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Resort Savings and Loans Plc says it has secured the Federal Mortgage Bank of Nigeria’s approval for N1.5bn mortgages for more than 125 beneficiaries under the National Housing Fund Scheme.
According to the mortgage bank, this comes amid the struggle by the nation to tackle the challenge of providing affordable housing for its citizens.
A statement from the company quoted its Managing Director, Mr. Abimbola Olayinka, a saying that the approval of the fund was highly indicative to other Nigerians who had yet to apply for National Housing Fund to do so immediately.
This, he said, was because that would give them access to affordable housing.
The RSL MD was also quoted as saying that the bank had been able to assist in bridging the gap in the housing deficit nationwide by creating over 4,000 housing units, with plans to improve on this target with the fund from FMBN.
Olayinka explained that in order to strengthen the company’s market position in providing affordable housing in the country, Resort Savings and Loans was partnering with a host of developers in either financing their projects or providing mortgage facilities to their off-takers at affordable interest rates.
“This is achievable through RSL’s widespread of branch network, which enables it to reach its teeming customers in need of affordable mortgage,” the statement said.
To this end, the Resort Savings and Loans MD said that the company “further expects approval for over 5,000 applicants using the National Housing Fund and Nigerian Mortgage Refinancing Company in 2015.”
Olayinka also congratulated the newly appointed Board members of FMBN under the chairmanship of Chief Bisi Ogunjobi, wishing them success.
Resort Savings and Loans is listed on the main board of the Nigerian Stock Exchange in the mortgage carriers, brokers and services sub-sector of the financial services sector.
According to the Exchange, the company, which proves mortgage banking and other banking to corporate and individual customers, has a market capitalisation of N5.665bn with 11.329 billion shares on issue.
This item featured originally on PUNCH news