Mortgage Bankers praise RSA for Mortgage, gives insight on the struggle that lead to the approval & the Benefits
Mortgage Bankers Association of Nigeria (MBAN) has praised the federal government’s approval of the Guidelines on Accessing Retirement Savings Account (RSA) Balance Towards Payment of Equity Contribution for Residential Mortgage, via the National Pension Commission (PenCom).
This was said in a statement issued by its President, Mr. Ebilate Mac-Yoroki, and the Executive Secretary, Mr Kayode Omotoso, they praised President Muhammadu Buhari and PenCom for taking a decision that will make it easier for Nigerians to become homeowners and contribute positively to solving the housing deficit in Nigeria.
The statement reads “We are indeed glad and elated that this novel idea has finally become a reality. It commenced silently as an advocacy issue with PenCom that originated from MBAN, which thereafter was escalated to a full advocacy issue by stakeholders on the platform of the former Nigerian Housing Finance Program (NHFP).”
“However, all the continuous efforts were in the last few months finally coordinated with PenCom by FSS2020 and MBAN, which culminated into the broad guidelines issued by PenCom on the idea.”
“The Mortgage Bankers Association of Nigeria wishes to commend the federal government, under the watch of President Muhammadu Buhari, the Central bank of Nigeria (CBN) and particularly the National Pension Commission (PenCom), for this landmark approval. This is another reason for which the President’s name will be remembered positively.”
“The estimated over 28 million units of housing deficit is staggering indeed and will be requiring trillions of naira to offset. This new approval, though not all that might be needed to solve the problem, will be a giant step towards bridging the housing gap for many Nigerians, whose major setback has been financing.”
“With granting of the approval that allows Retirement Savings Account (RSA) holders to access 25% of their balance towards payment of equity for a residential mortgage, the government will be solving more than just the problem of housing, but will also be giving the economy a boost as many mortgage-related sectors, like construction and banking, will receive more vigour.”
“As an association, which is directly concerned with the mortgage market, MBAN will, in its usual approach, be doing everything necessary to support the government in ensuring that the primary target of giving the approval, which is eliminating the housing gap and creating an easy environment for beneficiaries to acquire their dreamed homes, is achieved adequately.”
“This step by the government will have a rippling impact on our nationhood and achieve the sort of reform we have hoped for in the workplace, either private or public. For instance, it will rejuvenate the work ethics and culture across the sectors because, as they say, a man or woman who has solved his housing question is a more productive employee.”
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