Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been named as one of the banks to process Retirement Savings Account (RSA) backed mortgages by the National Pension Commission (PenCom).
The RSA Backed mortgage initiative of the Pension Commission allows contributors to use up to 25 per cent of their contribution as equity to purchase a home in their chosen area. This is barely two years after the commission launched the transfer window initiative.
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.
Stanbic IBTC 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; 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 IBTC Bank, 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. In this case, the vision is accomplished by providing affordable loan solutions to meet housing needs and supporting pension contributors in extracting value from their contributions before retirement.
