Kathmandu, September 26: Beneficiaries who have signed agreement with the National Reconstruction Authority (NRA) to reconstruct their houses but have not been able to start the construction due to lack of money can now avail the subsidized loan of Rs. 300,000.
According to the “Integrated Guideline on Concession of Interest for Subsidized Loan, 2018” approved by the Council of Ministers, the earthquake victims who have not been able to construct their houses can take loan for a maximum of five years.
The concerned banks and financial institutions can charge an interest rate not exceeding two percent above their base rate on the credit whose interest will be subsidized by the government. The banks and financial institutions cannot take any additional service charges apart from this interest on such credit.
The banks and financial institutions will provide private house construction loan for earthquake victims on group security or other collateral security.
Spokesperson of the NRA Pitambar Ghimire said the subsidized loan will be useful for beneficiaries who have not been able to begin construction of the house due to lack of money, especially those from the lower middle strata.
“Private house reconstruction season will begin from Dashain and Tihar festivals,” Ghimire said. “This credit will provide relief to these beneficiaries.”
But the guideline has stipulated some Terms and Conditions to avail such credit. The beneficiaries taking such loan should not have taken any institutional grant except the private housing grant. Likewise, only the earthquake victims who have not been able to start the construction process till now due to lack of money will be eligible for this credit. Also, the creditor or their family should not have a livable house in any place.