Global Realty Portal

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 bankin...

Stakeholders in the housing sector have called on the Federal Government to strengthen the Federal Housing Authority for effective social housing delivery in the country. Participants at a one-day management retreat of the FHA, who made the call, also urged the government to transform the organisation into a housing regulatory agency for a better control of the sector. A communiqué issued at the end of the retreat stated that the participants believed that the transformation of the agency would enable it to make better impact as the government’s foremost housing agency. “Participants noted that the proposed private sector-driven Federal Housing Corporation, which the Bureau of Public Enterprises’ reform document recommended for incorporation as the successor entity to the FHA should inherit the commercial housing component of the authority’s mandate,” the communiqué read in part. It added that the retreat was declared open by the Minister of Lands, Housing and Urban Developmen...