Enwealth Home Ownership allows active pension scheme members to purchase residential houses using part of their retirement benefits as per the Retirement Benefits (Mortgage Loans amendments) Regulations 2020.
About Enwealth Home Ownership
This regulation allows a member to assign upto 60% of accrued pension savings as collateral to
- Purchase a plot
- Purchase a residential house
- Construct a residential house
- Renovate a residential house
This regulation also allows a member to utilize a maximum of 40% of the accrued pension savings with a maximum limit of Kshs 7M to purchase a ready residenatial house from an institution. We have partner banks to fund the balance at negotiated rates.
How it works
- Member applies through scheme board of trustees to use part of their accrued benefits to purchase a residential house.
- Scheme notifies Enwealth Financial Services Ltd to carryout member prequalification and member engagement. Advisory services to the trustees and Member.
- Trustees to respond to member if application lodged is approved or denied
- Service Provider Engagements commence.
Option to be Utilized
- Where a member wants to assign up to 60% of accrued pensions savings as collateral
- Where a member wants to utilize their 40% of accrued pensions savings and the 40% covers their purchase of the residential house.
- Where a member wants to acquire a property through a pre-negotiated mortgage arrangement (outside the scheme).