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Housing Loan

For part-financing accommodation facility for the individuals having identifiable and stable income source.

Eligibility Criteria

  • Self-employed professionals.
  • Salaried Employees.
  • Any other individual having identified source of income e.g. lease, business, pension etc.

Age Criteria

  • Minimum age of the applicant - 18 years.
  • Maximum age of the applicant - 65 years. However the age should not exceed 70 years at the date of final repayment of the loan. Guarantor should be included if applicant’s age is above 55 years. The guarantor should not be over 65 years and should be from one house family member.

Loan Amount

  • Minimum loan amount - NPR 500,000/- (Nepalese rupees five hundred thousand only).
  • Maximum loan amount - NPR 10,000,000/- (Nepalese rupees ten million only).
  • Financing %
    • Maximum 60% of the Fair Market Value (FMV) of the property being financed. Maximum 90% of the estimated cost of construction of the house however the security coverage should be at least 60% of FMV of the property.
    • Maximum 90% of the estimated cost certified by the Bank’s authorized valuator in case of repair and renovation of house.

Note: For loan amount above NPR 10 million, please refer Residential Real Estate Loan Product.

Tenure

  • Maximum 20 years (Exclusive of moratorium period of 12 months).
  • Maximum 10 years in case of repair and renovation of house (Exclusive of moratorium period of 12 months).

Repayment

Equated Monthly Installment (EMI) over approved loan tenure.

Basic Documentation

  • Loan Application.
  • Map of the applicants’/sponsor’s/guarantor’s residence.
  • Photograph and copy of citizenship of the applicant/sponsor/guarantor.
  • Net worth statement of the applicant/guarantor/sponsor, as applicable.
  • Rajinama paper, where applicable.
  • Primary documents related to the property being financed viz. title deed, four boundary certificate, trace map, drawings of building to be constructed, building construction permission letter from competent authority, latest revenue receipt of land or land and building offered as security. In case of loan secured against building within a municipality, documents certifying fulfillment of required standards set by the competent authority such as approved drawing (Naksapass), approval from concerned authorities and building construction completion certificate.
  • Income statement or cash flow of the applicant or sponsors – following proof for substantiation of the income or cash flow should be submitted:
    • In case of salaried individuals
      • Certification of salary or salary statement, tax paid receipt from the employing organization/company.
      • Bank statements, as applicable.
    • In case of self- employed professionals
      • Registration document from concerned professional association/council.
      • Details of income.
      • Bank statements, as applicable.
    • In case of self- employed businessman
      • Business Registration Document.
      • Income Tax Certificate.
      • Latest Audited Financial Statements.
      • Bank statements, as applicable.
    • In case of other sources
      • Latest lease payment receipt or agreements, title deed of property, as applicable.
      • Details of other lease income.
      • Pension slip, interest received statement etc.
      • Bank statements, as applicable.
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