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Leadway Pensure Grants Mortgage Finance To RSA Holder

by Zaka Khaliq
2 years ago
in Business
Leadway Holdings
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Leadway Pensure PFA Limited has successfully concluded a mortgage transfer process to one of its enrollees, urging other Retirement Savings Account(RSA) holders to apply for 25 per cent of their pension contribution for mortgage finance, in alignment with the National Pension Commission(PenCom) guidelines.

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The National Pension Commission(PenCom) had in September, 2022, approved the guidelines for enrollees to access a residential mortgage through their RSA in line with section 89 (2) of the Pension Reform Act 2014 (PRA 2014), adding that, “RSA holders can use a portion (25%) of their RSA balance towards the payment of equity for a residential mortgage.”

The managing director/CEO of Leadway Pensure PFA Limited, Lanre Idris, stated that, the regulatory body and his organisation had demonstrated the belief that Nigerians can address the enormous residential housing gap by leveraging their retirement savings account. 

“As an organisation unwaveringly committed to providing tangible financial support for our RSA holders to live their best lives after their productive years, aligning with PenCom’s forward-leaning guidelines for policyholders to access part of their retirement savings account (RSA) to fulfil their dream of owning a house, is indeed a satisfying experience to actualise the possibilities of ultimate customer satisfaction further,” he pointed out.

Following the approved guidelines, he said, his firm was set and eager to complete transfer processes for eligible pension contributors who meet the needed requirements and be part of the landmark achievement of owning a house by taking advantage of their RSA. 

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“Today, we are elated to announce that we have completed the 25% transfer process to a policyholder for a residential mortgage; and we are ready to complete more transfer processes to as many policyholders who meet the approved guidelines.

“Furthermore, we would like to call on our customers who desire to own a house to apply for the transfer process as we assure them of a seamless process in the actualisation of our commitment to fostering a rewarding life following productive years”, he added.

Interested RSA holders, he said, must: have an offer letter for the property duly signed by the property owner and verified by the Mortgage Lender; have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months (five years), while application for equity contribution for residential mortgage shall be in person and not by proxy. 

To him, “other conditions include the maximum amount to be withdrawn shall not exceed 25 per cent of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the mortgage lender; where 25 per cent of a contributor’s RSA balance is not sufficient for payment as equity contribution, RSA holders may utilise the contingency portion of their voluntary contributions (if any).” 

 


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