The Government Institutions Pension Fund announced on Friday that its Pension-Backed Home Loan Scheme will officially launch today.
The Pension-Backed Home Loan Scheme (PBHLS) will enable active members to access a portion of their pension savings as collateral for the purchase of an erven, make improvements to an existing home, purchase a new home and or construct a new home in both urban and rural areas.
GIPF’s general manager for marketing and stakeholders engagement, Edwin Tjiramba, in a statement, highlighted that the scheme will be administered by two administrators, First Capital Treasury Solutions (FCTS) and Kuleni Financial Services (PTY) Ltd, urging members not to submit applications at GIPF offices, but to apply directly through the two appointed administrators.
Tjiramba, however, warned that the pension-backed housing loan will not be granted for the purposes of consolidating debt that is not a home loan.
“The loan is not granted for the purposes of acquiring immovable property such as stoves, fridges, washing machines, livestock, and vehicles,” he added.
He noted that the scheme is currently only available to government-employed members and members on disability, while other participating members will commence in due time.
“The scheme is currently available only to active members (Government of the Republic of Namibia employees contributing monthly to their pension) and members on disability. Other GIPF participating employers, such as State-Owned Enterprises and Mission Hospitals, will be advised in due course once relevant memoranda of agreement are finalised,” Tjiramba added.
Tjiramba urged members to make use of their respective service provider’s HR offices and through the online websites together with relevant documents for submission of applications.
-Nampa