Empowering you to own your home
Under this scheme, loans are offered to serving members of the Fund to enable them to acquire or construct residential property, aimed at mitigating old age destitution. Mortgages are offered at an interest rate of 15 percent per annum. The repayment period is linked to the statutory retirement age of 60 years for civil servants and 55 years for the Defence Forces.
Eligibility
All confirmed contributing members who have served for at least five years.
What you need to apply
Documents required for all applications
- Introductory letter from your Ministry or Department on official headed paper, stating your employee number and engagement date, signed by an authorised officer, preferably Human Resources, confirming that the letter supports you to obtain a loan.
- A duly completed application form, provided and filled in at Fund offices.
- Certified copies of your latest payslip.
- Certified copy of your National Registration Card.
- Certified copy of confirmation in service, attestation letter or enlistment.
- Marriage certificate for a joint application.
- Copy of the title deed for the house to be purchased.
- Offer letter from the vendor and a copy of their National Registration Card.
- Bank statement, stamped and signed on all pages, for the three latest months.
- Statement for any loan buy offs.
Additional documents for construction
Where you are building rather than buying, add the following to items one to six above.
- Your copy of the title deed, land record or occupancy licence.
- A detailed estimate of costs prepared by a competent person, a material schedule, or approved building plans.
How repayment works
Interest and principal mortgage: both interest and principal are repaid by the expiry of the loan tenure, given a stable rate. This suits members whose income covers both.
Interest and partial principal mortgage: as above, but the principal is not repaid in full during the term. At expiry the balance is settled from retirement dues. This suits members who cannot afford full repayment during the term.