The National Social Security Fund (NSSF) will this month disburse funds to 100 Savings and Credit Cooperative Society with minimum interest rate of 9 percent.
According to NSSF 5bn/- has been set aside this financial year for implementation of phase one of the programme.
NSSF Principal Planning Officer Gerald Sondo told The Guardian yesterday at Sabasaba grounds that only active NSSF members will receive the loans through Saccos.
Sondo said the loans will range between 50m/- to 1bn/- and must be repaid in a period of five years.
He said that members through Saccos can use the loan to pay for school fees and other needs.
Sondo said all amounts set aside for phase one should go to members through their Saccos adding that the money is there for them to improve their income and standard of living.
He said NSSF members through their Saccos need to fill special forms for accessing the loans.
“We call upon our members to come to the NSSF pavilion and get information about the new project of providing loans to members through Saccos,” he said.
He said the amount of money can be increased depending on the trend of market and number of Saccos that will take the loans.
Meanwhile, NSSF Investment Officer Sakina Mbullo said the Fund planned to sell 300 houses on credit at Mtoni Kijichi in Temeke municipality at between 68m/- and 120m/- depending on the type and size of the house.
Mbullo said members would be required to repay the money in 10 to 20 years through monthly instalments.
NSSF has entered into a contract with Commercial Bank of Africa (CBA) to sell the houses on credit, adding that the exercise will start this financial year.
The construction of the houses started in 2007 with a total of 85 units being built initially. The second phase consisting of 215 houses will be completed in August this year, while the last one will involve construction of apartments to start soon after completion of designs.