By Babajide Komolafe
Brent Mortgage Bank has introduced ‘Brent Home Ownership Diaspora Account’ designed to facilitate home ownership for Nigerians in Diaspora.
Managing Director/Chief Executive, Brent Mortgage Bank, Mr. Kola Abdul disclosed this while announcing introduction of three new products by the company. The other products are BRENTO (Brent Rent to Own) and BREHOP (Brent Retirement Home Plan).
Explaining the features of the ‘Brent Home Ownership Diaspora Account’, he said, “We realise that Nigerians working hard and living in decent accommodations outside the country also deserve a decent place of abode in Nigeria. We also realise that many of them have not been able to achieve this dream of owning a home of their choice because of the tripod of ‘funds diversion’, ‘funds suppression’ and ‘funds conversion’ by friends and relations.
”This product seeks to eliminate these challenges. We have identified some marketing agents in USA, U.K. and Republic of Ireland who would assist us in conducting due diligence on our prospects. “We simply require completion of our forms on-line with requisite documents attached.
The prospect at the onset will state the area where he or she wants the property, type of property, price range and other necessary details. Brent has opened domiciliary accounts with two commercial banks in Nigeria. Remittances would be made into any of these accounts in three different currencies namely, US Dollar, Pounds Sterling and Euro.
“ When the local value of the remittances are close to 30 percent of the value of property of interest, customer would choose from identified properties and partake in price negotiation with our support. Brent would conduct legal, physical and general investigations on the approved property before full payment is made and customer takes possession.
Mortgage would thereafter be created on agreed rate and tenor while customer repays quarterly. Legal title would be transferred to customer immediately mortgage obligations are fully settled by customer.”
“With respect to the ‘Brent Rent to Own’ Customers and prospects are expected to meet our affordability and eligibility requirements, and with payment of little equity contribution, a customer moves into any of the properties financed by Brent Mortgage Bank Ltd.
We thereafter, collect yearly payment of a lump sum which covers mortgage repayment and interest elements for an agreed period of time ranging from (5years to 10years). When the property amount and interests are fully settled, the customer/occupant becomes the legal owner for life. Interest payable is 10 percent p.a. which is very competitive.
“On the ‘Brent Retirement Home Plan’ Customers and prospects with regular stream of income, especially salary earners can take advantage of this product to become home owners before retirement. An account needs to be opened with us giving details of employment. There would be 30 percent equity build up at the earliest convenience of the customer/prospect. The two parties would identify the property the customer has the capacity to repay without pressure on his take-home pay. Interest rate is negotiable and competitive.”