People’s Micro Bank Ltd is now an authorized housing advance supplier for eligible Nasfund members.
The housing advance scheme allows active members who have contributed to an authorized Superannuation Fund for more than five years to use 100 percent of their member-only contributions to assist them in purchasing or building their homes.
The housing advance can also be used as an equity for members to acquire housing loans from recognized financial institutions.
The Head of Sales for People’s Micro Bank, Yawetau Salem, thanked Nasfund for welcoming them on board as a Housing Advance supplier.
‘'We believe this is a strategic move because, as an authorized housing advance supplier, we aim to offer tailored housing finance options to Nasfund members that include a competitive interest rate of 5.2 percent per annum, with flexible repayment terms, which we believe will greatly assist members of Nasfund in achieving their dream of home ownership,’’ Salem said.
General Manager for Member & Employer Services, Anne Wilson said Nasfund members who acquire a housing loan from People’s Micro Bank Ltd will have their advance paid directly to the bank to form a downpayment to a larger loan on behalf of the member as per the conditions stipulated under Section 90 (4) of the Superannuation General Provisions Act (2000).
Wilson added that the Fund has ventured with the People’s Micro Bank Ltd to help Papua New Guineans realize their home ownership dreams