SHORT- Pension-backed housing scheme says GIPF.edited
SHORT- Pension-backed housing scheme says GIPF.edited

GIPF to introduce pension-backed housing scheme

News in short
Elizabeth Kheibes
The Government Institutions Pension Fund (GIPF) has announced its intention to introduce a pension-backed housing loan scheme for all its members.

In a statement, GIPF said the scheme intends to provide an alternative cheaper home loan scheme covering both urban and rural areas in Namibia, backed by the member's pension.

"The interest rate to be charged in respect of the scheme will be 0.75% lower than the standard interest rates offered by commercial banks.

“[It] will be available for purposes of acquiring plots or building new structures, or additions or renovations or repairs to existing property of the members," the fund said.

According to GIPF, the scheme will be rolled out through its subsidiary Kuleni Financial Services and its pension-backed housing loan fund manager, First Capital Treasury Solutions.

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Namibian Sun 2024-07-17

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 465.39/OZ DOWN -0.0012 | Copper US$ 4.41/lb DOWN -0.0104 | Zinc US$ 2 872.30/T DOWN -1.05% | Brent Crude Oil US$ 85.07/BBP UP +1.06% | Platinum US$ 1 009.32/OZ UP +0.67%