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Loans, Mortgages for Civil Servants
Rank: Elder Joined: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool The rate ONLY increases when you default. 3% reducing balance basis!!!! I don't think there can be a better deal!! Hata HELB ni +4%. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 7/28/2013 Posts: 178
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murchr wrote:captain kirk wrote:murchr wrote:captain kirk wrote:washiku wrote:captain kirk wrote:This is a white elephant. Anyone who has worked in civil service knows it cannot be implemented. Explain... In the Ministry of housing, there has always been Civil Servants Housing Scheme. They give civil servants morgages at 5% p.a. It sounds reasonable rate. The TRICK is you will never get this facility as the STORY they give you is that the fund has NO MONEY. They then put you in a long queue of waiting list. I thot you get it from a bank? I know several ppl who have Ask yourself why a bank will offer a mortgage or car loan at a lower rate without being compensated? This idea works only if limited to a few people. If open to every civil servant, the cost of implementation will be too high. The devil is in the details Not everyone gets their loans at the same rate. Even at 5% the bank is still getting their money, my understanding is that the judiciary employees get their loans at 3%, what about the bankers? I guess what matters is the risk. The Civil Service is the most "secure" employment we have in this country. The interest applicable to both the car and mortgage schemes is three per cent per annum on reducing balance. The rate is the same, what varies is the ammount allowed for the car or the house.
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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captain kirk wrote:murchr wrote:captain kirk wrote:murchr wrote:captain kirk wrote:washiku wrote:captain kirk wrote:This is a white elephant. Anyone who has worked in civil service knows it cannot be implemented. Explain... In the Ministry of housing, there has always been Civil Servants Housing Scheme. They give civil servants morgages at 5% p.a. It sounds reasonable rate. The TRICK is you will never get this facility as the STORY they give you is that the fund has NO MONEY. They then put you in a long queue of waiting list. I thot you get it from a bank? I know several ppl who have Ask yourself why a bank will offer a mortgage or car loan at a lower rate without being compensated? This idea works only if limited to a few people. If open to every civil servant, the cost of implementation will be too high. The devil is in the details Not everyone gets their loans at the same rate. Even at 5% the bank is still getting their money, my understanding is that the judiciary employees get their loans at 3%, what about the bankers? I guess what matters is the risk. The Civil Service is the most "secure" employment we have in this country. The interest applicable to both the car and mortgage schemes is three per cent per annum on reducing balance. The rate is the same, what varies is the ammount allowed for the car or the house. What am saying is that banks don't give out the same interest to everyone. Your employer and credit worthiness determines that. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
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washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. I am very tempted, sijui the details, but at 3% that must be lower kuliko inflation - sasa how does one get into the civil service and where are the jobs advertised.
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Rank: Veteran Joined: 11/17/2012 Posts: 1,461 Location: Ngong Forest
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nakujua wrote:washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. I am very tempted, sijui the details, but at 3% that must be lower kuliko inflation - sasa how does one get into the civil service and where are the jobs advertised. Ghost workers don't need to apply!
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Rank: Elder Joined: 12/17/2009 Posts: 3,583 Location: Kenya
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Ngong wrote:nakujua wrote:washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. I am very tempted, sijui the details, but at 3% that must be lower kuliko inflation - sasa how does one get into the civil service and where are the jobs advertised. Ghost workers don't need to apply! mimi si ghost worker, infact sina kazi I am in the process of trying to get one, and the civil service seems like an interesting place to work, only that sijui where the jobs are posted and the process of getting a job huko, kama unajua saidia 
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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nakujua wrote:Ngong wrote:nakujua wrote:washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. I am very tempted, sijui the details, but at 3% that must be lower kuliko inflation - sasa how does one get into the civil service and where are the jobs advertised. Ghost workers don't need to apply! mimi si ghost worker, infact sina kazi I am in the process of trying to get one, and the civil service seems like an interesting place to work, only that sijui where the jobs are posted and the process of getting a job huko, kama unajua saidia 1.This is wherethe jobs are posted2.I do not know the process,But I think it usually involves knowing someone who knows someone who might be able to know someone who makes the hiring decision on behalf of PSC and the parent ministry or being politically connected If Obiero did it, Who Am I?
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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Swenani wrote:nakujua wrote:Ngong wrote:nakujua wrote:washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. I am very tempted, sijui the details, but at 3% that must be lower kuliko inflation - sasa how does one get into the civil service and where are the jobs advertised. Ghost workers don't need to apply! mimi si ghost worker, infact sina kazi I am in the process of trying to get one, and the civil service seems like an interesting place to work, only that sijui where the jobs are posted and the process of getting a job huko, kama unajua saidia 1.This is wherethe jobs are posted2.I do not know the process,But I think it usually involves knowing someone who knows someone who might be able to know someone who makes the hiring decision on behalf of PSC and the parent ministry or being politically connected I have seen that the loan facility is also available for county govts. It would be easier to get a job huko machinani. Just talk nicely to the kanjoras.
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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washiku wrote:nakujua wrote:now if a civil servant was to be fired, does the rate still apply when repaying.
lakini those rates sound cool Quote:“Whereas a state officer or public officer leaves employment for whatever reason other than disciplinary grounds, the terms of the loan remain in force and don’t change for the life of the loan unless in cases of default in which case it reverts to commercial terms,” said Mrs Serem. Sasa hiyo ni poa. Unaingia, unapata mortgage @3%, unachomoka for better pay somewhere else. Not that easy Washiku. What happens is that there are rules and guidelines for the same which will dictate what happens when you chomoka. The 3%interest loans are offered in collaboration with banks.The banks do tge due diligence and all that appartains to the loan. The government on the other hand gives out the cash/fund which is placed in a non interest bearing account to cushion the bank in case of default and facilitate the low interest charge. The main concern here is that the payslip may not enable one to borrow certain amounts and also I am not sure we have the number of houses to be purchased in the counties. Take a county like Kisii with about 5000 employees...wapi 5000 houses ready for sale.Not sure if the fund caters for construction mortgages. And therein lies a huge opportunity to partner with county governments to develop houses for sale. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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