The National Pension Commission (PenCom) has released the list of 34 primary mortgage banks through which
retirement savings account (RSA) holders can access a residential mortgage.
A mortgage is used to purchase or maintain a home, land, or other types of real
estate. The commission made this known during a media retreat organised by the
Pension Funds Operators Association of Nigeria (PenOp) in Lagos over the
weekend.
The event was themed ‘Pension: An opportunity
to own your own home, an x-ray of the new RSA plan on home ownership.'
Out of the 34 mortgage banks, 19 are in Lagos, seven are in Abuja, two are in
Akwa-Ibom, and the rest are in other parts of the country.
The banks are Abbey Mortgage Bank PLC, AG Mortgage Bank PLC, Aso Savings and
Loans PLC, Brent Mortgage Bank, Centage Savings and Loans, City Code Savings,
Coop Savings and Loans, Delta Trust Mortgage Bank, First Trust Mortgage and FHA
Homes Limited.
Others are
First Generation Homes, Gateway Mortgage Bank, Global Trust Mortgage, Haggai
Mortgage Bank, Imperial Homes, Infinity Trust and Jigawa Savings and Loans Ltd,
among others.
PenCom, under
its mortgage guidelines, said that the names of mortgage lenders that meet the
eligibility criteria of its guidelines would be published on its website on a
bi-annual basis or when any new licence is issued by the Central Bank of
Nigeria (CBN).
On his part, Ibrahim Kangiwa, head of the investment department, PenCom, said participants under the contributory pension
scheme (CPS) must have contributed for five years cumulative of employer and
employee’s mandatory contributions to be eligible for acquisition of
residential mortgage.
In September,
PenCom issued guidelines to allow
contributors of CPS to access part of their RSAs for payment of equity
contributions for a residential mortgage.
It specified
that the maximum amount to be withdrawn is 25 percent of the total mandatory
RSA balance as of the date of application, irrespective of the value of equity
contribution required by the mortgage lender.
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