Pension Backed Mortgages

The Guidelines on Accessing RSA Balance towards the Payment of Equity Contribution for Residential Mortgage by RSA Holders, were recently authorized by the National Pension Commission (PenCom) for immediate release. Accordingly, salaried and self-employed people who have saved for at least 60 months can now access a certain portion of their retirement account balance to pay for an equity contribution toward a mortgage.

The approval is in accordance with Section 89 (2) of the Pension Reform Act of 2014 (PRA 2014), which permits holders of RSAs to apply a part of their RSA balance toward the equity component of a residential mortgage.

To learn more, click here.

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

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