Only 24 State officials or top public servants accessed the Sh2 billion State-sponsored mortgage scheme in its first year of operations.The State Officers House Mortgage Scheme Fund says only Sh575,600,856 was fully disbursed to 24 applicants in the year to June 2016.Housing PS Aidah Munano, who is also the administrator of the scheme, said 65 applications were completed, returned with support documents and recommended to bank for processing of loans with Sh1.742 billion.She said 150 State officers had handed in their application documents.“Challenges include regulations not covering purchase and improvement of the house, purchase of plot for future development of residential house and purchase of plot and construction of a residential house,” said Ms Munano.The PS said the regulations governing the mortgage scheme do not cover the takeover of an existing loan for a residential house and equity release for purchase or development of a residential house.The loans are repayable within 20 years or before the borrower attains the age of 70, whichever is earlier.

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