How GNAT Members can Own a Decent Homes at Area of therir Choices Fresh Deals Alert

How GNAT Members can Own a Decent Homes at Area of therir Choices

GHOS is home ownership scheme for GNAT members which seeks to provide affordable housing for its members.In fact, it is means of making it easier for teachers to acquire homes and to provide a viable option for reasonable funding,  The concept note proposed setting up a contributory scheme for members to be used as collateral to source for funds to on-lend to teachers for the purpose of acquiring houses. This was approved for further development into a project proposal.


          MEMBERSHIP REGISTRATION
•    Entry point to becoming a member of the Scheme
•    Open to members of Teachers’ Fund only
•    One needs to complete registration form
•    Obtain a unique ID number (GHOS +existing TF ID number) e.g. Fund ID: E011001957 will become GHOSE011001957 when registered under GHOS.

Key requirements:
•    1 current Passport Size Picture
•    Fund ID and Staff ID
•    Photocopy of a valid Photo ID
•    Attach a current pay slip
•    Provide details of beneficiary
•    Date of birth of applicant (very important)
•    Provide Bank Details
•    Phone Number/E-mail Address
•    Signature


MEMBERSHIP CONTRIBUTION
After filling out a Registration Form, a member must complete the following for initial deductions or increased contributions to be effected:
1.    Authority Note (a C&AGD document.)
2.    Deduction Form (a C&AGD Document): PAYR23
Forms must be accompanied by a current Pay Slip and a Passport size Picture

After filling out a Registration Form, a member must complete the following for initial deductions or increased contributions to be effected:
1.    Authority Note (a C&AGD document.)
2.    Deduction Form (a C&AGD Document): PAYR23
3.    Forms must be accompanied by a current Pay Slip and a Passport size Picture
4.    Application for contributions/changes will take one (1) month to be effected. Members will be informed by SMS when done.
5.    Over deduction (contribution/repayment):
       1.    Complete an Over deduction Form or
       2.    Apply in writing to GHOS through District Secretary

Membership statements Under GHOS, Reports shall issued to members showing:
–     Total contributions /repayments received
–    Value of contributions/Outstanding loan balance
–    It will also inform them of their outstanding loan balance when they apply for the house.

EXIT FROM THE SCHEME
A member can exit the scheme for the following reasons:
1.    Retirement or full repayment of loan
2.    Death/Incapacity whilst active
3.    Voluntary

Application for Exit (Contribution):
In applying for exit during Contribution, a member must complete a Cessation Form attaching:
•    1 Passport Size Picture
•    A Current Pay Slip (Photocopy)
The member is paid all contributions plus accrued value.
If exiting is through death, application should be done by the registered beneficiary.
Application for Exit (loan Repayment):
Voluntary Exit is not allowed during Loan Repayment. Loan must be fully completed.

USE OF ACCUMULATED CONTRIBUTIONS
Accumulated funds shall be used to;

  • Purchase land banks for construction
  • Other land acquisition and servicing costs
  • Construction of houses
  • Leverage for acquisition of loan to boost construction funding (collateral)
  • GHOS operating costs


BEGINNING OF HOME OWNERSHIP JOURNEY
18 months member contributions (minimum)
  • 20% deposit by member
        = Value of member contribution + additional deposit

HOME OWNERSHIP CONSIDERATIONS
1. Average salary levels of the Members of GNAT-GHS 600-GHS2,000
2. Producing an ideal design for the Houses
3. Value for Money (VFM) costing
4. Specifications being considered by Managers
5. Time constraints
 OR

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