KATHMANDU, July 18: The Ministry of Labor, Employment and Social Security has approved 'Contributors Credit Guidelines 2079 BS based on the Social Security Fund. 

Minister for Labor, Employment and Social Security Sher Bahadur Kunwar approved the Guidelines on Sunday. The Guidelines was prepared as per the Social Security Investment Procedure-2077 BS and Clause 32 Sub-clause (1) section (k) of Social Security Act-2074 BS.

The contributors could obtain a loan for building new houses, adding floors in the house owned by the contributor, renovating or purchasing units in joint housing and purchasing houses. 

The contributor must at least have contributed for 36 months in the Fund and have at least two years left to retire based on the age limit of the 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 a 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 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, according to the Guidelines.

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 in the Fund for over 36 months can avail the Fund's services starting from the new fiscal year 2022/23.
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