Joy Agwunobi
Stanbic IBTC Bank, a leading financial institution in Nigeria, has introduced a new mortgage solution aimed at easing the challenges of accessing mortgage finance for salary earners. The new product is designed to help individuals access home loans with less paperwork and more flexible terms.
The new mortgage solution from Stanbic IBTC Bank is designed to be more accessible and convenient for salary earners, with less paperwork and documentation required compared to traditional mortgage options. The solution also caters to the specific needs of this group of borrowers, and aligns with PENCOM’s policy update to allow pension contributors to access part of their retirement savings as equity contributions for a mortgage.
With the specialised Mortgage solution, pension contributors can now access affordable mortgage finance using part of their retirement savings as equity. This solution provides more flexible terms and conditions, making it easier to access mortgage finance and achieve the dream of homeownership. The solution also supports the growth of the housing sector by providing an additional source of funding for individuals and families.
Olu Delano, CEO of Stanbic IBTC Bank, expressed excitement over the launch of the Specialised Mortgage solution. He stated that the solution was developed to address the specific challenges faced by salary earners when it comes to accessing mortgage finance. He also highlighted the bank’s commitment to innovation and developing products that meet the needs of its customers.
“We are thrilled to introduce this solution, which empowers salary earners and supports their long-term financial goals. This is another example of our commitment to providing solutions that meet the specific needs of our customers,” Delano said.
