Kathmandu: The Nepal Army has decided to provide concessional loans for the construction of houses to its employees who have served for at least 10 years. On Wednesday, Chief of Army Staff Prabhuram Sharma inaugurated the program at the Army Headquarters.
So far, 20 people have applied for home loan under this facility and 7 of them have completed the process and have been recommended to the bank, according to a press release issued by the Nepal Army.
Earlier, Chief of Army Staff Prabhuram Sharma had announced the housing loan program in his first address after taking office. After that, a memorandum of understanding was signed between the Nepal Army’s Sediq Welfare Fund, Rastriya Banijya Bank and Rastriya Bima Sansthan regarding concessional loans.
After the concessional loan is approved, on the basis of collateral valuation, the military personnel will get 40 percent in the first installment and 30-30 percent in the second and third installment to buy or build a house.