GIPF to introduce pension-backed housing scheme
News in short
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.
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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