First City Monument Bank (FCMB) has partnered with Brains & Hammers Limited and Brooks Assets & Resources Limited to provide affordable (FCMB) has partnered with Brains & Hammers Limited and Brooks Assets & Resources Limited to provide affordable housing for salary earners and self-employed residents in Lagos State. This is in a bid to make their dream of home ownership a reality.
The partnership, which offers mortgage loans of up to N75 million, will empower FCMB customers and other Nigerians to purchase homes or acquire land in areas of their choice within Lagos State.
In a statement released by the bank in Lagos at the weekend to announce the partnership, Shamsideen Fashola, Divisional Head of Personal Banking at FCMB, said the Bank understands the affordability criteria challenges facing its customers as well as other Nigerians seeking to become homeowners.
He said, “our partnership with Brains & Hammers Limited and Brooks Assets & Resources Limited provides a unique opportunity for our customers to fulfill their dreams of home ownership, easing all the constraints and fears associated with this exciting and self-fulfilling life moment that everyone cherishes”. Mr. Fashola said the FCMB mortgage loan is easy to obtain and repayment is flexible. He urged Nigerians to take advantage of the offer to fulfill their home ownership dream and assured them that, “FCMB will continue to support the dreams of its customers and Nigerians by giving them the financial support they need to be homeowners when it matters most”.
Read also: CBN raises interest rate to 18% on rising inflation, fragile growth
He explained that repayment of the mortgage facility can be spread over 120 months or 10 years, adding that the scheme offers several benefits, including competitive interest rates, insurance cover and the flexibility to purchase fully completed residential buildings or land in any part of Lagos.
Commenting, Christine Fashakin-Nobre, acting Group Chief Operating Officer of Brains & Hammers Limited said: ‘’Brains & Hammers have an assortment of products in Abuja, Lagos and Kano that can meet the needs of every type of potential homeowner.” She said the company has products for Nigerians dreaming of becoming landlords and will work with FCMB to reduce the housing deficit. “We have affordable to luxury high-end residential, commercial and hospitality space for interested Nigerians,” she said.
In her comments, Lanre Sola, Managing Director of Brooks Assets & Resources Limited said the provision of affordable and acceptable housing (AAH) to the average Nigerian has been a source of concern over the years, but the long-term mortgage facility by FCMB has come as a blessing in disguise.
“Aside giving Nigerians the opportunity to pay over a long period, the funding will help to reduce the cost of houses because, as a developer, you can now access low interest loans for construction due to visibility of an exit plan. This intervention will also greatly enhance the modality of the mortgage facility and aid home ownership or property purchase for a lifelong time benefit,’’ she said.
The partnerships seek to bridge Nigeria’s home ownership gap, helping customers become landlords, eliminating challenges for first-time buyers, and making them secure, accomplished and fulfilled.
A member of the FCMB Group Plc, First City Monument Bank is committed to fostering inclusive and sustainable growth in its communities, building a supportive ecosystem rooted in Africa that connects people, capital, and markets.
