Stanbic IBTC Bank Named by PenCom to Provide RSA Backed Mortgages
In a bid to help contributors get more value from their retirement savings account (RSA), the Pension Commission (PenCom) has partnered with Stanbic IBTC Bank and other financial institutions to make funds available to verified contributors to purchase homes. As part of this initiative, Stanbic IBTC Bank has been named as one of the banks to process RSA backed mortgages.
What is the RSA Backed Mortgage Initiative?
The RSA Backed mortgage initiative of the Pension Commission allows contributors to use up to 25% of their contribution as equity to purchase a home in their chosen area. This move comes barely two years after the commission launched the transfer window initiative.
How Does the Initiative Work?
RSA holders who have shown interest in the home loan will have to go through a validation process. Upon successful validation, they will be able to access affordable loan solutions to meet their housing needs, while using part of their RSA balance as equity contribution.
Stanbic IBTC Bank’s Commitment to Nigeria’s Real Estate Sector
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has reaffirmed its commitment to the growth of Nigeria’s real estate sector in alleviating the housing challenge in the urban and sub-urban regions of the country. The bank has commenced the validation process for RSA holders who have shown interest in the home loan.
Olu Delano, Head of Consumer and High Networth Clients at Stanbic IBTC Bank, stated that this initiative aligns with the bank’s strategic focus of enabling all Nigerians to Live a Better Life and making dreams possible for clients. The bank aims to provide affordable loan solutions to meet housing needs and support pension contributors in extracting value from their contributions before retirement. According to Delano, “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.”
Stanbic IBTC Bank’s Laser Focus on Delivering Value
Stanbic IBTC Bank remains laser-focused on delivering value to its numerous customers. The RSA Backed mortgage is just one of the ways the organization is living up to its commitment. More details on the end-to-end financial solutions accessible to Nigerians from the financial services giant can be accessed on the company’s website at www.stanbicibtcbank.com.
