What you should know about Lagos Building Investment Company

Lagos Building Investment Company Plc (LBIC) was established as a Corporate entity on the 14th of February 1980 with the aim of providing Mortgage Finance Facilities to allotees of the various low cost housing Schemes built by the Lagos State Government (1979-1983). This article reveals all you should know about Lagos Building Investment Company.

With the promulgation of the mortgage Institution Act.No.53 of 1980, Lagos Building Investment Company became a full-fledged Primary Mortgage Bank (PMB), subsequently, it extended granting of mortgages to the middle income segment.

Following a successful Private Placement, the paid-up capital of the Bank was increased from =N=100m to =N=2.5billion in 2007. Lagos State Government is the major shareholder; holding 82% while others include corporate institutions and Private investors.

Over the years, the Bank has built a customer base of 140,000 plus of corporate institution and individuals.

The Bank has contributed immensely to housing development in the country with the creation of over 22,000 mortgages across Lagos state.

The Bank plans to expand mortgage creation both in the low and medium income space using its internal resources and in partnership with NMRC and FMBN.

Through construction finance and joint venture development, the Bank had supported delivery of over 310 units of houses. In conjunction with joint venture developers, the bank is presently financing the construction of 60 luxury flats consisting of fifty (50) units of 3 bedroom flats and ten (10) units of 2 bedroom flats at ITESIWAJU COURT, Amuwo- Odofin.

In the same vein, the company plans to finance the construction of Twenty-Seven (27) units of maisonette and six (6) luxurious pent houses at Olaleye Iponri in Surulere.

To delight its customers, the bank had invested huge resources in Information Technology infrastructure, new banking software application and currently undergoing brand transformation. This is done with an intent to position the company for efficiency, profitability and sustainable growth. The bank is also partnering with relevant value adding institutions to deliver value to all stakeholders.  The institutions are;

Nigeria Mortgage Refinance Company (NMRC)

The Bank subscribed to the Nigeria Mortgage Refinance Company (NMRC) with a shareholding of =N=100Million. The benefits of this interest among others is that the Bank can refinance its existing mortgages to the tune of N2 billion naira.

Federal Mortgage Bank of Nigeria (FMBN)

Lagos Building Investment Company has been partnering with FMBN in providing mortgage facilities to the public, it plans to process more mortgages for customers/prospects via the National Housing Fund (NHF) window at a single digit interest.

LBIC helps you enjoy stability by bidding tenancy farewell.  You can build or buy your own home with the LBIC Home Ownership Scheme.

LBIC has a vision to be the pace-setters in Mortgage Services and housing delivery and a mission to deliver innovative mortgage services through a happy workforce

LBIC’s competitive mortgage rates can make your dream home a reality

In carrying out its statutory mandate, Lagos Building Investment Company offers a wide range of products and services, some specially designed for individuals. Among which are:

• LBIC BASIC SAVINGS
• LBIC HOMES PLUS
• LBIC TARGET PLUS
• LBIC FIXED

The other services include:

•  N.H.F. LOAN
•  MORTGAGE LOAN
•  HOME RENOVATION LOAN
•  REAL ESTATE CONSTRUCTION FINANCE

LBIC CLASSIC SAVINGS

This account is designed to encourage small and medium savings. This can be operated by individuals, firms, association, unions, clubs and companies.

Features and Benefits

• Account is simple to operate, is flexible and all purpose
• Holders can deposit and withdraw at any time
• Salaries can be paid into this account
• Interest rate is attractive and minimum opening balance is =N=2,000
• Can be used to access Mortgage Facility
• Access to National Housing Fund Scheme

LBIC HOME OWNERSHIP

The Account is designed for Individual and Corporate organisation that is planning to build, buy or renovate a house.

Features and Benefits

• Availability of Mortgage Facility
• Account must be operated for a minimum of six (6) months
• Minimum deposit of 30% of project cost
• Interest rate is competitive and attractive
• Minimum opening balance is =N=10,000
• Flexible deposit options either daily, weekly, monthly

 

LBIC FUTURE EDGE

This Account is specially designed for children below the age of eighteen (18) years. The Account is opened by parents or guardians in the name of their children or wards.

Features and Benefits

• Designed to promote children saving culture
• Interest rate is competitive and attractive
• Minimum opening balance is =N=2,000
• Can be used as School Fees payment Account

 

LBIC FUTURE EDGE

This Account is specially designed for children below the age of eighteen (18) years. The Account is opened by parents or guardians in the name of their children or wards.

Features and Benefits

• Designed to promote children saving culture
• Interest rate is competitive and attractive
• Minimum opening balance is =N=2,000
• Can be used as School Fees payment Account

LBIC TARGET PLUS

This Account is designed for people who want to save regularly in order to build up capital for a specific project or event such as land acquisition, office rent, accommodation etc

Features and Benefits

• Account is Customer Friendly
• Specific and Purposeful
• Must be operated for a minimum of six (6) months
• Holder can be considered for a loan to meet specified target
• Interest rate is competitive and attractive
• Minimum opening balance is =N=10,000
• Balance in Account can be converted as equity contribution for Mortgage

LBIC FIXED DEPOSIT

This is an Investment Account designed for customers who want to make lump sum Investment and are prepared to leave it for a minimum of thirty (30) days.

Features and Benefits

• Interest rate is attractive, competitive and negotiable
• Minimum opening balance is =N=100,000

N.H.F. LOAN

As one of the oldest Mortgage Bank in Nigeria, LBIC is involved in the disbursement of National Housing Fund. Any contributor to the scheme with acceptable collateral can therefore apply for a loan from the fund through LBIC. Interest rate is determined by Federal Mortgage Bank of Nigeria (FMBN). Presently, the interest rate is 6% while maximum amount that can be accessed is  =N=25Million repayable over a maximum period of thirty (30) years.

MORTGAGE LOAN

This facility is available to all customers of LBIC. Individual and Corporate bodies can apply for loans to develop or purchase properties after operating the Account for a period of less than six (6) months. However, customers with LBIC HOMES PLUS are usually given preference. Such customers are expected to have deposited a minimum of 30% of the cost of the project as personal equity.

HOME RENOVATION LOAN

This loan is available to home owners for home improvement. Home owners can get up to 30% of the property value with a minimum of 20% equity contribution. The minimum opening amount is =N=20,000. Duration of operation of account is a minimum period of six (6) months

REAL ESTATE CONSTRUCTION FINANCE

LBIC can help finance construction of project up to an agreed percentage

MORTGAGE ADVISORY SERVICES

Lagos Building Investment Company also offers Mortgage Advisory services on all mortgage related issues and on real estate matters.

LBIC is the sole mortgage administrator for Lagos Mortgage Board. The LAGOSHOMS project under the supervision of Lagos Mortgage Board was established by the Lagos State Government in March 2014

The project is to make available homes via mortgage creation on monthly basis to the residents of Lagos State. Currently, LBIC administers over 500 beneficiaries of this scheme. LBIC’s competitive mortgage rates can make your dream home a reality. Visit www.lagoshoms.gov.ng for additional information

Lagos Building Investment Company is located at LBIC HOUSE, Plot 1, Assbifi Road, Central Business District, Alausa, Ikeja. The Managing Director/CEO of the company is Folasade Folivi