Kathmandu. The first amendment has been made to the Integrated Working Procedure on Interest Subsidy for Concessional Loans. The amendment clarifies the provision of renewal of loans issued as per the existing working procedure, housing loan to natural disaster victims and interest subsidy to the borrowers who have difficulty in payment of installments due to circumstances.
As per the amended provision, the interest subsidy will be available for five years from the date of commencement of grant in case the loan is renewed as per the Integrated Procedures Related to Interest Subsidy for Concessional Loans, 2075.
Similarly, while providing loans for the construction of private houses due to natural disasters, the banks and financial institutions should self-declare that they have not taken grant from the borrower for the construction of private houses from the borrower.
The amendment has made a provision that the borrower will not be completely deprived of the interest subsidy even if there is a temporary problem in repayment of the loan due to circumstances. Banks and financial institutions can demand interest subsidy if they are unable to repay the loan amount that is required to be paid in any quarter as per the rules, but if the loan is regularized by paying the arrears in the next quarter.
However, for this, the banks and financial institutions will have to confirm that the problem in loan repayment is due to circumstantial reasons and the loan has been utilized. In such a situation, the banks and financial institutions can demand interest subsidy for the entire period to be received by the borrower.
Similarly, in case of the loans issued as per the integrated working procedure of 2075 BS, the grant would be provided as per the loan, interest grant, loan security and insurance related services, terms and conditions as stipulated in the same procedure.
The amendment clarifies the basis for continuation of old concessional loans, facilitation in the construction of houses for disaster-affected borrowers and retaining the facility of interest subsidy to the borrowers who are in trouble.
(Full Text)
प्रतिक्रिया दिनुहोस्