Stanbic IBTC Bank Disburses Mortgage Loans to Pension Contributors

May 12, 2023
pension contributors

By Modupe Gbadeyanka

The first batch of pension contributors who applied for mortgage loans through Stanbic IBTC Bank has been processed, and the funds disbursed to them to enable them to achieve their dreams of being homeowners.

Recall that recently, the National Pension Commission (PenCom) released guidelines that allow contributors to use up to 25 per cent of their contributions as equity to purchase a home in their preferred location.

The Central Bank of Nigeria (CBN) then advised financial institutions to support this initiative, and Stanbic IBTC Bank keyed into it and processed the specialised mortgage loans for pension contributors.

Having commenced the validation process for RSA holders that had shown interest in home loans, Stanbic IBTC made the first payout to Mr Kunle Oyetola and helped him achieve his lifelong dream of becoming a property owner in a short time, confirming its strategic emphasis on enhancing the quality of life for Nigerians and aiding contributors in receiving greater value from their contributions prior to retirement.

“Our efforts to ease the housing problem for individuals and families in Nigeria have 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 Nigeriansm” the chief executive of Stanbic IBTC Holdings Plc, the parent company of the lenders, Mr Demola Sogunle, said.

“Recognising that purchasing a house is a substantial investment for our customers, this program is customized to address each client’s distinct financial requirements and assists them in promptly realizing their aspirations of owning a home,” he added.

He stated that, “As one of the pioneer disbursers of this specialized mortgage solution, we are confident that we will provide the best possible value to our esteemed customers.

“The mortgage scheme is equipped with several characteristics, such as customizable terms, competitive interest rates, low financial entry barriers, and flexible repayment options.

“We also have a group of experienced mortgage specialists dedicated to guiding our clients through the process seamlessly and efficiently.”

The pioneer recipient of the equity contribution for a residential mortgage processed through Stanbic IBTC Bank, Mr Kunle Oyetola, expressed his enthusiasm and gratitude to Stanbic IBTC Bank.

“I was very excited to learn about the release of the guidelines by PenCom for accessing a portion of my pension for property equity. I quickly got in touch with Stanbic IBTC, and their team was very helpful and put me through the processes required.

“I was very impressed by the professionalism and industry knowledge displayed by their Personal Wealth team and their Home Loans team. 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 utilized.

“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,” he enthused.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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