The Pension Commission has designated Stanbic IBTC Bank, a division of Stanbic IBTC Holdings, as one of the institutions to handle mortgages backed by Retirement Savings Accounts (RSA) (PenCom).
Contributors may utilize up to 25% of their contribution as equity to buy a property in the neighborhood of their choice thanks to the Pension Commission’s RSA-backed mortgage scheme. Hardly two years have passed since the Commission first introduced the Transfer Window concept.
In seeking opportunities to help contributors get more value from their contribution ahead of their retirement, the commission has partnered with financial institutions such as Stanbic IBTC Bank to make funds available to verified contributors to buy homes while using part of their RSA balance as equity contribution.
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The bank said it was committed to the growth of Nigeria’s real estate sector in alleviating the housing challenge in the urban and sub-urban regions of the country; with the commencement of the validation process for RSA holders who have shown interest in the home loan.
Speaking on the collaboration, Olu Delano, Head, Consumer, and High Networth Clients, Stanbic IBTCBank, stated that this opportunity aligns with the bank’s strategic focus of enabling all Nigerians to Live a Better Life and making dreams possible for clients.
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