TSC introduces Car Loan & Mortgage Scheme: Here are the full details
TSC CAR LOAN AND MORTGAGE SCHEME REGULATIONS
The Commission has developed draft staff Car Loan and Mortgage regulations for Secretariat staff,. The objective of these regulations is to streamline the administration of the Car Loan and Mortgage scheme through establishment of a fund.
In order to ensure that all your concerns are taken into account the draft regulations have been circulated ItD you tlrough your respective staff email& You are expected to give feedback on the same to enable finalization.
THE PUBLIC FINANCE MANAGEMENT (TEACHERS SERVICE COMMISSION STAFF CAR LOAN AND MORTGAGE SCHEME FUND) REGULATIONS, 2023
I -These Regulations may be cited as the Public Finance management nation (Teachers Service Commission staff car loan and Mortgage Scheme Fund) Regulations, 2023.
| -2. In these Regulations, unless the context otherwise requires— “borrower” | Interpretation |
means a person in receipt of a loan out of the Fund;
“Commission” means the Teachers Service Commission established under Article 237 of the Constitution;
“Committee” means the Loans Management Committee established under regulation 6;
“financial year” means the period of twelve months ending on the 30th June in each year;
“Fund” means the Teachers Service Commission Staff Car loan and Mortgage Scheme Fund established under regulation 3;
“member of the Scheme” means an employee of the Teachers Service Commission Secretariat;
“Officer Administering the Fund” means the Director in charge of Finance and Accounts;
“property” means a residential house purchased through
a loan from the Fund and includes the land purchased under
loan from the Fund on which such house is to be developed;
“valuer” means a person registered as a valuer under the Valuers Act. Car” means a motor vehicle being new or used for personal use.
“Bank” means a company which carries on, or proposes to carry on
`banking business in Kenya under the Banking Act;
“Financial Institution” means a company other than a bank which carries on, or proposes to carry on financial business under the Banking Act,
| 3. There is established hereby a fund known as Teachers Service Commission Staff Car Loan and Mortgage Scheme Fund. | Establishment of the Fund. |
| 4. The object and purpose of the Fund shall be to provide a loan scheme for the purchase, development, renovation or repair of residential property and purchase of cars for members of the Scheme. | Object md purpose of the
Fund |
| 5. (1) The initial capital of the Fund shall consist of the monies standing to
the credit of the account on the date of the coming into operation of these |
cF apditai of the |
| Regulations,
(2) Parliament may appropriate additional monies to the Fund. (3) The Fund shall be administered as a special account in the Teachers |
|
| Service Commission Fund and shall be operated by the Officer | |
| Administering the Fund
(4) The interest accruing to the Fund shall, where such interest constitutes a surplus after meeting the requirements of regulation 1 8(1)(b) be credited to the capital of the Fund. |
|
| 6. (1) There is established a committee to be known as the Loans | Management |
| Management Committee, which shall consist of—
(a) The Commission Secretary of the Commission who shall be the Chairperson; (b) The Director in Charge of Administration; (c) The Director in charge of Human Resources; (d) The Director in charge of Legal services; (e) A member of the Secretariat Staff welfare. |
Committee |
| (2) The officer administering the Fund shall be an ex-officio member of the | |
| Committee and the secretary to the Committee | |
| (3) The Committee administering the Fund shall—
(a) process applications for loans in accordance with the existing terms and conditions of borrowing; (b) liaise with the Financial Institution to set up a revolving fund for the disbursement of the loans; and (c) Supervise the day-to —day running of the fund. |
|
| (4) The meetings of the Committee shall be convened by the
chairperson or in the absence of the chairperson, by a member designated by the chairperson and shall be convened at such times as may be necessary for the discharge of the Committee’s functions. |
|
| (5) The quorum for a meeting of the Committee shall be the
one half of the members. |
| 7. Notwithstanding regulation 6(3), the Commission may, if it Cornims8ion
may appoint a considers it appropriate to do so, appoint a Financial institution or Bank toFinancial administer the Fund on its behalf. Institution or Bank |
| 8. (1) A member of the Scheme who wishes to apply for a loan from the Fund shall make such application to the officer administering the Fund in such manner as the Fund Management Committee may prescribe.
(2)A loan obtained under these Regulations shall be utilized for purchase of a residential house, purchase of a Car, land for construction of residential house and, renovation or repair of residential property for the occupation of the applicant and his or her immediate family: (3)A loan for the development of residential property may be granted at the discretion of the Committee to a member of the Scheme who is in possession of a title deed to the land on which the development is intended to be carried out; |
Utilization of Loan monies |
| 9. (1) A loan granted for the development of a residential
property under these Regulations shall be released to the applicant in the following phases- (a) the first disbursement based on seventy-five per centum of the |
|
| Value of the land on which the residential property is proposed to be developed; and
(b) the subsequent disbursements based on the rate of completion of the various phases of development as certified by a qualified |
Disbursement |
| Valuer. | of loans for |
| Development |
| 10. (1) An application accompanied by the
(a) copies duly approved area it is agency; (b) bills of renovation (c) an official purchased magistrate; (d) a certified property; (e) Sale agreement, report in 2) The applicant levies. (3) All legal transactions shall be conducted Financial Institution |
for a loan under these Regulations shall be following documents where appropriate-
of the designs of the proposed residential property quantities in respect of the proposed development, or repair; search of the title to the property intended to be certified by the Commissioner of oaths or a copy of the sale agreement relating to the certified copy of logbook and valuation case of a car. shall bear the cost of stamp duty and all other statutory in respect of the property or car being purchased by an advocate appointed by the Commission, Bank or whichever the case may be. |
Application for a loan. |
| 11 certified by the Commissioner of oaths or a magistrate. Where the property intended to be purchased through a loan from the Fund is leasehold property, such loan shall be granted where the expiry date of such lease is at least thirty-five years beyond the final loan repayment date. | leasehold
property |
|
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