Nepal Army to provide home loan to the employees at interest

There is good news for the military personnel working in the Nepal Army. The Nepal Army has announced to provide housing loan at 3.32 percent interest rate to its employees for building houses.

A statement issued by the Nepal Army said, “So far, 20 people have applied for home loans under this facility and 7 of them have been recommended to the bank after completing the process.”

Army personnel who have served for at least 10 years will get housing loan up to Rs 2.5 million at cheap interest. It is said that this loan facility is available only to the military personnel who do not have a house in the name of themselves and their spouses.

Earlier, Chief of Army Staff Sharma had announced the housing loan program in his first address after taking office.

A Memorandum of Understanding (MoU) was signed between the Nepal Army Military Welfare Fund, Rastriya Banijya Bank and Rastriya Bima Sansthan on November 7, 2008.