A primary mortgage institution (PMI), Jubilee_Life Savings and Loans Limited, is set to unveil its newly developed N1.4 billion estate in Shasha area of Lagos State.
The mortgage bank noted in a statement that the estate, which was developed by its property subsidiary, Life_Partners, consists of 200 flats in 50 blocks each with en_suite three bedrooms.
The statement quoted the Managing Director of the PMI, Mr. Wale Osisanya, as saying that though there is heavy subscription for the estate, opportunity still exists for individuals who desire to acquire flats in the estate.
“What is expected of subscribers is an equity contribution of between 40 to 50 per cent of the cost of the flat for them to move in.
The balance can be paid through a loan by JLSL at not more than 12 per cent interest rate, or through a National Housing Fund loan from the Federal Mortgage Bank of Nigeria at six per cent rate,” he stated.