The EPF introduced a new scheme named "House Loan Scheme 2057" in December 2000 with the objectives of helping its members in building and/or buying a residential home for them. Under this scheme the EPF provides house loan to its members for a period of 20 years or remaining tenure of members whichever is less. This facility is provided to members against the collateral of land and the constructed building on it. Under this scheme, members with two years of their regular contribution in their PF deposit and having two years term of office are eligible to take loan up to a sum equivalent to 10 years basic salary. Subject to revision, the current rate of interest on this loan is 8.5% p.a. currently this scheme is confined to certain areas of Katmandu Valley and Pokhara with future program to extend it to various municipalities of the kingdom of Nepal. Till now about 6,900 EPF members have benefited from this scheme.