Aslamualikum friends,
I am overseas Pakistani and currently do not hold a bank account in Pakistan. If I buy property in DHA, Bahria Town or other main places, I need to understand how and when to pay money.
I am mainly concerned if seller ask for money in advance and tell me he/she will transfer later how do i safe guard buyer interests.
Also with out bank account what is the safest method?
I will appreciate if experts can explain in details and is it worth to hire a property lawyer also?
Jazak Allah khair
W'salam
I am also overseas Pakistani and last year faced a lot of problems with opening bank account. Ask if the bank you have overseas about assistance they can do in Pakistan through their branches or corresponding banks? In my case it was HSBC and they were already winding up, so could not help. I enquired various banks and they were not willing to open account of overseas Pakistanis. I literally had fight at Askari Bank!!!! These are ridiculous State Bank rules that overseas Pakistanis cant open bank account. What??? Joke???Logical?????
I spoke to SCB bank and they facilitate opening of bank account, but I suggest you should be low profile in sharing your overseas background. SCB confirmed that I can open bank account as overseas Pakistani in Pakistan, but I have to keep minimum deposit of Rs 100k. That's the big money. This was last April, not sure if rules have changed.
Anyway, I have used bank account of my brother. I transferred funds to his account, and he was kind enough to help prepare pay orders. I dealt with CDA/property agents and they accept pay orders only. You need to check mode of payment with DHA etc..
Keep in mind that it could take 3-4 weeks to transfer funds. Be watchful of deal timings. Fly in only when funds are there. You can also use demand draft route (I have not researched this though). They say bring demand draft and deposit at local bank. It will take 2-3 days to clear the funds.
Hope this helps!
Best regards
@Irf you should move through a reliable estate agent who can make transactions for you…People usually make bank drafts in favour of seller.
Pay Order/Demand Draft, best mode of payment, get a recieving from the seller/purchaser before handing it over.
I am NICOP holder and bought plot in CDA sector and had no problem in transferring.
My agent prepared all the paper work including transfer fees draft and I paid cash in CDA office just before signing.
I think DHA and BT officials are more aware with NICOP holders as they advertised separate installment in US$.
Check with your agent he will be able to provide more info as they are doing transfers daily.
You don't need to hire lawyer to transfer plot in Pakistan as stamp papers are prepared legally by lawyer/notary public.
I am surprised that NICOP holder can't open bank account as NICOP holder is CITIZEN of Pakistan.But every bank needs a referral from their current account holders and also don't tell them that you will use once a while,Tell you will use regularly.
Thank you for feedback
For pay order I still need a bank account.
I do have an old overseas account in dubai Islamic bank which may be dourmemt but that account had some restriction
Not sure why Pak government is discouraging over seas account if this is such a head ach people may consider other via able options such as Dubai
Thanks
I am also an overseas Pakistani gov of Pakistan dose not discourage any one it’s our own lack of information.If u r o.s.Pkakistani u should have your I.D.card,and if u are a Dule citizen then u should get NICOP for yourself and whole family if they are also Dule citizens u can apply for it at Pakistan embassy that gives u legal right to visit Pak without getting visa and u can live there as long as u want get govt job,do business ,buy property open bank accounts.I have three bank account one in Askari and two in H.b.This card is valid for ten years and it cost less then Pak visa. If someone says give money and I will transfer later don’t trust never give cash or check only bank draft or pay order ask bank manager which one is more suitable for property purchase and I don’t think u need to have bank account for it.last summer I bought a plot at bahria town I gave only one hundred thousand cash for token and got receipt for dealer than at time of transfer I gave bank draft in front of B.T officer and the seller signed transfer there and then.
Thank you sir
You are welcome gentlemen and keep in mind pay order/ bank draft has two parts one you give to the seller and second you keep as your proof of payment.