Pre Ritirement Housing Loans
Social Security provides protection against socially recognized conditions such as poverty, old age, disability and loss of earning capacity to members. Since salary from employment is not adequate, LAPF provides its members with pre-retirement housing loans which are intended to assist members to meet their housing needs before retirement.
The granted loan will depend on the amount applied but should not exceed 50% of the lump sum pension amount payable when one attains 60 years. The applied amount will be computed basing on the application date.
A member is entitled to a pre-retirement housing loan upon reaching 55 years of age and has contributed to LAPF for at least 180 months or 15 years.
MODE OF APPLICATION
- Application should be lodged at any LAPF Zonal Office
- Application will be processed at the Head Office
- Electronic transfer of funds will be made to member’s bank account
- Successful applicants will be informed of payments whenever their bank accounts are credited.
A 7% simple interest will be charged per annum on a reducing balance method from the first months after disbursement of the loan.
Payment for the loan shall be made from the members final benefit payments at the time of retirement in one lump sum.
- A member applying for a loan shall submit to any office the following documents:
- A dully filled form LAPF/LON. 1 (House loan application form)
- LAPF original membership Card
- Passport size photograph
- Copy of Bank identity card
- Certified copy of Title deed
Up to one half of commuted Pension Gratuity will be advanced to a qualifying member.