By Jude NJOKU
A PRIMARY mortgage bank, Messrs Cornerstone Mortgages Limited, owners of Rose Garden Estate located within Shagari Estate GRA, Egbeda, Lagos is dangling a 10 percent mortgage facility to low and medium income earners who want to buy properties in the estate.
The PMI is also offering interested buyers a specialprice review aimed at making this yuletide memorable for them.
Cornerstone’s Managing Director and Chief Executive Officer, Mr. Toyin Banjo, told property & environment journalists at an interactive forum that the firm which has been into mortgage banking for the past 16 years, has keyed into the Federal Government’s vision of providing affordable housing to Nigerians.
He explained that as part of the Millennium Development Goal (MDG) to provide housing for the people, the bank partnered with the Federal Housing Authority (FHA) about four years ago to buy a 56-flat units estate known as FHA Abesan Estate opposite Gowon Estate, Egbeda.
It is the same Abesan Estate which the bank bought from FHA for N280 million and renovated with N150 million that has been renamed Cornerstone Rose Garden Estate.
Each flat unit according to him, sells for N9.8 million with an initial deposit of N6 million. Cornerstone, Mr. Banjo said, can provide a mortgage on the balance of N3 million at 10 percent interest rate repayable every quarter for 24-36 months.
Said he: “As a mortgage bank, we have the responsibility to ensure that people access mortgage to buy homes and that is why, for the first time, besides the National Housing Fund (NHF) scheme, as a mortgage bank is providing mortgage at an interest rate as low as 10 percent”, he said.
Banjo said the target buyers of the flats are the lower/middle income earners because housing delivery in Nigeria has left this class of people unattended to. “You see people who earn as much as N150,000—N200,000 a month, yet they cannot afford to own their own homes. So, these are the class of people we are targeting; we are out to ensure that this category of professionals own their own homes”, he said.
In a bid to make the estate livable, Banjo disclosed that state-of-the-art facilities including maximum security, common car park, green area, newly bought dedicated estate transformer, good drainage system and dedicated water system for each flat have been provided.
The flats, he said, are well finished with granite in all the rooms. The flats also have a draw-space like an inbuilt cupboard, a dining room, a master bedroom, kitchen, a guest toilet two balconies, an exit balcony and a front one.
The Cornerstone Mortgages boss said the PMI has other real estate schemes at Lekki, Ikorodu and Mowe, all targeted at this class of people.
“Under our product which we call the Landlord Classic, we have a mortgage plan for professionals. Within our 10-year mortgage plan, you can move into your house within 36 months of banking with us,” he said.
The product is called 10-year home ownership plan whereby you contribute for three years and you get the loan and thereafter, you continue to contribute for the remaining seven years,” he said.