Imperial Homes Mortgage showcases new homeownership scheme

ONE of the nation’s Primary Mortgage Institutions (PMIs), Imperial Homes Mortgage Bank Limited has introduced a product that will enable home ownerships at a cheap rate after the customer saves for a stipulated period.

     The mortgage product christened Vantage Account was launched at a forum organised by Imperial Homes Mortgage Bank Limited, formerly known as GTHomes at the prestigious BeniGold Hotel, Victoria Island, Lagos. The product is aimed at changing the face of mortgage banking in the country through existing and potential customers.

   The forum was staged mainly to interact with customers who have subscribed to the product. Key features of the Vantage Account include low interest rate as well as a flexible repayment scheme for customers on any of the product’s variants.   

   A customer can also choose to upgrade to another variant category after one year of saving however such customer will have to pay the backlog after the upgrade as a lump sum on the 13th month, or three lump sums spread between the 13th and the 15th month, or can choose to spread the backlog for the remaining months.

  The Head, Vantage Retail Team, Mr. Ugo Iwegbu said, company’s mission was to make mortgages easy and affordable for people. 

 He said: “Considering the many challenges we face in the mortgage sector today, it was a huge task to make our mission a reality. So, we had to be innovative by firstly creating effective demand by making mortgage affordable for a lot of people to ride on the platform. 

    “Also, on the supply side, we need to make it equally affordable. This means that we have created enough demand for developers to meet the demand that has been created, and this is what Vantage is in to do.”

    Vantage also has a comfortable repayment scheme in that a customer knows from the off what the payment is even before assessing the loan, and the rate remains the same afterwards on any of the product variant. 

  Speaking further, Iwegbu said: ‘The customer will be saving a dedicated amount of money until it matures at the end of 24 months when he can have access to the loan.”     

   The bank is currently financing a project in conjunction with a developer to produce over 400 units of housing units, ranging from two bedrooms at N10.9 million, as well as three bedrooms at about N13 million at Ogombo.