November 9, 2021 | Investopaper
Rastriya Banijya Bank Limited and Nepal Army Welfare Fund have signed a mutual agreement on Monday to provide concessional housing loan to the general ranks working in the Nepal Army. The agreement was signed in the presence of Prabhuram Sharma, Chief of Army Staff of the Nepal Army.
Kiran Kumar Shrestha, Chief Executive Officer of the Bank and Ananda Kumar Adhikari, on behalf of Army Welfare Fund, jointly inked the agreement. As per the agreement, Rastriya Banijya Bank will provide concessional housing loan of up to Rs 25 lakh to the those in army who have completed minimum 10 years of military service.
The Bank will charge a minimum premium at the base rate along with the grant from the fund and offer loan at 3.32 percent per annum to purchase a house or build a house for a maximum of 15 years. As per the agreement, the fund will also provide deposits to the bank.