The Social Security Fund will provide loans at low interest without collateral

Jul Sun 2022 01:45:41

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The Social Security Fund will provide loans at low interest without collateral

Kathmandu. The Social Security Fund is also going to provide unsecured loans at cheap interest rates. With the approval of the 'Contributor Sapti Directory 2079' aimed at the contributors of the fund, the contributors will now give loans without collateral. Fund spokesperson Vivek Panthi said that the fund will start giving loans from August.

According to Panthi, service delivery will be started through online method to the contributors who are eligible for the service. In the said guidelines, under 'Contributor House Subsidy', there is a provision that the fund will subsidize construction of a new house, adding a floor to one's own house, repairing a house, purchasing a unit in joint housing and buying a house. According to the guidelines, contributors who have contributed to the fund for at least three years, i.e. 36 months, will be eligible to receive compensation from the fund.

Similarly, provision has been made in the fund to provide pension to contributors who have deposited money in the fund and who have at least two years left to retire based on their age and service period. When approving the house, the amount will be approved in such a way that it does not exceed the amount determined by the mortgage appraisal. For that, among the three types of methods, according to the method in which the amount is less, there is a provision in the guidelines that compensation can be provided.

According to the guidelines, according to the first method, 75 lakh rupees can be given on the basis of mortgage, according to the second method, 15 years salary of the contributor and thirdly, the salary of the remaining period until the contributor reaches the age of 60 years can be given. The fund has set an interest rate of 9.75 percent for the educational and social activities of contributors.

Similarly, the fund will give loans to contributors without collateral along with collateral. The fund will give 80 percent of the amount deposited by the contributors as a loan. The interest rate of which is set at 9.1. According to the fund, only 8 percent interest will be charged on the loan of the contributor's money.

According to the guidelines, a minimum of two installments and a maximum of four installments will be maintained when providing a house loan for the purpose of building a house. It is mentioned in the guidelines that maximum twenty-five percent of the approved amount will be paid when the first installment is paid and the remaining installments will be fixed based on the progress report recommended by the evaluator. However, the approved amount will be provided in one lump sum while purchasing the house.