Secure a mortgage loan
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- Member Benefits
Pension Backed Mortgage
Members can use up to 60% of their accumulated benefits as collateral to secure a mortgage loan, enabling them to own a home while continuing to save for a secured retirement. The Scheme Trustees issue a guarantee to the lending institution as secondary security; no funds are transferred from the scheme.
Guarantee Limit
LAPFUND’s guarantee shall not exceed 60% of the member’s accrued benefits at the time of application, or the market value of the property, whichever is lower.
Mandatory requirements:
- Dully filled LAPF/M01- Pension backed mortgage application form
- Dully executed Mortgage agreement between member and said institution.
- Insurance policies on loans are granted and property securing loans.
- Current valuation report on mortgaged property.
- Current official search slips on mortgaged property.
- Certified copies of incorporation and registration documents of institution.
- Certified copy of title documentation.
- Certified copies of personal particulars of members i.e National identity card/passport.
