Resort to encourage youths to own houses

A primary mortgage bank, Resort Savings and Loans Plc, has unveiled plans to provide mortgage facilities for youths within the ages of 25 and 40 years to become homeowners.

The bank said in a statement on Sunday that it was poised to help people in the age bracket with facilities that would enable them achieve their home ownership dream through its new product: ‘Early Home Owner’.

The Managing Director, Resort Savings and Loans, Mr. Abimbola Olayinka, was quoted as saying that the product had been made available to members of staff of the bank in a pilot scheme, adding that the result of the test gave birth to the idea of presenting it to the youth.

He said, “The ‘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 amount of N6m.

“The equity can be paid over a 12-month period within which 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 added that mortgage loans under the product would be granted at an attractive interest repayable over a maximum tenor of 10 years.

“Another important feature of this product is that the property to be purchased is usually the sole collateral of the mortgage loan,” he added.

Source: Punch Newspaper.