Specialised Mortgage for Pension Contributors
Specialised Mortgage for Pension Contributors allow retirement savings account holders to access up to 25% of their pension balance as equity contribution for a residential mortgage. To be eligible, you must have contributed for a cumulative period of 60 months before application. Couples can also jointly apply for 25% of their pension balance, subject to each of them satisfying the eligibility requirement set out by the National Pension Commission (PENCOM).
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Some of the Benefits
Immediate
Get immediate possession of your new home while repayment commences
Location
Optional property listings available nationwide across the 36 states of Nigeria and FCT subject to perfected title available
Affordable
Access to equity using up to 25% of Retirement Savings Account (RSA) balance
Flexible
A payment tenor of up to 20 years
What you get
- Up to 20 years repayment plan subject to age 60 at loan maturity or retirement age confirmed by the Employer
- Immediate possession of the new home while repayment commences
- 25% of Retirement Savings Account (RSA) balance can be processed towards equity contribution requirement
- Optional property listings are available nationwide across all 36 states of Nigeria and FCT, subject to the perfected title available
- The option of submitting a joint application with your spouse.
- The easy and fast application process
- Flexible repayment options
- Competitive interest rates
- Expert support throughout the process
How to get it
- Completed Home Loan Application Form
- Valid offer for sale letter from the Seller
- Copy of title documents to the property
- Evidence of requisite Equity Contribution
- Fees for Property Search, Verification, Charting and Valuation checks
Additional Requirements for Salaried Applicants:
- Letter of Introduction from Employer’s HR
- Recent three (3) months’ pay slips
- Copy of valid means of identification (International passport or Driver’s license or National ID)
- Recent six (6) months’ salary account statements (for new customers)
- Spousal consent letter (for joint applications)
- Endorsed RSA statement (Pension backed mortgages only)
Additional Requirements for Self-Employed Applicants – Entrepreneurs:
- Company Profile
- Recent two (2) years of audited financial reports
- Cashflow projections
- Form CO2 or CO7 (particulars of Directors)
- Certificate of Registration or Incorporation
- Company’s recent twelve 12-month account statement (for new customers)
What it Costs
- 19% p.a. interest rate
- 1% one-off management fee
- Required due diligence checks include:
- Search inquiry on the property
- Verification of title
- Valuation of property
- Charting
-
What you get
-
How to get it
-
What it Costs
- Up to 20 years repayment plan subject to age 60 at loan maturity or retirement age confirmed by the Employer
- Immediate possession of the new home while repayment commences
- 25% of Retirement Savings Account (RSA) balance can be processed towards equity contribution requirement
- Optional property listings are available nationwide across all 36 states of Nigeria and FCT, subject to the perfected title available
- The option of submitting a joint application with your spouse.
- The easy and fast application process
- Flexible repayment options
- Competitive interest rates
- Expert support throughout the process
- Completed Home Loan Application Form
- Valid offer for sale letter from the Seller
- Copy of title documents to the property
- Evidence of requisite Equity Contribution
- Fees for Property Search, Verification, Charting and Valuation checks
Additional Requirements for Salaried Applicants:
- Letter of Introduction from Employer’s HR
- Recent three (3) months’ pay slips
- Copy of valid means of identification (International passport or Driver’s license or National ID)
- Recent six (6) months’ salary account statements (for new customers)
- Spousal consent letter (for joint applications)
- Endorsed RSA statement (Pension backed mortgages only)
Additional Requirements for Self-Employed Applicants – Entrepreneurs:
- Company Profile
- Recent two (2) years of audited financial reports
- Cashflow projections
- Form CO2 or CO7 (particulars of Directors)
- Certificate of Registration or Incorporation
- Company’s recent twelve 12-month account statement (for new customers)
- 19% p.a. interest rate
- 1% one-off management fee
- Required due diligence checks include:
- Search inquiry on the property
- Verification of title
- Valuation of property
- Charting
Frequently Asked Questions for the Specialised Mortgage for Pension Contributors.
Frequently Asked Questions for the Specialised Mortgage for Pension Contributors.