Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, on the advice of the Central Bank of Nigeria, is one of the banks processing specialized mortgage loans for Pension contributors. The Bank announced that its clients were amongst the first batch of approvals released by the National Pension Commission (PenCom), and it has successfully disbursed the mortgages.
Having commenced the validation process for RSA holders that had shown interest in home loans, Stanbic IBTC was excited to have made the first payout to Mr. Kunle Oyetola and helped him achieve his lifelong dream of becoming a property owner in a short time. This achievement confirmed the Bank’s strategic emphasis on enhancing the quality of life for Nigerians and aiding contributors in receiving greater value from their contributions prior to retirement.
Recall that PenCom had recently released the guidelines that allow contributors to use up to 25% of their contributions as equity to purchase a home in their preferred location.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings said; “Our efforts to ease the housing problem for individuals and families in Nigeria has just begun with this initial step. Housing is an essential human necessity, and our prompt action in taking advantage of the opportunity created by PenCom to close the accessibility gap demonstrates our dedication to providing value to Nigerians.”
“Recognising that purchasing a house is a substantial investment for our customers, this program is customized to address each client’s distinct financial requirements and assists them in promptly realizing their aspirations of owning a home,” Demola added.
Demola stated that “As one of the pioneer disbursers of this specialized mortgage solution, we are confident that we will provide the best possible value to our esteemed customers. The mortgage scheme is equipped with several characteristics, such as customizable terms, competitive interest rates, low financial entry barriers, and flexible repayment options. We also have a group of experienced mortgage specialists dedicated to guiding our clients through the process seamlessly and efficiently.”
Mr. Kunle Oyetola, the pioneer recipient of the equity contribution for a residential mortgage processed through Stanbic IBTC Bank, expressed his enthusiasm and gratitude to Stanbic IBTC Bank. He stated, “I was very excited to learn about the release of the guidelines by PenCom for accessing a portion of my pension for property equity. I quickly got in touch with Stanbic IBTC, and their team was very helpful and put me through the processes required. I was very impressed by the professionalism and industry knowledge displayed by their Personal Wealth team and their Home Loans team. They put me at ease and were able to work with me to overcome all the obstacles encountered being the first time this method was utilized. I am very happy to have my equity via my Retirement Savings Account (RSA) disbursed and I am glad I chose to go with Stanbic IBTC Bank.
Stanbic IBTC has proven to be a Trusted Partner and through this scheme, it has reiterated its commitment to providing affordable loan solutions to cater to housing requirements.