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Pension Savers Get Big Boost.
Ja-Kom
#1 Posted : Tuesday, June 16, 2009 1:41:00 PM
Rank: Member


Joined: 4/28/2009
Posts: 290

Pension funds regulator has issued new regulations allowing contributors to use their savings to guarantee house loans.The new guidelines published in the current edition of the Kenya Gazette allow contributors to use up to 60 per cent of accrued pension benefits to secure a mortgage from banks or an ordinary loan to repair an old house.



For just as through the disobedience of the one man the many were made sinners,so also through the obedience of the one man the many will be made righteous.
Romans 5:19
For just as through the disobedience of the one man the many were made sinners, so also through the obedience of the one man the many will be made righteous. Romans 5:19
Gordon Gekko
#2 Posted : Tuesday, June 16, 2009 2:01:00 PM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
Where are the details? That's where the devil is. My understanding is that it is security. Means YOU still have to pay the mortgage. What if you default and the loan balance exceeds your pension? Do you lose your pension (illegal going by current RBA Act). I would have preferred the cash being given to the lender with condition not to allow for the house's sale until retirement age.
Kasheshi
#3 Posted : Tuesday, June 16, 2009 2:23:00 PM
Rank: Member


Joined: 4/27/2008
Posts: 150
Oops. Ignore
Ja-Kom
#4 Posted : Wednesday, June 17, 2009 5:01:00 AM
Rank: Member


Joined: 4/28/2009
Posts: 290
@GG,Ma sentiments precisely.The whole document is here http://www.businessdaily.../-/55ku6v/-/index.html.

For just as through the disobedience of the one man the many were made sinners,so also through the obedience of the one man the many will be made righteous.
Romans 5:19
For just as through the disobedience of the one man the many were made sinners, so also through the obedience of the one man the many will be made righteous. Romans 5:19
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