The Ogun State Property and Investments Corporation (OPIC) in conjunction with the Gateway Mortgage Bank (GMB) has launched a home financing products for the state civil servant to unlock the mortgage market opportunities for homeownership through a fresh bouquet of home finance plans, specially designed to suit aspiring homeowners in the State.
The gateway mortgage bank is a financial institution owned by the Ogun State Government established and licensed by Central Bank of Nigeria (CBN) in 2005 and commenced Mortgage business in February 2006. The Bank was subsequently accredited by Federal Mortgage Bank of Nigeria (FMBN) to access National Housing Fund loan. It was established to be a major financial institution to the Government of Ogun State Government.
Ogun State Property and Investments Corporation managing director, Mr Babajide Odusolu disclosed this in Abeokuta, at a press briefing, on the activities of OPIC in the state. According to the Managing Director, the financial plans was designed to enable the salary earners and business owners, particularly those in the organised sectors in the state that could not afford the outright purchase, to buy houses with ease.
Advantages of the Home Financing Products for Salary Earners
The Ogun State Property and Investments Corporation (OPIC) Managing Director explained that the home financing plans were in 3 segments; the OPIC Advantage, OPIC Advantage Plus and Ten to Twenty-year Mortgage Plans, adding that it was designed to encourage long term savings and easing acquisition.
All the 3 Home Financing Plans require immediate equity deposit of 30 per cent of the cost of the house, while payment of the 70 per cent balance is staggered within the stipulated period. The housing units are delivered within 90 days. The OPIC Advantage allows 12 months staggered payment, OPIC Advantage Plus allows up to five years, the Mortgage Plan allows up to 10 to 20 years’’, Odusolu stated.
He further explained that all profiled applicants must comply with mortgage processing rules, as the plans have zero tolerance for default, encouraging aspiring owners to approach any branch of OPIC and GMB, saying, they could access the houses at New Makun City, Sagamu, MTR Gardens, Isheri and the newly introduced Acacia Grove in Magboro.