‘Loans have stages’

HOME loans for Nasfund members will be given in stages to stop them using the money for other purposes.
Nasfund’s chief officer for member services Charlie Gilichibi said some members had been using housing loans for other purposes.
“Housing advances will be given in two stages. A visit of the building site will be done (after the first stage),” he said.
“Members will receive 50 per cent in the first stage and 50 per cent in the second stage.”
Gilichibi said they used to practise this in the past but stopped.
“In the past 10 years, we have realised that the industry has become compromised,” he said.
He said some members had used “weaknesses” in the system to withdraw funds for other use.