To build or buy your own home comes under everyone’s dream. Financial crisis is one of the obstacles to fulfill the dream. If so, don’t worry home loans are one of the ways to buy or construct your own house. Most of the commercial banks provide home loans in Nepal.
Types and features of the loan depends upon the individual bank.
What are the types of home loan?
• Purchase of land/house, apartment
• House construction, renovation/extension, refurbishing of existing house
• Loan takeover of Home Loan already financed by other Bank and Financial Institutions
What are the features of Home loan?
1. Tenure: Flexible up to 25 Years
2. Service Charge: 1% on approved loan limit
3. Financing: Maximum up to NPR 30 million
What are the eligibility criteria for Home loan?
1. Working Professionals
2. Salaried Individuals
3. Self-Employed Individuals
What are required documents to get Home loans?
- Citizenship certificate
- Passport size photographs
- Land ownership certificate (Lal Purja) with Rajinama/Bakaspatra etc.
- Land revenue and property tax paid receipt (recent)
- Approval of construction, approved house map and construction completion certificate (as appropriate)
- Blue Print, Trace Map and Four Boundary Disclosure (char killa) of land
- Bank account statement for at least 3 – 6 months’ time
- Recent Salary Certificate
- Rental agreement (if any) with an identification of tenant
- Copy of blue book of vehicle (in case of vehicle income)
- Firm/Company Registration, PAN, Article & Memorandum of Association, P/L statement and Balance Sheet of firm/company (in case of business income)
- Valid passport/visa, work permit, employment/salary certification from the employer, recent pay slip/bank account statement etc in case of foreign employment
- Personal PAN card is required if loan amount is NPR 10 million and above
These are the minimum requirements to get a home loan in Nepal. Different commercial banks are providing home loan facilities to fulfill your dream to get your own house. If you are eligible to get a loan according to criteria you can easily apply for Home loan in Nepal.
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