The Ondo State government has introduced a mortgage system that will enhance the capacity of its indigenes to own their own homes.
State Commissioner for Land & Housing, Alhaji Sikiru Basaru, stated this int Akure, the State capital, during a facility tour of some of the housing schemes being undertaken by the state government. He encouraged indigenes of the state to take advantage of the mortgage system to subscribe to the houses.

“The state government has put in place a mortgage system where people would only pay 10 per cent of the cost of the house and spread the rest between 10 _15 years, instead of renting a house indefinitely, yet the house does not belong to you,” he said.

The Commissioner also invited the over  700 Ondo indigenes in Diaspora are to benefit from the various housing schemes going on at the state capital. He said government decided to target them because of the bad experiences some of them have gone through in the hands of relations and friends, who cheat them out of their hard earned money and refused to develop or deliver houses that they have been sending money for.

Instead they are deceived with fake and fictitious pictures of houses that don’t exist until they eventually come home.
Basaru encouraged those who have not bought into the project to do so and benefit from the government’s well_intentioned and targeted housing project to meet the needs of the people. He however noted that the 350 units housing scheme at Oba Ile and Oda road in the state capital is not meant for indigenes in Diaspora only, but for every Ondo citizen who desires a house in a conducive atmosphere.

According to Basaru, the housing units at Oba Ile are made up of two bedroom (Starlet), three bedroom (Diamond) with a room ensuite and three bedroom all ensuite (Liberty) with a guest toilet, each costing N2.5 million, N3.5 million and N5 million, respectively. He said that the state government has an active public-private partnership (PPP) deal with Aso Savings and Loans Ltd and Locke Homes Nig. Ltd, while it is still negotiating with Union Homes Savings & Loans PLC.

He said the terms of engagement is such that the government provides land and infrastructure needed for the development, while the developer takes care of the construction. He added the arrangement brought down the cost of the housing units even when development has been at the highest quality and standards.