Owning a house is one of the most daring but rewarding dreams on anyone who is currently in a stable employment or business.
Cytonn Investments, a real estate firm can make that happen easily.
Emboldened by the amendments to the Finance Bill 2019, which expanded the scope of approved institutions which can hold savings towards home ownership savings plan to include fund managers and investments banks registered under the Capital Markets Act, Cytonn Home Ownwrship Savings Platform (HOSP).
HOSP, according to the firm, is a savings is a savings plan established by an ‘approved institution’ and registered with the commissioner for Income Tax for receiving and holding funds in unit trusts for depositors. Its main objective is to aid in housing finance for homebuyers and promote a culture of savings for aspiring homeowners.
The features of the CAHIP include tax savings of up to Sh96,000 per annum, a target yield of 11 per cent per annum, all for an initial investment of Sh1000, with a minimum contribution Sh1000.
Apart from promoting a positive savings culture, the savings vehicle also offers clients a chance to develop their credit profile.
Withdrawal of the funds is strictly to buy a house, construct a house or buy land for construction upon proof.