New home loan scheme for public servants
NEWS IN SHORT
Finance minister Ericah Shafudah has announced the rollout of a pension-backed home loan (PBHL) scheme aimed at improving access to affordable housing for public servants.
Implemented in collaboration with Namfisa and Gipf and underwritten by the Office of the Prime Minister, the scheme allows Gipf members to use part of their pension savings as collateral for housing loans.
The facility covers the purchase of property, construction or renovation of homes, settlement of existing mortgages, and general housing improvements – both in proclaimed and unproclaimed areas.
To ensure affordability, loan pricing is pegged at the Bank of Namibia’s repo rate plus 2.5%. Administrative processes are being finalised, and further guidance will soon be issued regarding eligibility and application procedures.
The minister called the initiative a milestone in tackling housing inequality and reaffirmed government’s commitment to dignified living conditions for all.
- Staff Reporter
Implemented in collaboration with Namfisa and Gipf and underwritten by the Office of the Prime Minister, the scheme allows Gipf members to use part of their pension savings as collateral for housing loans.
The facility covers the purchase of property, construction or renovation of homes, settlement of existing mortgages, and general housing improvements – both in proclaimed and unproclaimed areas.
To ensure affordability, loan pricing is pegged at the Bank of Namibia’s repo rate plus 2.5%. Administrative processes are being finalised, and further guidance will soon be issued regarding eligibility and application procedures.
The minister called the initiative a milestone in tackling housing inequality and reaffirmed government’s commitment to dignified living conditions for all.
- Staff Reporter
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