few thousand through airports is illegal. I guess the best way would be to go through the frustrating process of opening a bank account in pakistan to send the foreign exchange that pakistan desperately needs. No good deed in pkaistan goes unpunished.

#13

I agree. The best and most secure way is to open an account in pakistan bank and tranfer the money through net banking to your paki account.

Doing payment in cash is not advisable as it does not leave any record. Its better to do online transaction as it gives a record of buyer bank account also where money is tranferred.

#14

Last time i visited pakistan, i used a visa debit bank access card to draw funds directly from an overseas deposit account through any bank in pakistan using the visa network (no transaction fees) only conversion from home bank overseas.

#15

Br. Salman, interesting idea. How much can you withdraw using the debit card? I mean is there a limit? Remember we're taking about buying a real-estate. Thnx

#16

Ji hassan bhai, the cost was the conversion rate at the time + 5 dollars only for overseas transaction fee.

The only limit is the amount of funds in the account ;) but i am able to place limits on withdrawals myself so for a very large transaction i can remove the limit on the account

#17

My exp: carrying more than 5000£ might leave you in trouble (if nt at uk , definitely at pak airport)

Use bank transfer only, money gram, carry some with you and spouse (5000£ each).

These visa debit etc, will use their OWN CONVERSION RATE!

#18

@salman

"the only limit is the amount of funds in the account ;) " This is exactly what i was afraid of.

Thank a lot, br salman,

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