Aminat Yahaya —
In a joint statement signed by the President of the Mortgage Bankers Association of Nigeria (MBAN), Ebilate Mac-Yoroki, and the Executive Secretary, Mr. Kayode Omotoso has welcomed federal government’s approval of guidelines, which allows pension funds account holders to access 25% of their balances for mortgage purposes.
The statement also said that it’s s a major solution to the nation’s housing deficit.
The statement which was made accessed to the public yesterday was in reaction to the approval of guidelines by the National Pension Commission (PenCom) which allows for Retirement Savings Account (RSA) holders to access 25% of their savings for residential mortgage.
PenCom had last Friday, announced the approval of the guideline for eligible RSA holders to approach their Pension Fund Administrators (PFA) in order to gain access to 25% of their pension savings, strictly for mortgage purposes.
While stating that the federal government should take the next step in ensuring the effectiveness of the finance initiative, by setting up and operationalizing the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement platform which it said is already being finalized by the FSS2020, a department of the Central Bank of Nigeria (CBN), MBAN also lauded President Muhammadu Buhari and PenCom for taking a decision that will make it easier for working-Nigerians to become home owners.