Cynthia Ezekwe
Tangerine APT Pensions, a leading pension fund administration company in Nigeria, has successfully disbursed N328.9m in mortgage equity to 47 of its Retirement Savings Account (RSA) holders. The disbursements were made directly to the primary mortgage banks of the beneficiaries, enabling them to make their dream of home ownership a reality.
In September 2022, the National Pension Commission (PenCom) introduced new guidelines that allowed Retirement Savings Account (RSA) holders to access up to 25 per cent of their contributions as equity for purchasing a residential mortgage in their desired location. In light of this, TangerineAPT Pension has With this positive step towards financial independence dreams of owning a property in a short period.
Following the development, Tangerine Pensions has demonstrated its commitment to addressing housing challenges in Nigeria by providing RSA contributors with access to mortgage financing. The company believes that by taking swift action to support its customers in this way, it can play a significant role in reducing the country’s housing deficit. Ultimately, the company is focused on delivering value to its RSA contributors and helping them achieve financial security.
Aliyu Dahiru, the MD/CEO TangerineAPT Pensions, pointed out that owning a home is an essential need for its customers, adding that the programme, customised by PenCom, caters to each client’s unique financial requirements, assisting them in promptly realising their homeownership aspirations.
Dahiru urged pension contributors longing to own a home, to apply and experience a seamless process that will facilitate financial independence.
However, he pointed out that interested pension contributors must meet certain criteria set by PenCom, including providing a duly signed offer letter from the property owner, verified by the mortgage Lender, adding that the applicant’s RSA must have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months.
“Please ensure that the application for equity contribution is made in person and not by proxy. Other conditions state that the maximum amount to be withdrawn should not exceed 25 per cent of the total mandatory RSA balance as of the application date, regardless of the equity contribution required by the mortgage lender,” the Tangerine Pensions MD stated.
