The Ministry of Labour, Employment and Social Security has approved 'Contributors Credit Guidelines 2022 based on the Social Security Fund.
Minister for Labour, Employment and Social Security Sher Bahadur Kunwar approved the Guidelines here today. The Guidelines were prepared as per the Social Security Investment Procedure-2020 and Clause 32 Sub-clause (1) section (k) of Social Security Act-2018.
The contributors could obtain loans for building new houses, adding floors in the house owned by the contributors, for renovating, purchasing units in joint housing and purchasing houses.
The contributor must at least have contributions for 36 months in the Fund and have at least two years left to retire based on the age limit at end of the service tenure to be eligible for obtaining such loans.
While approving the house loan, the amount will be approved that does not exceed the amount determined by the mortgage evaluation.
Similarly, the newly approved Guidelines also feature contributor educational loan, according to which the contributor must contribute an amount in the Fund for at least 36 months and have at least two years left to retire as in house loan.
The spouse of the contributor and children would avail of the educational loan for further studies abroad. The loan amount would be Rs 3.5 million and lesser than the actual expenses to be spent in those educational institutions, the Guidelines stated.
The contributor could reapply for the education loan if the loan is paid on time. Fund's executive director Kapilmani Gyawali shared that those contributors contributing to the Fund for over 36 months can avail of the Fund's services starting from the new fiscal year 2022/23.
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