Pension-Backed Mortgage
Access Up to 25% of Your RSA Balance as Equity Contribution
In line with Section 89(2) of the Pension Reform Act 2014 (PRA 2014), Retirement Savings Account (RSA) holders can now access up to 25% of their RSA balance as equity contribution toward the purchase of a residential property.
Who Can Apply?
To qualify, an applicant must:
- Have completed the mandatory Data Recapture Exercise.
- Be an active contributor under the Contributory Pension Scheme (CPS).
- Have made cumulative pension contributions for a minimum of sixty (60) months (5 years).
- Be applying for a mortgage to purchase a residential property in Nigeria (the property must not be for commercial or investment purposes).
- Have more than three (3) years remaining before the statutory retirement age.
- Meet all other requirements prescribed by PenCom and the participating Primary Mortgage Bank (PMB).
Key Features
Joint applications are allowed for eligible spouses.
Only residential properties are eligible under this scheme.
Funds are disbursed directly to the mortgage lender, not the RSA holder.
This is a one-time access opportunity per RSA holder under this policy.
Application Process
- 1
Confirm Eligibility: Ensure you meet the minimum contribution requirement and have completed data recapture.
- 2
Choose a Property: Obtain an offer letter for a residential property from a verified seller or developer.
- 3
Secure a Mortgage: Apply for a mortgage loan from a licensed financial institution.
- 4
Submit Your Request: Complete the Access Pensions mortgage equity application form and submit it with all required supporting documents.
- 5
Access Your Funds: Upon approval, up to 25% of your RSA balance will be disbursed to your mortgage lender as equity contribution.
Application Checklist
| # | Requirement | Status |
|---|---|---|
| 1 | Ensure the client has completed the Data Recapture Exercise | Mandatory |
| 2 | Access Pensions Mortgage Equity Application Form (duly completed and signed) | Mandatory |
| 3 | Letter of request addressed to Access Pensions | Mandatory |
| 4 | Letter from the employer confirming the applicant's retirement date | Mandatory |
| 5 | Marriage Certificate (for joint applications, where applicable) | Mandatory, where applicable |
| 6 | Valid means of identification for the RSA holder and joint applicant (where applicable) | Mandatory |
| 7 | Bank account details of the applicant maintained with the mortgage lender | Mandatory |
| 8 | Mortgage Offer Letter from the mortgage lender and the applicant's acceptance | Mandatory |
| 9 | Property Offer Letter from the property owner, showing the property address, and the applicant's acceptance | Mandatory |
| 10 | Property Verification Letter issued by the mortgage lender | Mandatory |
| 11 | Consent Letter signed by the RSA holder | Mandatory |
| 12 | Completed Indemnity Form (Applicant) duly notarized by the High Court | Mandatory |
| 13 | Completed Indemnity Form (Mortgage Lender) | Mandatory |
| 14 | Current Pension Compliance Certificate of the mortgage lender | Mandatory |
| 15 | Endorsed RSA Statement issued by Access Pensions (including transfer history, where applicable) | Mandatory |
| 16 | Valuation Report prepared by a licensed Estate Surveyor and Valuer (Certified True Copy) | Mandatory |
| 17 | Property Insurance Policy (Certified True Copy) | Mandatory |
| 18 | Credit Life/Mortgage Protection Insurance Policy (Certified True Copy) | Mandatory |
| 19 | Confirmation of Availability of the Property (Certified True Copy) | Mandatory |
| 20 | Property Title Documents and Legal Search Report (Certified True Copy) | Mandatory |
| 21 | Confirmation of Title Documents (Certified True Copy) | Mandatory |
| 22 | Mortgage Lender's Readiness to Disburse Letter (Certified True Copy) | Mandatory |
| 23 | Copy of the Mortgage Application submitted to the mortgage lender | Mandatory |
| 24 | Consent Letter where the applicant has previously accessed 25% of the RSA balance due to temporary loss of employment (where applicable) | Mandatory, where applicable |
| 25 | Recent passport photographs of the applicant and spouse/joint applicant (where applicable) | Mandatory, where applicable |
Common Mistakes to Avoid When Applying
- Superimposed or pasted signatures are not permitted.
- Inconsistent account details.
- Blurry or unclear documents.
- Altered documents containing correction fluid are not accepted.
- Altered PFA indemnity forms sworn at the High Court are not accepted.
- Inconsistent property descriptions and/or addresses.
- Requests exceeding 25% of the RSA balance.
- Absence of property title documents.
- All letters and forms must be duly completed and signed.
- Incomplete page documents.
- Passport photographs must be clear.
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