Members of the Government Institutions Pension Fund (GIPF) will now be able to buy homes and use their funds as collateral.
This was announced by minister of finance Ericah Shafudah on Wednesday.
“This initiative is introduced as part of the government’s commitment to improve access to decent and affordable housing, particularly for civil servants who are unable to meet conventional bank loan requirements,” said Shafudah.
The pension-backed home loan scheme will allow members of GIPF, including those in both proclaimed and unproclaimed areas, to leverage a portion of their pension savings as collateral for housing-related loans.
Shafudah said members can use their pension funds to buy residential property or land intended for housing, construct or renovate a dwelling, and settle an existing home loan.
The government is currently finalising administrative processes with the GIPF and relevant payroll systems to ensure smooth implementation.
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