The Pension Commission has recognized Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, as one of the banks to handle Retirement Savings Account (RSA) backed mortgages (PenCom).
The Pension Commission’s RSA Backed mortgage scheme allows contributors to use up to 25% of their contribution as equity to purchase a home in their preferred area.
This is barely two years after the commission launched the transfer window initiative.
In order to help contributors get the most out of their contributions before retirement, the commission has partnered with financial institutions such as Stanbic IBTC Bank to make funds available to verified contributors who want to buy a home while using a portion of their RSA balance as an equity contribution.
With the start of the validation process for RSA holders who have expressed interest in the home loan, Stanbic IBTC has reinforced its commitment to the growth of Nigeria’s real estate industry in alleviating the housing crisis in the country’s metropolitan and sub-urban regions.
Commenting on the collaboration, Olu Delano, Head of Consumer and High Networth Customers at Stanbic IBTC Bank, remarked that it coincides with the bank’s strategic aim of allowing all Nigerians to Live a Better Life and making clients’ dreams a reality.
In this scenario, the objective is realized through providing inexpensive loan alternatives to satisfy housing needs and assisting pension contributors in maximizing the value of their contributions prior to retirement.
He said: “Housing is one of the basic human needs, and in Nigeria, home ownership is a real challenge for many individuals and families. Therefore, Stanbic IBTC is supporting PenCom to help bridge the accessibility gap.”
“We want to provide affordable loan solutions for our customers and Nigerians to meet their basic and business needs, one of which is housing for residential and business use”, he added.
Stanbic IBTC remains laser-focused on delivering value to its numerous customers, and the RSA Backed mortgage is just one of the ways the organisation is living up to its commitment.