Worried by the escalating housing deficit in the country, the assured group has unveiled its affordable housing scheme, targeted for all income levels including minimum wage earners.
The scheme is expected to provide pocket-friendly mortagages for as low as N200 per day or N6000 per month and payable for as long as 20 years on six digit interest rate.
Speaking at the event in Akute, Ogun state, the president of the group, Mr Adewumi Okupe regretted the absence of practical affordable mortgage to address the over 17 million housing deficit.
He listed dearth of affordable housing prototype and lip service to housing problems by the government as the major challenges bedeviling the housing sector. Okupe hinted that the essence of the scheme is to enable prospective home owners irrespective of their income level gain access to decent accommodation at reasonable prices and affordable terms.
He stated that access to home acquisition is through the development of a savings culture, with a monthly deposit of not more than a third of the beneficiaries income. Okupe revealed that the initial deposit would be spread through a period of about 4 years to make it easier for the prospective home owners to pay.
He hinted that the monthly deposits are galvanised together through an internal financial engineering prices of the assured group cooperative. To facilitate home ownership, the president stated that the funds would provide homes for the subscribers through cooperative finances while the home owner would be placed on a private mortgage for about 20 years. He tagged the scheme operation ADAM which entails Application, Deposit, Allocation and Mortgage.