{"id":26720,"date":"2022-08-02T16:32:56","date_gmt":"2022-08-02T16:32:56","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa"},"modified":"2022-08-02T16:39:25","modified_gmt":"2022-08-02T16:39:25","slug":"pension-backed-loans-allowed-namfisa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa","title":{"rendered":"Pension-backed loans allowed \u2013 Namfisa"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>CITIZENS can still borrow from their pension to build or renovate their houses, even under the yet to be operationalised Financial Institutions and Market Act (Fima), the Namibia Financial Institutions Supervisory Authority (Namfisa) has said.<\/b><\/p>\n

The pension funds regulator revealed this yesterday, dismissing rumours that the benefit would lapse under Fima.<\/p>\n

According to the statement, even the Pension Funds Act makes provision for pension funds to directly lend members a portion of their pension fund savings to buy immovable property or to make renovations to existing immovable property.<\/p>\n

The pension benefits can also be used as collateral.<\/p>\n

\u201cIn addition, the Pension Funds Act allows pension funds to furnish pension-backed guarantees to persons providing housing loans to its members for the same purpose. Fima similarly provides for direct housing loans by funds to members as well as pension-backed guarantees,\u201d said the regulator.<\/p>\n

Recent reports from the World Bank indicate the need for about 45 000 new housing units per year because Namibia’s demand for formal housing is increasing with urbanisation.<\/p>\n

Namibia is experiencing annual urbanisation of around 3,8%, translating to 50 000 people or 13 500 new urban households, annually.<\/p>\n

The share of the urban population is expected to increase from 52% to 60% by 2030, said the World Bank.<\/p>\n

With the formal housing delivery not keeping pace with demand, this has resulted in rapid growth of informal settlements, and has been the call of many social activists raising solutions to use pension savings to buy houses.<\/p>\n

Namfisa said pension fund members need to familiarise themselves with the rules and the constitution of a pension fund that they contribute to to determine whether they make provision for a particular fund to grant direct housing loans or pension-backed housing loan guarantees to members.<\/p>\n

\u201cThe fund rules will also determine the extent of the loan or guarantee that can be furnished to members. Pension fund members are urged to read their pension fund rules and familiarise themselves with their rights and responsibilities. Should members have any queries concerning their rules, the same can be raised with their respective pension fund principal officer or trustees,\u201d said Namfisa.<\/p>\n

There are over 130 pension funds registered in Namibia with assets in excess of N$250 billion, whose investments have been partly absent in the housing sector despite the high housing needs.<\/p>\n

The World Bank has recommended that there is a need to introduce innovative market-appropriate financial products for the low- and middle income housing market, and the pension backed housing is one of those items that even the Government Institutions Pension Fund has adopted.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. CITIZENS can still borrow from their pension to build or renovate their houses, even under the yet to be operationalised Financial Institutions and Market Act (Fima), the Namibia Financial Institutions Supervisory Authority (Namfisa) has said. The pension funds regulator revealed this yesterday, dismissing rumours that the benefit would lapse under Fima. According […]<\/p>\n","protected":false},"author":84,"featured_media":26719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-26720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nPension-backed loans allowed \u2013 Namfisa - Namibia<\/title>\n<meta name=\"description\" content=\"CITIZENS can still borrow from their pension to build or renovate their houses, even under the yet to be operationali ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension-backed loans allowed \u2013 Namfisa\" \/>\n<meta property=\"og:description\" content=\"CITIZENS can still borrow from their pension to build or renovate their houses, even under the yet to be operationali ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-02T16:32:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-02T16:39:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/08\/postQueueImg_10-62e95329889d6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Pension-backed loans allowed \u2013 Namfisa\",\"datePublished\":\"2022-08-02T16:32:56+00:00\",\"dateModified\":\"2022-08-02T16:39:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\"},\"wordCount\":433,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/08\/postQueueImg_10-62e95329889d6.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/pension-backed-loans-allowed-namfisa\",\"name\":\"Pension-backed loans allowed \u2013 Namfisa - 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