Pension Backed Mortgages

Accessing Mortgage Benefits With Your Pensions

All employees and self-employed individuals may now use a specific portion of their Retirement Savings Account balance to contribute equity toward a mortgage.

You may now secure your own home with a portion of your RSA balance, that’s correct.

The approval is in accordance with Section 89 (2) of the Pension Reform Act of 2014 (PRA 2014).

What you should know:

  • RSA holders who have fewer than three years to retirement are ineligible. as are Micro Pension contributors who have not paid contributions for at least 60 months (five years) prior to the date of application.
  • If the RSA Holder registered before July 1, 2019, their records must be updated via the RSA Data Recapture Exercise
  • It is necessary to have an offer letter for the property that is officially signed by the owner and validated by the Mortgage Lender.
  • Regardless of the amount demanded by the Mortgage Lender, only 25% of the total necessary RSA balance
  • Mortgage lenders are required to comply with the Contributor Pension Scheme by Pencom, hold a current Pension clearance certificate, and be CBN licensed.

Documentation Requirements For Mortgage Application

Mortgage Lender:

  1. Application for individual mortgage loan.
  2. Offer letter from the property owner (stamped and signed verified)
  3. Verification/Confirmation of property and title documents.
  4. Offer letter from the Mortgage Lender.
  5. Indemnity letter from the Mortgage Lender
  6. Employment letter of the RSA holder.
  7. Confirmation of Pension Contribution from the employer of the RSA holder.
  8. Valuation certificate of the property.
  9. Valid ID of the RSA holder (any one of voter’s card, international passport, NIMC slip, National ID card, or driver’s license).


  1. Application form for equity mortgage
  2. Consent form.
  3. Indemnity letter to be notarized by a High Court.

The list of primary Mortgage Banks approved by Federal Mortgage Bank of Nigeria can be found here

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