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

 

Types of Home Loan

Purpose

Maximum Financing

Home Loan Purchase

Purchase of house

Purchase of Land alone

75% of purchase Value

60% of purchase Value

Home Loan Construction

Construction of house

75% of cost estimate

Home Loan Extension

Additions/extension/renovation

/modification

80% of cost estimate

 

Loan Limit

  • Loan Amount NRs. 5 Lakh to 1 Crore.
  • For purchase of land alone- Maximum 1 Crore

 

Loan Tenure

  • 1 to 15 Years

Interest Rate

  • 12.99% - 14.75%

 

Repayment of Home Loan

  • On Equal Monthly Installment (EMI) 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.