As Employees Provident Fund Procedure 2078 has been approved, a path has been paved the way for Land Purchase Loan Implementation, said Dhangadhi-based Chief Officer Rajendra Bikram KC. The fund has given loans to the PF staff for purchasing and construction of houses before. Prior to this, the fund office will also provide Rs 5 million loans to purchase the land.
It is stated in the working procedure that the savers who have not used any other loan obtained from such fund will get the loan amount equal to 15 years salary as collateral. The land to be purchased for the loan is fixed at a 7.90 percent interest rate.
For now, this process will be implemented in the country's major urban cities. The Kailali-based Fund office will provide loans to Kailali and Kanchanpur's market areas, KC further informed.
He said, "There is a plan to gradually extend the loan to other areas where the criteria have been met based on the demand of the savers."
The planning was made public on 16th September by the fund office but the work procedure was not approved and it couldn't come into implementation. The fund has been providing home construction and home purchase loan, educational loan, special loan, simple loans, and other loans to the savers.
Likewise, the social security program will provide facilities such as funeral rites costs, medical treatment costs, accident compensation, pregnancy costs to the PF employees. As many as 600,000 staff are associated with the fund office.
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