Mortgage firm plans housing scheme for young people

NIGERIANS within the ages of 25 and 40 years who so desire to have a roof over their heads can now afford to do so even if they don’t have all the funds to prosecute such ambition.

   Resort Savings and Loans Plc, a primary mortgage bank has unfolded plans to actualize the scheme soon.   

  The Managing Director of the bank, Abimbola Olayinka said the pilot scheme of the project has been successfully carried out with the financial institution’s staff. 

  He explained that the scheme tagged “Early Home Owner” requires every customer to make a minimum equity contribution equivalent to 20 per cent of the value of the property to be purchased, subject to a maximum mortgage loan amounts of N6 million.

   “The equity can be paid over 12 months period within which period, the customer is expected to maintain consistent banking relationship with us. This is essentially for the purpose of getting to know our customers better, so that we can serve them better.”

   Olayinka assured that the loans for the product will be granted at an attractive interest rate adding however that” the mortgage loan can be repaid over a maximum tenor or 10 years. Another important feature of this product is that the property to be purchased is usually the sole collateral of the mortgage loan.”