OPIC begins mortgage-backed affordable housing estate

“Plans to remove barriers hampering aspiring home owners have been kick-started by the Ogun State Property and Investment Corporation (OPIC), with the launch of the first phase of OPIC’s affordable housing units in New Makun City, Ogun State.

The project would deliver 400 houses before the end of the year through technologically based building method under the Nigeria Mortgage Refinancing Company (NMRC) mortgage scheme.

Under the proposed mortgage scheme, a prospective buyer is expected to open an account with a partnering mortgage bank, save for over six months to reach the minimum equity, qualifying beneficiary for housing allocation.

The balance will be gradually liquidated monthly, until it is redeemed fully over a period of 20 years. The housing units are available in one bedroom apartment, two bedrooms, semi-detached and three bedrooms and detached bungalows.

The Managing Director, OPIC, Mr. Babajide Odusolu, who made this known said that the corporation had mobilized competent contractors, private developers and accredited mortgage banks for successful accomplishment of the NMRC /OPIC mortgage scheme in the State.

Odusolu said there is also ‘quasi rent to own scheme’, tagged ‘OPIC Advantage’ designed for people with income not as predictable but consistent. This allows a minimum of 30 per cent deposit, with the balance spread over a period of three-four years for lessee.
This is for those who do not want mortgages.”

Source: The Guardian