1 Application for Mortgage loan by RSA Holder/applicant
2 Submission of Offer letter to the bank by the applicant for verification
3 Applicant approaches PFA with the verified offer letter to indicate intention to access 25% of his RSA balance for a residential mortgage
4 Submission of duly endorsed RSA statement by PFA and other documents contained In checklist
5 Review of the application and due diligence on the property by the Bank
6 Confirmation of sufficiency of the RSA balance for the equity contribution and provision of difference if not sufficient by the applicant
7 Issue of Offer letter for the mortgage loan to the applicant by the bank
8 Forwarding of documents to the PFA of the applicant by the bank with a covering letter stating the submission of the following
a. Application for mortgage loan by the applicant
b. Verified offer letter to the property
c. Loan Amount
d. Equity Contribution required
e. Evidence of payment of the difference by the applicant where RSA balance is insufficient to cover required equity
f. Bank Account details of applicant domiciled with the Bank
g. Letter of Indemnity in favor of applicants PFA
9 The applicant will then approach his/her PFA after 2 working days from receipt and acceptance of mortgage loan offer to request payment of equity contribution
10 Review of all documents submitted by the applicant and mortgage lender
11 Forwarding of application to PENCOM upon verification and satisfaction by the PFA
12 Review of application by PENCOM and communication of approval or decline to PFA within 5 working days of receipt of application
13 Communication of approval to applicant or decline stating reasons by the PFA
14 Request for final documents by the PFA from the bank which includes:
a. Confirmation of title of property
b. Confirmation of availability of the property
c. Insurance Policy put in place to cover default
d.Valuation Report
15 Disbursement of funds to the account details of the applicant provided by the Bank