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

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.