For many Nigerian workers, owning a home has been an elusive goal, hindered by low income, limited affordable housing, and inflexible financing options. However, in September 2022, the National Pension Commission (PenCom) introduced guidelines enabling workers to access up to 25% of their Retirement Savings Account (RSA) balance for mortgage financing. This initiative aims to alleviate Nigeria’s significant housing deficit, estimated at 28 million units as of January 2023, by providing a lifeline to workers striving for homeownership.
Veritas Glanvills Pensions Limited (VG Pensions), a licensed Pension Fund Administrator, has embraced the scheme by assisting clients in accessing residential mortgages through their RSA contributions. The company emphasizes the critical role of homeownership in financial security and retirement planning. With over 15 years of experience, VG Pensions has built a reputation for ensuring safe investments and steady returns, enabling clients to retire comfortably while offering tailored support for housing equity contributions under the new guidelines.
To qualify for the Pension Mortgage Scheme, RSA holders must meet specific criteria, including a minimum of five years’ contributions and active employment status. Married couples can jointly apply if both meet eligibility requirements. Contributions from voluntary or pre-scheme payments can be included in the calculation. Comprehensive documentation, including mortgage offer letters and proof of equity contributions, is required to process applications. This program offers an innovative approach to addressing the nation’s housing crisis, empowering workers to realize their homeownership dreams.
