GIPF has approved more than 1 300 home loans so far
24 Jun 2015 12:00pm
WINDHOEK, 24 JUN (NAMPA) The Government Institutions Pension Fund (GIPF) has approved more than 1 300 home loans since its housing scheme was launched last May.
The Chairperson of the GIPF Board of Trustees, Mihe Gaomab said on Tuesday 1 310 home loans were approved in the past 13 months.
This means that 1 310 GIPF members have so far benefited from the scheme.
About N.dollars 400 million was committed to the housing scheme and N.dollars 357 million have gone into the approved home loans.
Today we are looking back at the promise that was made to stakeholders with regard to this matter and provide feedback on what has been achieved since the launch of the GIPF Housing Loan scheme, he said during the GIPF annual stakeholders' consultative meeting held in Windhoek.
With the aid of the scheme, Government employees with a salary of N.dollars 5 000 and below can now afford a home loan of about N.dollars 430 618.
These low-earners are part of an estimated 60 per cent of Government employees financially excluded in accessing home loans.
The loans are repayable at an interest rate of 9,5 per cent (repo rate plus four per cent).
This translates into affordable rates, and GIPF members can now easily participate, unlike in the past when the interest rate was fixed at 16 per cent.