This is a good law senators

O

Okiya

Elder Lister
Workers could soon use up to Sh7 million or a maximum of 40 percent of their retirement savings to buy their first residential house in changes to the law aimed at boosting home ownership and lift the sluggish property market.

The clause allowing contributors to access 40 percent of their savings ahead of retirement will free tens of billions of shillings for home ownership given that Kenya’s pension schemes control Sh1.2 trillion spread across property, cash, shares and government bonds.

Proposed changes to the pension laws are meant to make it easier for individuals to buy their first homes given that most households are unable to raise the minimum house purchase deposit or afford the typical monthly mortgage repayments.

Mr Yatani has added homes constructed or financed by the government, saccos and insurers among those that can be purchased using retirement money.

Previously, the list was limited to houses offered by banks, building societies, microfinance firms, the National Housing Corporation and entities running tenant purchase arrangements.

State offers 40pc of pension savings for home purchase

The proposed changes are meant to make it easier for Kenyans to purchase their first homes, give relief to the property market.
www.businessdailyafrica.com www.businessdailyafrica.com
 
Okiya said:
Workers could soon use up to Sh7 million or a maximum of 40 percent of their retirement savings to buy their first residential house in changes to the law aimed at boosting home ownership and lift the sluggish property market.

The clause allowing contributors to access 40 percent of their savings ahead of retirement will free tens of billions of shillings for home ownership given that Kenya’s pension schemes control Sh1.2 trillion spread across property, cash, shares and government bonds.

Proposed changes to the pension laws are meant to make it easier for individuals to buy their first homes given that most households are unable to raise the minimum house purchase deposit or afford the typical monthly mortgage repayments.

Mr Yatani has added homes constructed or financed by the government, saccos and insurers among those that can be purchased using retirement money.

Previously, the list was limited to houses offered by banks, building societies, microfinance firms, the National Housing Corporation and entities running tenant purchase arrangements.

State offers 40pc of pension savings for home purchase

The proposed changes are meant to make it easier for Kenyans to purchase their first homes, give relief to the property market.
www.businessdailyafrica.com www.businessdailyafrica.com
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Hapo sawa.
 
What about those who have already built their houses. Why can't they open for those who wants to access a certain percentage of their retirement money to be investing in their own ways, of which it's still a win win situation for the government and the individual as the money will still be in circulation.
Most of retiree after getting their pensions just waste it as most have never had a colossal amount of money. They start huge projects that are never completed.
 
Saccos will thrive, sasa banks will start hawking, preying on any personal in payroll .... if only we could blessed with a serious president just like Kibaki to resuscitate the economy.
 
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Usually sounds good on paper. Ngoja implementation unapata the whole thing was to benefit a few individuals.
 
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