Pension-backed housing scheme targets civil servants
The government has approved a Pension-Backed Home Loan scheme allowing civil servants to use a portion of their pension savings as collateral for affordable housing loans, Finance Minister Ericah Shafudah announced in Parliament yesterday. Under amendments to the Pension Funds Act 24 of 1956, members of the Government Institutions Pension Fund (GIPF) may access loans to purchase residential property or land, construct or renovate homes, settle existing mortgages, or improve […]