Home Loan
Member who wants to build residential house or commercial house for residential or business purpose, renovation of house then they can take the home loan.
Basic Eligibility Criteria
- Any Nepalese Individuals of at least 20 Years of age having stable, steady and reliable source of income from job, business, rent, pension, foreign employment (remittance), supported by the document
- Age of the applicant and the loan tenure collectively should not exceed sixty-five years
- Must be able to provide unencumbered fixed assets collateral as primary security. The proposed site should have accessible road of at least 8 feet width.
- Self-employed professionals having reliable/stable source of income or income of own family supported by the documentary evidence.
- Any other family members or individuals having identifiable source of income supported by the documentary evidence of the same.
- Employees of corporate entities supported by salary slips and employer's undertaking that salary will be routed through the company or institution.
- Borrowers' uncommitted income should be 25% more than the Equated Monthly Installment (EMI).
- Nepalese Citizens only but should be above 20 years of age and last installment to be repaid within 65 years of his/ her service, unless steady and regular income justifies.
- For the corporate borrowers, company's past performance of 2 years and projection reports of 2 years, (including current year) its financials as well as the reputation of the promoters will be considered.
Type of Home Loan Scheme
Types of Home Loan |
Purpose |
Maximum Financing |
Home Loan Purchase |
Purchase of house Purchase of Land alone |
75% of purchase Value 60% of purchase Value |
Home Loan Construction |
Construction of house |
75% of cost estimate |
Home Loan Extension |
Additions/extension/renovation /modification |
80% of cost estimate |
Loan Limit
- Loan Amount NRs. 5 Lakh to 1 Crore.
- For purchase of land alone- Maximum 1 Crore
Loan Tenure
- 1 to 3 Years
Interest Rate
- 16%
Repayment of Home Loan
- EMI (Equated Monthly Installement Basis)
- Maximum 15 years or age of 65 years (either of joint borrowers) whichever is earlier.
Security
- Mortgaged of property (Min 8 feet motorable access road)
- In case of allotment of flat/ buildings, a tripartite agreement shall be executed amongst Developers or Borrowers.
- Personal guarantee of person(s) acceptable to the KUSCCOOP shall be obtained.
Insurance
- The home must have the insurance of the company suggested by the KUSCCOP till the maturity period of the loan.
- Comprehensive policy as per KUSCCOOP’S clause.
Limit
- According to the KUSCCOOP rules and Regulations.
Margin
Residential Housing Loan up to Rs. 1.0 crore
- Minimum 10% (in case of construction) however, total margin including cost of land/existing building shall in no case be less than 25%.
- Minimum 25% of the property value in case of outright purchase of house/flat of the tentative Value of property.
- Minimum 40% value of the property in case of Land purchase.
FEES AND CHARGES
The following charges are to be levied
- Unscheduled payment: 1.5% of payment amount (conditions apply).
- Service Charge: 1% to 3% (Flat) of the loan amount.