Good news for first-time homebuyers in Nepal.
Nepal Rastriya Bank has recently published a new circular (notice) which has brought some good news for first-time homebuyers. According to a new circular, individuals who are taking a residential home loan for the first time to make or buy the house or apartment can get up to 70 percent of the total valuation of the home.
Also, the maximum amount of the loan that an individual can get to buy or make a home has been fixed to Rs 1 Crore 50 lakhs by Nepal Rastra Bank.
Some of the certain criteria for loans under this new circular are as follows;
- The house or apartment must be used by the borrower.
- The land size should not be exceeding more than 3,000 square feet.
- The borrower should not have any other similar loan with other banks or any other financial institutions.
- The rental earning earned from that house or apartment will not be considered by the bank as the borrower's source of income for taking the loan.
Finally, according to Nepal Rastra Bank, banks and other financial institutions cannot increase the monthly installment even when there is a rise in interest rates of the loan.
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Published on 21, November 2019 by Sandip Adhikari