PenCom logo

The National Pension Commission (PenCom) has at the end of July 2023, disbursed N3.1 billion to 187 RSA holders for assessment of residential mortgage.

The amount represents 25 per cent from RSA balance required for pension residential mortgage payment.

Speaking while presenting a paper titled ‘Improving Accessibility and Service Delivery in RSA Mortgage’ at workshop organised for journalists by PenCom today in Lagos, Executive Secretary/Chief Executive Officers, Pension Fund Operators Association of Nigeria (PenOP) Agudah Oguche said the housing mortgage policy was designed to provide housing for first time home owners and improve the standard of living of Retirement Savings Account (RSA) holders under the Contributory Pension Scheme(CPS) by facilitating their ownership of residential homes during working life.

According to him, contributors under the CPS to be eligible to use their RSA balance for acquisition of residential mortgages, must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.

Oguche regretted that Nigeria housing deficit grew from 7 million in 1991 to 28 million in 2023 leading to overcrowded and obsolete housing infrastructure.

He added that with the new mortgage policy RSA holders can acquire their own home with 25 per cent of their pension.

Speaking further, he pointed out that the industry was working on using technology to ensure accessibility even as he assured that they are engaging the government, developers to ensure that the of the building is standard.