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{
    "id": 987780,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/987780/?format=api",
    "text_counter": 1034,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "The Government realised that all this money that is in the banks is from pension funds where Kenyans put their money. Kenyans cannot access their money to buy a house. The law allows members of the retirement benefit schemes to use up to 60 per cent of the accumulated benefit as a security for mortgage. The intention of this provision is to allow Members to access cheaper mortgage. In order to use their contribution as a security, they have first to qualify for a mortgage. In order to qualify for a mortgage from a bank, the members of the retirement benefits schemes must have favourable credit risk profiles. These are elders. They have money in their schemes. A cash security of 66 per cent of contribution in a scheme can ideally shape more favourable credit risk profile for the members. However, although the benefit cannot be withdrawn if needed, mortgage lenders find this provision to be useful security. We, therefore, seek to change this provision, so that the Act can allow our members who save with pension schemes to directly access up to 60 per cent of their cumulative benefit and have the option to use it as a security to access it as cash towards the purchase of a scheme, including the houses which are being built by the Government."
}