A member of the Copen group Mr. Benson Okorie, today Saturday 29th April appeared on the “Housing Today” program on Solid 100.9 FM, where he highlighted the difficulties faced by employees who aspire to own a home but struggle to pay for a mortgage. He also offered a solution to this challenge.
Mr. Benson noted that the Pension Reform Act of 2004 allows Retirement Savings Access (RSA) holders to use part of their retirement savings as equity contribution for residential purposes. The aim is to enable them to access up to 25% of their RSA balances to afford the basic equity required to begin the process of owning their residential homes.
The reason for this contribution, according to Mr. Benson, is to show commitment towards owning a home. When individuals make this contribution, it demonstrates their seriousness in owning a home and ensures that they do not back out of the process once it takes off, In addition to the 25% equity contribution, there are other packages that RSA holders can request from their Pension Fund Administrators (PFA) as additional funds in their RSA accounts. If an individual does not have up to 25% to contribute, they can source the funds from elsewhere.
He further stressed that However, there are other requirements that an individual must meet to access these funds. Mr. Benson also mentioned that it takes 60 months or five years for someone who is contributing to be eligible to access their RSA funds. Once an individual ascertains their eligibility, they can apply and show interest in acquiring a property without a mortgage.
Mr. Benson stressed that applicants can acquire property without a mortgage if their 25% RSA balance is enough to pay for the property outright. However, if the 25% balance only covers a percentage of the property, an individual can pay the balance over time. The Copen Group allows flexible payments to avoid overburdening their clients.
Mr. Benson also noted that real estate appreciates the investment made on the property over time. The Copen Group has many properties in various states in Nigeria, including Abuja, Enugu, Nsukka, and Abakaliki and are also working to spread to other parts of Nigeria including Anambra many more, stating that the group has professionals who are knowledgeable about real estate and are always willing to advise their clients on the best options to take.
He also mentioned that the group is committed to developing any area where they have the privilege to do so and cannot afford to fail their clients or Nigerians.