The National Pension Commission (PenCom) has approved 34 primary mortgage banks through which retirement savings account (RSA) holders can access residential mortgage.
PenCom made the disclosure in a statement over the weekend in Abuja.
Out of the 34 mortgage banks, 19 are in Lagos, seven in Abuja, two in Akwa-Ibom, and the rest in other parts of the country.
The banks are Abbey Mortgage Bank PLC, AG Mortgage Bank PLC, Aso Savings and Loans PLC, Brent Mortgage Bank, Centage Savings and Loans, City Code Savings, Coop Savings and Loans, Delta Trust Mortgage Bank, First Trust Mortgage and FHA Homes Limited.
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Others are First Generation Homes, Gateway Mortgage Bank, Global Trust Mortgage, Haggai Mortgage Bank, Imperial Homes, Infinity Trust and Jigawa Savings and Loans Ltd, among others.
PenCom, under its mortgage guidelines, said the names of mortgage lenders that meet the eligibility criteria of its guidelines would be published on its website on a bi-annual basis or when any new licence is issued by the Central Bank of Nigeria (CBN).
Daily Trust had reported that in September, PenCom issued guidelines to allow contributors of CPS to access part of their RSAs for payment of equity contributions for residential mortgage.
It specified that the maximum amount to be withdrawn is 25 per cent of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the mortgage lender.
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