• Saturday, March 02, 2024
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BusinessDay

Owning a home with low income

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It is never tea party taking a decision on owning a home, especially in an environment like Nigeria, where so many people’s income is generally low and housing is expensive. The struggle is always between buying and building.

One level of the decision is between buying a finished housing, paying bit-by-bit, or saving from kobo to naira to buy outright. The other level is whether to assemble all the materials and thereafter build, or adopt the step-by-step process of building—beginning with moulding of blocks or buying the land first.

Whichever is the decision, experts advise that in our circumstance, first time home seekers with low income should opt for the step-by-step approach—buy land or mould block and rest.

Incidentally, today in the property market, there are a number of developers who offer housing products that fit into this approach. One of such developers is SSA Realties—a full service property development company providing high quality services and also helping its land subscribers to become homeowners with ease and at affordable rates.

Oladeji Adesina, the company’s chief executive officer says his of company understands that housing problems are basically land and finance-related and so, the company has solution for the mortgage and poverty issues associated with homeownership.

Adesina disclosed to BusinessDay that there’s hope for first time buyers with his company’s First House Estate where it is offering prospective buyers convenient and flexible payment plan with option of mortgage and financing facilities to be provided by Resort Savings and Loans plc, and First Bank plc.

Officials of Resort Savings also told BusinessDay that buyers could get financing from them through the National Housing Fund (NHF) scheme or its flagship home product called RIMPLAN which is an acronym for ‘Resort Investment and Mortgage Plan’. NHF and RIMPLAN, they explain, offer financing facilities at six percent and 18 percent interest rates respectively.

First Bank officials assured prospective buyers of financing facility to the tune of the value of the property at 20 percent interest rate for 10 years repayment tenor.

Strategic Shelter Development Company (SSDC) is another company that holds out hope for first time buyers and investors alike. The company’s Queens Land Estate is a hybrid development offering land and houses for sale.

“Our mission is to provide housing solution to Nigerians and indeed Africans through the promotion and development of modern gated communities and estates with first class infrastructure and facilities that guarantee adequate comfort, peace and safety to residents, in the most cost-effective and flexible manner,” Emeka Oranugo, SSDC’s chairman and CEO, reveals, adding that it is also the vision of the company ‘to become a major player in real estate and construction.

The estate which is about 10 minutes drive from Agbara Estate—one of the largest private estate development off Lagos-Badagry Expressway—parades modern infrastructure including perimeter fencing with gate,  tarred/paved road network with quality drainage, electricity, street light on the estate’s major road, recreational and sporting facilities etc.

 “SSDC as a company is in the business of real estate development and promotion with special emphasis on the development of gated estates and communities,” Oranugo says.

SSDC also has other estate developments including Royal Palms which is a mini-community of over 200 units of four-bedroom terrace duplexes and a business district; Majesty Garden City, and Queen’s Land Estate Phase 2, all located within the Agbara area in Ogun State.

By: Chuka Uroko