Kathmandu, October 10, 2017: The Cabinet meeting held today have introduced the provision to obtain loan against the collateral of the houses under construction. Such provision came as an amendment of guideline on extending interest-free credit to earthquake victims in group guarantee.
It states that the beneficiaries of the government’s housing grant will be able to obtain interest-free credit upto Rs. 300,000 against the collateral of their under-construction house and the borrowers are required to pay the loans within five years.
“Interest-free credit will be instrumental to build quake-resilient houses in the quake-hit districts as the beneficiaries will be able to mobilise up to Rs 600,000, including the government’s grant worth Rs 300,000, for reconstruction of their house”, said Govinda Raj Pokharel, CEO of NRA.