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MUST READ: Eligibility Criteria for RSA Holders

by Bisi Bamishe
October 3, 2022
in Pension
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Guidelines on accessing Retirement Savings Account (RSA) balance towards payment of equity contribution for residential mortgage by RSA holders.

  • The RSA holder shall have an offer Letter for the property duly signed by the property owner and verified by the Mortgage Lender.
  • The RSA of the applicant shall have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months prior to the application for the RSA holder to access his/her RSA balance for the purpose of equity contribution for residential mortgage.
  • In addition to the above, the applicant may utilize the contingent portion of his/her Voluntary Contribution (VC) for equity contribution, in line with the Voluntary Contribution Guidelines under the CPS.
  • NSITF and Pre-Scheme contributions in respect of an active RSA contributor may form part of the RSA balance in determining the 25% of equity contribution.
  • RSA holders that have utilized 25% of their RSA balance for equity contribution for residential mortgage shall be eligible for payment of 25% of their RSA for loss of job in line with the provision of Section 7(2) of PRA 2014.
  • RSA Holders that have less than 3 years to retirement shall not be eligible to use a portion of their RSA balances as equity contribution for residential mortgage.
  • Existing Retirees on CPS and exempted persons under the PRA 2014 shall not be eligible to use their RSA balances for payment of equity contribution for Residential Mortgage.
  • Married couples, who are RSA holders, shall be eligible to make a joint application, subject to individually satisfying the eligibility requirements set out in these Guidelines.
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Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

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