The Staff House Scheme Loan Board was established under the Finance Edict of 1988 to cater for the housing needs of participating Civil Servants. Over the years, the Scheme has gone through series of transformation until recently when the new Staff Housing Scheme policy was enacted. Below is the workings of the Staff Housing Scheme Board:
Membership of the Scheme is open to Staff on Salary Grade Level 04 and above in the core Civil Service and Government owned parastatals
An intending member of the Scheme has to apply through his/her office to the Secretary, Staff Housing Scheme Board who is the Administrative Head of the scheme. The Secretary after scrutinizing the application will issue an enrolment letter to the applicant and copy sent to the Permanent Secretary or Head of Parastatal of the applicant’s office to commence 10% deduction from his/her salary, to the Scheme. A copy of this letter will be endorsed to the Accountant General and the Auditor General of the State.
A participant of Staff Housing scheme must contribute 10% of his/her salary for at least 5 years (OR) 25% of loanable amount to the Scheme before he/she is qualified to collect Staff Housing Scheme Loan.
Eligible participant must apply for loan to the Secretary. The Secretary will place the application before the Board for consideration. On acceptance by the Board, the Secretary will issue an approval letter to the applicant who will enter into agreement with the Board. A payment letter will then be issued to the Accountant General to pay the approved loanable amount to the applicant after necessary processes.
The LIM Section of the Accountant General’s office will compute the total contribution by a beneficiary plus 3% interest thereon and subtract same from the loan collected which also attracts 3% interest. The balance will then be spread into sixty (60) installments (5 years) and deducted from beneficiary's salary. If a Loan benificiary retires from service or dies before completing the repayment, the balance is recovered enbloc from the gratuity of such beneficiary.
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