Leadway Pensure confirms enrollee for residential mortgage
Leadway Pensure PFA Limited, a Pension Fund Administrator (PFA), has completed a mortgage transfer to its enrollee in alignment with the National Pension Commission (PenCom) guidelines.
Last September, PenCom approved the guidelines for enrollees to access a residential mortgage relying on their retirement savings account (RSA).
The guidelines require that RSA holders use 25 per cent of their RSA balance to pay for a residential mortgage.
The Managing Director/Chief Executive Officer, Leadway Pensure PFA Limited, Lanre Idris, in a statement, stated that Leadway Pensure responded promptly to the guidelines.
He said the residential mortgage would help Nigerians to address the wide residential housing gap by leveraging their RSA.
He said, “As an organisation unwaveringly committed to providing tangible financial support for our policyholders to live their best lives after their productive years, aligning with PenCom’s forward-leaning guidelines for policyholders to access part of their RSA to fulfil their dream of owning a house, is indeed a satisfying experience to actualise the possibilities of ultimate customer satisfaction further.
“Following the approved guidelines, our team was set and eager to complete transfer processes for eligible policyholders who meet the needed requirements and be part of the landmark achievement of owning a house by taking advantage of their RSA.
“Today, we are elated to announce that we have completed the 25 per cent transfer to a policyholder for a residential mortgage; and we are ready to complete more transfers 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 noted that interested RSA holders must have an offer letter for the property signed by the owner and verified by the mortgage lender.
“The RSA of the applicant shall have employer and employee’s mandatory contributions for a cumulative minimum period of 60 months (five years). The application for equity contribution for residential mortgage shall be in person and not by proxy.
“Other conditions include the maximum amount to be withdrawn shall not exceed 25 per cent of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the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,” he explained.
