Stanbic IBTC Bank enabling pension contributors’ dream of becoming homeowners
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, on the advice of the Central Bank of Nigeria (CBN), is one of the banks processing specialised mortgage loans for Pension contributors.
The Bank announced that its clients were amongst the first batch of approvals released by the National Pension Commission (PenCom), and it has successfully disbursed the mortgages.
Having commenced the validation process for RSA holders that had shown interest in home loans, Stanbic IBTC was excited to have made the first payout to Mr. Kunle Oyetola and helped him achieve his lifelong dream of becoming a property owner in a short time.
This achievement confirmed the Bank’s strategic emphasis on enhancing the quality of life for Nigerians and aiding contributors in receiving greater value from their contributions prior to retirement.
Recall that PenCom had recently released the guidelines that allow contributors to use up to 25 per cent of their contributions as equity to purchase a home in their preferred location.
Chief Executive, Stanbic IBTC Holdings, Dr. Demola Sogunle, said, “Our efforts to ease the housing problem for individuals and families in Nigeria has just begun with this initial step.
“Housing is an essential human necessity, and our prompt action in taking advantage of the opportunity created by PenCom to close the accessibility gap demonstrates our dedication to providing value to Nigerians.”
Mr. Kunle Oyetola, the pioneer recipient of the equity contribution for a residential mortgage processed through Stanbic IBTC Bank, expressed his enthusiasm and gratitude to Stanbic IBTC Bank.
“They put me at ease and were able to work with me to overcome all the obstacles encountered being the first time this method was utilised. I am very happy to have my equity via my Retirement Savings Account (RSA) disbursed and I am glad I chose to go with Stanbic IBTC Bank.
“Stanbic IBTC has proven to be a Trusted Partner and through this scheme, it has reiterated its commitment to providing affordable loan solutions to cater to housing requirements,” he said.
