Housing Advance Guidelines
Background: The rules made pursuant to the Superannuation (General Provisions) Act 2002 (as amended)(“Super Act”),
are as follows
Section 1: Purchase of Advance
Purchase/Construction of your principal place of residence.
Renovation/Maintenance of principal place of residence.
Purchase of the following household essential items for principal place of residence:
• White goods (fridge and stove only);
• Water tank & water pump (both must accompany each other)
• Solar panels;
• Electricity generator, and;
• Dining table and chairs.
Section 2: Eligibility
1. First Advance Withdrawal:
• Must be a member of an Authorised Superannuation Fund (ASF) for five (5) years or more (the 5 years includes
membership of previous ASFs).
• Withdrawal not to exceed 100% of the Member’s own contribution (excludes employer portion + interest)
and cannot be paid directly to the Member.
2. Further Advance (Withdrawal):
• First Advance withdrawn must be fully repaid to NASFUND before applying for a new Advance.
• Withdrawal not to exceed 100% of the Member’s own contribution (excludes employer portion + interest)
and cannot be paid directly to the Member.
Section 3: Member Obligation
• Member to repay Housing Advance by a further 2% of contributions from the employee portion until is repaid in full.
• Purchase of land or purchase and/or construction of dwelling must occur within six months of an Advance.
• A declaration of completion must be furnished to NASFUND on finalisation of the purchase or completion of the construction
or addition to a house
Section 4: Breach of Conditions of Advance
Any breach of the Super Act or failure to use the Housing Advance will render the application void and the Fund will seek to recover
the Advance in full.
Section 5: Amendments
Members will be informed of any amendments to these guidelines through a general circular and notices from NASFUND.
Part A: Particulars of Member
Given Name: Surname:
Membership Number: Name of Employer:
Rate of Monthly Pay: Annual Gross Salary: K Net: K
Details (Current Principle Place of Residence):
Village: District:
Town: Province:
Section: Allotment:
Application For
Housing Advance
Part A: Particulars of Member (continued)
Purpose for Advance:
Purchase of Dwelling House Purchase of Construction House
Additional/substantial alteration or improvements Purchased of approved household items
Part B: Amount of Advance and Requirements
Amount of Advance Required: K
Purchase of Residential Place Construction / Renovation of Principle Place of Residence:
• Copy of Land Title • Copy of Land Title / Clan Land Usage Agreement Form
• Letter of Offer • Quotation obtained from Hardware Supplier
• Contract of Sale • Employer Confirmation Letter
• Letter from Bank for Home Loan approval • Current Payslip showing 2% deduction
• Employer Confirmation Letter
• Current Payslip showing 2% deduction
Part C: Declaration and Conditions of Advance
I declare that:
A. the advance is required for the sole purpose of purchasing or constructing my principal place of residence and must be used for
that purpose;
B. I have been a member for a continuous period of not less than fice (5) years; and
C. I will effect 2% repayments to indicate on my payslip before NASFUND will release the Advance.
If this application is approved then I undertake to comply with and agree to be bound by the following terms and conditions: -
D. I must increase the rate of my contributions to Nasfund by a further 2% until the accumulated funds are restored to the level
that would have applied in the absence of the withdrawal; and if the 2% repayments is not yet effected, NASFUND has the right
to demand Employers to effect deductions;
E. If the residence is sold prior to the completion of point (a) above, than I shall, from the proceeds of the sale, repay the outstanding
balance of the advance to Nasfund or if you have transferred to other ASF.
F. Nasfund must be entitled to charge and withdraw the administrative costs of the Advance from my individual account.
G. The Advance shall be paid directly to:
1. the bank or financial institution if additional loan is required; or
2. the Vendor; or Nasfund (or another ASF transferred to) the same amount advanced to me;
3. Building material supplier.
H. The construction or purchase of the dwelling house/site shall be commenced or settled; as the case maybe within six (6) months
of the withdrawl of the advance; and
I. If the purchase or construction does not materialize or there is a breach of these conditions then Nasfund must be entitled to
recover the entire amount of the advance from the member, if not refunded.
Mobile Number: Email Address:
Postal Address:
Signature or Right Hand Thumb impression of Member:
Date:
Signature/thumb:
Application For
Housing Advance
Part D: Employer Declaration
I, (name of officer) employed in the capacity of
(designation) hereby certify that I have been
advised and verily believe that the particulars relating to the member/employee provided in this application is true and correct.
I also consent for a further 2% from the employee’s contribution to be remitted to Nasfund until the accumulated funds to the
credit of the employee are restored to the level prior to withdrawal.
Signature:
Company
Date (dd/mm/yyyy): Stamp Here:
Clan Land Usage
Agreement Form
Clan Land Usage Agreement Form
We, the undersigned being representative of Clan from
Village, in Sub-District of Province,
hereby acknowledge that (Member Name)
has the right under Customary Land for his/her family entire life for the purpose of constructing a dwelling house. We certify that
all the Village and Clan Leaders of this community have given their consent and further authorise the member to improve the piece
of land for the benefit of his/her family.
1. Name:
(Clan Elder/Village Elder)
Date: Signature:
2. Name:
(Clan Elder/Village Elder)
Date: Signature:
3. Name:
(Clan Elder/Village Elder)
Date: Signature:
4. As the Priest/Pastor/Church leader of this community known as
I certify that the above person is a member of this Community and that all the above signatures are leaders for the said
Clan and Village
Name:
Title:
Date: Signature:
5. This member is entitled to the area of land called
and bordered by the following visible signs:
(stone/creek/tree/other distinctive features), as per description attached)
Member Name:
Date: Signature:
Stamped by two of the following: Local church stamp; village stamp; local community government stamp; or local
Commissioner of Oath.
Stamp: Stamp:
