KATHMANDU, Nov 20: The Employees Provident Fund (EPF) is allowing its depositors to borrow up to Rs 5 million to purchase land.
According to the EPF, it has come up with the provision through endorsing Depositors Borrowing Guidelines 2021. As of now, the EPF has been providing loans to its customers only to purchase houses.
In the new provision, the borrowers will be provided with aforementioned loans for a maximum of 15 years of maturity. The loans that will be issued against land as collateral will charge a 7.9 percent interest rate on the borrowed amount.
The EPF incorporates around 600,000 of employees from government offices and private sector companies.