TO: ALL EMPLOYERS/EMPLOYEES IN THE CONSTRUCTION INDUSTRY
RE: EXPRESSIONS OF INTEREST FOR PURCHASE OF CIPF STONERIDGEHOUSING SCHEME STANDS
All employers/employees in the Construction Industry are hereby notified that Construction Industry Pension Fund (CIPF) is now in the process of selling residential stands at its Stoneridge Housing Scheme. The initial entry selling price of the stands which are measuring a minimum of 200m2 each is US$41/m2 before VAT and Sales Commission and the price may go up to maintain the value of the Fund.
In view of the foregoing, all employers who are interested in securing the stands for their employees are urged to submit their Expressions of Interest to CIPF.
Member Employee qualifying criteria shall be based upon the following attributes:
Contribution Status — a member whose contributions have been received by the
Fund within 60 days shall be eligible for allocation of the stand and guarantees
that may be issued by the Fund to any mortgage institution.
Contributory Service — a member should have contributed for at least two years in the Fund,
Benefit Amount — the member’s death in service benefit should be at least 75% of the value of the stand price plus any other amount the member is advanced by the mortgage institution, should the member elect to take mortgage loan for the construction of the house.
Age — any member above the normal retirement age of 60 years will not be entitled for allocation through the guaranteed scheme but can purchase the stand as any other purchaser outside the Construction Industry while still being on the members category.
Deposit – 30% of the purchase price and the balance to be repaid at most 60months at an interest rate determined by the Board of Trustees from time to time.
In submitting the Expression of Interest, employers or individual members are requested to indicate the following reference: REF: CIPF/001/2016, and include the contact details of the coordinating person if it is an Employer (name, e-mail and /or physical address and telephone or fax numbers) or in the case of the individual member (name, 1D number, e-
mail and /or physical address and phone number(s).
Construction Industry Pension Fund
9th Floor, Construction House
110 L Takawira St/N Mandela Ave Or
P 0 Box 698
Website: www.cit.co.zw or Apply Online