Rex is a young, employed millennial, who has been in service for some years. Over the years his employer has actively funded his pension account with us monthly while he has contributed voluntarily from time to time. Recently Rex was able to access 25% of his RSA balance for mortgage.
How? Keep reading…
On September 22, 2022, The National Pension Commission (PenCom)) started something unique in the industry. They approved 25% access to Contributors’ Retirement Savings Account (RSA) balance for payment of Equity Contribution for Residential Mortgage. The equity contribution from your RSA alleviates the burden of sourcing for equity contribution from personal savings and other external sources and moves Customers closer to owning their residential properties, and to create a secure livelihood pre and post-retirement.
Steps taken by Rex to access the mortgage
- Rex secured a property contract from a property owner.
- He approached a PENCOM-approved lender for mortgage application
- The lender carried out its credit assessment to determine his mortgage eligibility
- The lender issued Rex a Mortgage Offer Letter after the criteria were met and satisfactory.
- Rex submitted the Offer Letter to us for review. We disbursed 25% of RSA balance to the bank after review and obtaining PenCom approval.
- The lender disbursed the property amount upon receiving the title documents.
- Loan amount is 75% of the asset value plus interest.
- Rex took physical possession of the property, would ensure loan repayment and take over title upon full repayment.
Easy right? Absolutely! To us at CrusaderSterling Pensions, the standard of living of our valued clients matters to us a great deal. Let’s help you create your dream whilst making you The Most Valued Pensioner.
For more details, click here
