PenCom: Couples can use pension savings for joint mortgage loans

PenCom: Couples can use pension savings for joint mortgage loans

Married partners, who have Retirement Savings Accounts with Pension Fund Administrators, will be allowed to use their savings to apply for joint mortgage loans under the Contributory Pension Scheme.

According to a report obtained by newsmen from the National Pension Commission titled: ‘Accessing RSA via residential mortgage option’, the spouses must meet laid down requirements, and will start accessing the loans when the commission commences the implementation of the new guideline.

The commission stated in the report, “Spouses, who are RSA holders, shall be eligible to make a joint application subject to individually satisfying the eligibility requirements for accessing the residential mortgage.”

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