KATHMANDU, Nov 12: The number of people taking loans from banks to build houses has increased. In the first three months of the current fiscal year, personal residential house loans given by banks have increased by about Rs 27 billion.
According to Nepal Rastra Bank (NRB), the personal residential house loan which was Rs 348.12 billion at mid-June, increased by Rs 26.78 billion to 374.90 billion by mid-October.
The NRB had increased the limit of housing loan given for the construction of the first house in the monetary policy of the current fiscal year 2023/24. The monetary policy provided that a person can get a maximum loan of Rs 20 million to build a first house. Earlier such arrangement was only Rs 15 million.
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These loans can be utilized for the construction, purchase, or development of apartments up to 3,000 square feet.
Similarly, residential real estate loans have increased by 2 percent. In mid-July, it was Rs 65.51 billion, but in mid-October, it reached Rs 66.84 billion.
The government has also amended the land use regulations and provided that the housing development companies can allocate land for 2.5 aana. Earlier there was a rule that it could not be divided into pieces smaller than 4 anna.
In the three months from Shrawan-Asoj (mid-July to mid-October) when 114,830 bills were passed in real estate transactions from the land office across the country, a revenue of Rs 11.30 billion was collected.
In Shrawan (mid-July to mid-August) of the current fiscal year, revenue collection amounted to approximately Rs 3.51 billion. This figure increased to Rs 3.69 billion in Bhadra (mid-August to mid-September) and further rose to Rs 4.87 billion in Asoj (mid-September to mid-October).
In the first three months of the last fiscal year, 94,343 bills were passed and Rs 8.87 billion were collected.
