Employees Provident Fund's collateral-based loan service expands to 60 districts
The Employees Provident Fund has expanded its collateral-based loan service to 60 districts for regular contributors to build, repair, or add floors to their homes. Under the service, a house with land must have at least an 8-feet-wide access road, while vacant land must have at least a 12-feet-wide road.
Kathmandu — The Employees Provident Fund has expanded its collateral-based loan service to 60 districts for the housing needs of employees making regular contributions. According to the Fund, the service is now available in 60 districts—covering almost all Tarai districts across all seven provinces, as well as hill and Himalayan regions—accepting immovable property (land and buildings) as collateral.
The province-wise expansion of the service is as follows:
- Koshi Province: Loans for home construction, repair, and adding floors are available in Bhojpur, Morang, Sunsari, Jhapa, Dhankuta, Biratnagar branch, Birtamod, Udayapur, Okhaldhunga, Khotang, and Panchthar.
- Madhesh Province: Collateral-based loan service is available in all eight districts—Saptari, Siraha, Dhanusha, Mahottari, Sarlahi, Rautahat, Bara, and Parsa.
- Bagmati Province: The service is available in Kathmandu, Lalitpur, and Bhaktapur, as well as Makwanpur, Chitwan, Dhading, Nuwakot, Sindhupalchok, and Sindhuli.
- Gandaki Province: The service has been expanded to Kaski, Tanahun, Syangja, and Mustang.
- Lumbini Province: The service has reached Rupandehi, Pyuthan, Kapilvastu, Nawalparasi, Banke, Bardiya, Dang, and Arghakhanchi.
- Karnali Province: Collateral-based home construction loans have been expanded to Surkhet, Jumla, Dailekh, Pyuthan, Salyan, Rukum (West), and Mugu.
- Sudurpaschim Province: The service has already been expanded to Kailali, Kanchanpur, and Doti.
According to the Fund, minimum standards have been set for collateral property. A house with land must have at least an 8-feet-wide access road, while vacant land must have at least a 12-feet-wide road.
Similarly, the minimum area for collateral property is set at 2.5 Aana or 5 Dhur within metropolitan and sub-metropolitan cities, and 4 Aana or 7.5 Dhur within rural municipality areas.