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Namibia : GIPF - State pension fund launches new housing scheme.

In order to close the funding gap in the local housing market, the state pension fund has launched a new housing scheme with home loans double than what civil servants get from commercial banks.

While the member's pension credit balance stays untouched, the scheme allows Government Institutions Pension Fund (GIPF) members to receive a home loan by using the funded property to ensure the loan.

State employees, who have joined GIPF, and earn a monthly N$5 000 are currently eligible for about N$230 000 at commercial banks. But, the launch of the GIPF's housing scheme will now allow the same individual to qualify for more than N$430 000.

The GIPF's market value was N$75 billion, at 31st March, 2014.

The fund s board chairperson, Ellaine Samson, said First Capital Housing Fund (FCHF) would manage the scheme for GIPF.

CEO of GIPF, David Nuyoma, said : "Today we are celebrating the achievement of another milestone within the space of service delivery to our members. It has taken us too long to arrive at this stage but it is essential to say that it was worthwhile to sort out an avalanche of barriers in the first place to ensure smooth sailing of this major project."

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Publication:Mena Report
Date:May 19, 2014
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